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Default

Failure to make mortgage payments regularly or to comply with other requirements of the mortgage.

Deposit

  1. The amount of cash paid by the purchase to the vendor as stipulated in the Sale and Purchase Agreement. The deposit is usually paid upon signing of the agreement or when all conditions on the agreement have been satisfied and the contract is deemed unconditional.
  2. The amount of cash put towards the purchase of property

Depreciation

A decline in the value of property due to changes in market conditions or other clauses.

Disposable Income

Money left over after all expenses have been met.

Drawdown

The payout of the mortgage funds provided by the Bank/Lender.

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