Definition of "Tax sale"
When a property owner defaults on his or her tax payments, the taxing jurisdiction may force a liquidation of the property or tax sale for the purpose of collecting the owed real estate taxes. Many states have laws that provide for a redemption period in which the property owner may redeem the property that was sold if the purchase price, back taxes, and other related costs are paid in a specified period of time following the tax sale.
Popular Real Estate Terms
Did you invent something recently? Even if it’s the smallest device or idea, such as a fidget spinner, it would be best to submit a patent application for your idea (or seek patent ...
One-story house with a low pitched roof often having an open floor plan. ...
In taxation, the excess of total long-term gains minus total long-term losses on the sale of real estate. Long-term classification is for real estate held one year or more. This is reported ...
Substance or material used at the top of a chimney at the roof to inhibit the development of moisture and to protect the metal. ...
Typically, a waiver means remission or giving up on a particular claim. You can find the term waiver widely used in real life, finance, and real estate terminology. How do waivers work? A ...
Local zoning law or private limitation on how far in feet a structure might be situated from the curb or other appropriate marker. ...
A Construction method of using twice the number of framing members to provide additional structural strength. ...
Amount of money that must be charged or invested in the initial stage of a business transaction to demonstrate good faith as well as to help offset some expenses. For example, the customary ...
Residing in a structure that the individual owns. ...
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