Glossary

D

Deed - A written document that conveys or transfers title from one party to another. There are various types of deeds; however, the two most commonly used are warranty and quit claim.

Deed of Trust - An instrument used in many states in place of a mortgage. Legal title to the property is vested in one or more trustees to secure the repayment of the loan.

Default - A failure to perform on one or more of the terms of a note or of the covenants of a mortgage or land contract.

Delinquent Payment - A payment that is not paid on a specified payment date. For example, if a payment is due on the first day of every month and it is not received until the fifth day of the month, then that payment is delinquent. If a mortgage, trust deed or land contract has a 10-day grace period, then a payment would not be considered "delinquent" until the eleventh day after the due date.

Devise - A gift of real estate by a will or last testament.

Dispossess - To obtain physical possession of property from another by due process of law.

Dower - Under common law, the legal right of a wife or child to a part of a deceased husband or father's estate, regardless of the provisions in his will.

Down Payment - The amount of money paid at the execution of a mortgage, trust deed or a land contract. This lump sum of money is subtracted directly from the original sales price. The remaining principal balance then begins to accrue interest at the specified interest rate.

Due-On-Sale Clause - A clause set forth in some mortgages, trust deeds and land contracts whereby the Lender or Seller has the right to "call in" the balance upon the sale or transfer of the property by the Borrower or Purchaser to a third party.

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