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
The operating expenses definition is the sum of costs or expenses a company deals to operate as a business. The term operating expenses is used in any business field and is commonly ...
Is a wholly owned government corporation administered by the Department of Housing and Urban Development. It does not by mortgages; it issues pass-through securities in which interest and ...
A contract not in writing. Oral contracts are legally enforceable except for those applicable to the sale of real estate. ...
A report published by a governmental unit which is publicly available. For example, the decennial census report published by the U.S. Department of Commerce is a public report. ...
Accumulation of housing units deemed substitutable by homogeneous households, such as those having comparable attractiveness and usefulness. ...
The definition for the gross living area published by the Appraisal Institute’s Dictionary of Real Estate 4th Edition is: “The total area of finished, above-grade residential ...
A mortgage loan where the bank provides the mortgagor the required funds to purchase property the bank has obtained through foreclosure on outstanding mortgages. For example, John obtains a ...
Geographic location that is gradually being developed as an urban area. ...
Trust beneficiary of an individual who is legally entitled to the property and financial benefits of a trust whose title is in another name. ...
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