Glossary - D

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Damages: The compensation recoverable by a person who has sustained and injury, either to his or her person or property, through the act or default of another.

Debt: An amount owed to another.

Deed: The legal document conveying title to a property.

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 or rent payments when the mortgage or rent 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.

Depreciation: A decline in the value of property; the opposite of appreciation.

Down payment: The part of the purchase price of a property that the buyer pays in cash and does not finance with the mortgage.

Dual agency: Representing both principals to a real estate transaction.

Due-on-sale provision: A provision in a mortgage that allows the lender to demand 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.