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REAL ESTATE GLOSSARY

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DEED - The legal document conveying title to a property.

DEED-IN-LIEU - A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure. Also called a "voluntary conveyance."

DEED OF TRUST - The document used in some states instead of a mortgage; title is conveyed to a trustee.

DEFAULT - Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage.

DELINQUENCY - Failure to make mortgage payments when mortgage payments are due.

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.

DEPRECIATION - A decline in the value of property; the opposite of appreciation.

DISCOUNT POINTS - See point.

DOWER - The rights of a widow in the property of her husband at his death.

DOWN PAYMENT - The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

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.

DUE-ON-TRANSFER PROVISION - This terminology is usually used for second mortgages. See due-on-sale provision.

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RE/MAX Realty Champions, 44 North Main Street, PO Box 566, Wolfeboro, NH 03894 Cell: (603) 651-8806 Office: (603) 569-3330 Fax: (603) 297-0031
Website: WWW.REINNH.COM      Tim Wade NH REALTOR      Email: LOOKING@REINNH.COM
 
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© 2007 Northern New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable but not guaranteed. The data relating to real estate for sale on this web site comes in part from the IDX Program of NNEREN. Subject to errors, omissions, prior sale, change or withdrawal without notice.  The agency referenced may or may not be the listing agency for the property listings displayed on this website.
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