| Term | Definition |
|---|
| creditor | A person or entity (such as a bank) to whom a debt is owed. |
| cul-de-sac | A dead end street which widens sufficiently at the end to permit an automobile to make a "U" turn. |
| DBA | Doing Business As. Business names or aliases filed with the county. |
| debenture | Bonds issued without security. |
| debt service | The total amount of credit card, auto, mortgage or other debt upon which you must pay. |
| debt-service ratio | The measurement of debt payments to gross household income which may include, in addition to the main wage earner's salary, salaries of other wage earners, commissions, bonuses, overtime, etc. |
| Deceptive Trade Practices Act | Part of the federal Consumer Protection Act originally passed in 1973 and made specifically applicable to real estate in 1975, specifically prohibiting a lengthy number of false, misleading and deceptive acts or practices. |
| deduction | In tax law, an amount that you can subtract from the total amount on which you owe tax. Examples of federal income tax deductions include mortgage interest, charitable contributions and certain state taxes. For example, if Aimee receives an income of $60,000 in 1998 and pays $12,000 in mortgage interest during that same year, she can deduct $12,000 when she fills out her federal tax return, leaving an amount of $48,000 upon which she must pay tax. |
| deed in lieu (of foreclosure) | A means of escaping an overly burdenome mortgage. If a homeowner can't make the mortgage payments and can't find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender won't agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner's property rights to the lender. |
| deed of trust | The legal instrument in which the property is conveyed in trust to a trustee to be held as security for a loan. Commonly but inaccurately referred to as a "mortgage". |
