Deed
A legal document which affects the transfer of ownership of real estate from the seller to the buyer. A document which, when properly excised and delivered, conveys (transfers) title (ownership) of real property.

Default
The failure to make payments on a loan.

Disclosure
: To make known or public. When dealing in real property, all disclosures should be made in writing.

Discount Points
: A negotiable fee paid to the lender to secure financing for the buyer. Discount points are up-front interest charges to reduce the interest rate over the life, or a portion, of the loan's term. One discount point equals one percent of the loan amount, i.e. 3 discount points on a $100,000 loan would be $3,000.

Down Payment
Money paid by a buyer from his own funds, as opposed to that portion of the purchase price which is financed. Equity
In real estate, the difference between the fair market value of the property and any mortgages or loans secured by the property