| DEBT-TO-INCOME RATIO | Long term debt expenses as percentage of monthly income. Lenders use this ratio to qualified borrowers for mortgage loans, typically setting a maximum debt-to-income ratio of 36%. |
| DEED | The legal document conveying title to a property. |
| DEED OF TRUST | See Mortgage below. |
| DEFAULT | Failure to make mortgage payments on a timely basis or to comply with other conditions of a mortgage. |
| DEFICIENCY JUDGMENT | If the foreclosure sale does not bring sufficient proceeds to pay the costs of sale and pay the note in full, the holder of the note may obtain a judgment against the maker for the difference. |
| DELINQUENCY | A loan in which a payment is overdue but not yet in default. |
| DELIVERY | Final, irrevocable, unconditional and absolute transfer. The Grantor must deliver a Deed to the Grantee. A Deed, signed but held by the Grantor, does not pass title. |
| DEPOSIT | Cash paid to the seller when a formal sales contract is signed. |
| DEPRECIATION | A decline in the value of a property, opposite of appreciation. |
| DEVICE | The disposition of land by will. "A term used for land alone and never for personal property. |
| DISCLOSURE | Statement of fact(s) concerning the condition of the property for sale and the surrounding area. In most states, the buyer is protected by disclosure laws requiring sellers to divulge certain information about the property, e.g. if the property is in a flood plain. |
| DISCOUNT POINTS | A one time charge by a lender to increase or decrease the stated interest rate on a loan. |
| DOWER | A spouse's interest in the property of a deceased spouse. Abolished in Virginia and replaced by the Augmented Estate concept. |
| DOWN PAYMENT | The part of the purchase price which the buyer pays in cash and does not finance with the mortgage. |
| DUAL AGENCY | A situation where one broker represents both the buyer and seller in a purchase. Although there may be two separate agents involved, both act on behalf of the same broker. In order to have dual agency representation, both parties must be made aware of. |
| DUE ON SALE CLAUSE | A clause in the Deed of Trust that makes the loan non-assumable by providing the noteholder may call the loan immediately due and payable upon a sale or conveyance of the property. The FNMA/FHLMC Deed of Trust also prohibits a long term lease. |
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