Texas Mortgage Loan - Glossary (D)

			Mortgage Glossary - D A B C D E F G H I J K L M N O P Q R S T U V W X Y Z debt An amount owed to another. See installment loan and revolving liability. 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 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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