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
Continuous beam on top of supporting walls, usually constructed of concrete and often having steel rods for additional strength placed within it. Supplies lateral support as well as ...
Same as term contract for deed: Method of selling and financing property whereby the buyer obtains possession, but the seller retains the title. ...
Section of the Internal Revenue Code applies to assets used in a trade or business,. In general, gains on section 1231 assets are taxed at capital gains rates, and losses are considered ...
The definition of a service fee or brokers fee in real estate is a flat fee paid to a real estate agent or broker in addition to the commission for the sale or purchase. This is to cover ...
Same as term government rectangular survey: Way in which the U.S. government uses to subdivide public land. Land is designated as either a base line (East-West) or principal meridian line ...
Money set aside to buy new assets when the older ones are no longer appropriate for the intended use. An example is when the landlord must replace a deteriorating and malfunctioning air ...
The return by owners of a property investment usually through a depreciation allowance. a clause in a contract permitting the prior owner of real estate to recover under certain ...
House modeled after the dwellings constructed by the Pueblo Indians in the American southwest. A pueblo or adobe style house is made from adobe brick or materials simulating adobe brick. ...
Condition that affects the probability of losses or perils occurring. An example is possible earthquake or flood damage to a house. ...
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