Glossary of Terms - D

Days on Market (DOM):

The number of days a property has been on the market.


The amount of money owed from one person or institution to another person or institution.

Debt-to-Income Ratio:

The percentage of gross monthly income that goes towards paying for your monthly housing expense, alimony, child support, car payments and other installment debts, and payments on revolving or open-ended accounts, such as credit cards.


The legal document conveying title to a property.  The deed should contain an accurate description of the property being conveyed, should be signed and witnessed according to the laws of the state where the property is located and should be delivered to the purchaser at closing. 

Deed-in-Lieu Foreclosure:

The transfer of title from a borrower to the lender to satisfy the mortgage debt and avoid foreclosure.  This is also called a “voluntary conveyance.”

Deed of Trust:

A legal document in which the borrower transfers the title to a third party (trustee) to hold as security for the lender.  When the loan is paid in full, the trustee transfers the title back to the borrower.  If the borrower defaults on the loan, the trustee will sell the property and pay the lender the mortgage debt.  This document used in some states instead of a mortgage.


Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage. 

Deficiency Judgment:

A judgment given by a court when the value of security pledged for a loan is insufficient to pay off the debt of the defaulting borrower.


Failure to make mortgage payments when mortgage payments are due.  The condition of a loan when a scheduled payment has not been received by the due date, but generally used to refer to a loan for which payment is 30 or more days past due.


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.


A decline in the value of property due to changing market conditions or a failure to adequately maintain the physical condition of the property; the opposite of appreciation.


Federal, state, local and legal requirements of disclosure that the seller must provide to the buyer as part of the real estate transaction process.

Discount Point:

A fee paid by the borrower at closing to reduce the interest rate.  A point equals one percent of the loan amount.

Dominant Estate:

The property for the benefit of which an easement exists on a property.


The rights of a widow in the property of her husband at his death.

Down Payment:

The part 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.