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ENTITLE DIRECT > Title Insurance Knowledge > Title Insurance Glossary (terms starting with D)

Title Insurance Glossary (terms starting with D)

A B C D E F G H I J L M N O P Q R S T U V W Y
Deed
The legal document used to transfer ownership of property.
Deed of Trust
An instrument that is used in place of a mortgage to provide security for a loan. Local custom generally dictates if a deed of trust or mortgage is utilized by the lender. A deed of trust involves a third party called a trustee, usually a title insurance company, who acts on behalf of the lender. When the borrower signs a deed of trust, he/she is giving a trustee title to the property, but the borrower holds the rights and privileges to use and live in, or on, the property. The trustee holds the original deed for the property until the borrower repays the loan.
Default
Can include taking a prohibited action, failure to perform a promised task, and failure to make a payment when due.
Delinquency
Failure to make mortgage payments when mortgage payments are due.
Deposit
An amount of money that is placed in escrow to be applied to the full purchase price at closing. The amount and the timing of the deposit varies greatly based upon local custom.
Down Payment
The percentage 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.