Glossary

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deed

A written instrument by which title to real estate is conveyed.

default

Non-performance of a duty arising under a contract, note or mortgage.

delivery

The actual transfer of the deed, or an act of a seller showing intent to make a deed effective, without which, there is no transfer of title to the property.

discount points (or points)

The amount paid either to maintain or lower the interest rate charged. Each point is equal to one percent (1%) of the loan amount (i.e., one point on a $100,000 mortgage would be $1,000).

documentary stamps

A tax stamp on a Deed or other instrument of conveyance, which discloses the sales amount.

down payment

An amount of money the buyer pays which is the difference between the purchase price and the mortgage amount.

due on sale

A clause in a mortgage agreement providing that, if the mortgagor (the borrower) sells, transfers, or, in some instances, encumbers the property, the mortgagee (the lender) has the right to demand the outstanding balance in full.

These terms and their presence on this site are not intended as, nor should they be used as, legal advice. You should always obtain advice from a licensed attorney for all legal matters.