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Glossary of Terms

Deed - A legal document conveying the title to a property. Shows ownership.

Deed of Trust - A document that is used in some states instead of a mortgage. The title conveyed by a trustee instead of the borrower.

Default - Failure to complete payments to the lender under the original conditions of the loan.

Delinquency - Payment on a loan is overdue.

Depreciation - Decline in property value. Opposite of Appreciation

Down Payment - Initial money put down as a deposit on a property.

Due on Sale Clause - A loan provision allowing the lender to demand repayment of the loan in full if the property is sold.