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
Estimated price at which a partner in a partnership can buy out another partner. There are several methods for developing a buy-out estimate including market comparisons, appraisals, or ...
Legal record used to create a condominium. It encompasses the description of the property, common elements, ownership units, and acceptable uses of the residence. ...
Principle stating that the joint tenants must have equal rights to possession of the whole property. ...
Welcome to the world of magical yet perplexing real estate! Undeniably, there's a lot to learn, but we're here to explain miscellaneous terminology so that you can make educated decisions. ...
Trade group of predominately land developers. ...
Insurance coverage against specified losses that arise from the dishonest acts or defalcations of employees. This bon may be applied to persons or positions. ...
Same as term Veterans Administration Mortgage: Mortgage guaranteed up to 30 years by the Veterans Administration to veterans meeting minimum requirements. Originally established by the ...
Construction of commercial property in a manner that enables each lessee or tenant to have access to the main strip or thoroughfare running through the property. For example, this mode of ...
Frame surrounding a door or window to block adverse weather. It may be made of wood, metal, or other material. The frame may be fixed or moveable. ...
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