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Debt |
An amount owed to another. See installment loan and revolving liability.
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Depreciation |
A decline in the value of property; the opposite of appreciation.
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Deed |
The legal document conveying title to a property. |
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Discount Points |
See point.
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Deed-In-Lieu |
A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure.
Also called a "voluntary conveyance."
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Dower |
The rights of a widow in the property of her husband at his death.
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Deed Of Trust |
The document used in some states instead of a mortgage; title is conveyed to a trustee.
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Down Payment |
The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.
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Default |
Failure to make mortgage payments on a timely basis or to comply with other requirements
of a mortgage.
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Due-On-Sale Provision |
A provision in a mortgage that allows the lender to demand repayment in full if
the borrower sells the property that serves as security for the mortgage.
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Delinquency |
Failure to make mortgage payments when mortgage payments are due.
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Due-On-Transfer Provision |
This terminology is usually used for second mortgages. See due-on-sale provision.
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Deposit |
A sum of money given to bind the sale of real estate, or a sum of money given to
ensure payment or an advance of funds in the processing of a loan. See earnest money
deposit.
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