Foreclosure Sale
Definition of "Foreclosure sale"
A legal procedure to sell a mortgage property to the highest bidder in order to satisfy a mortgage claim from a mortgagee against the value o the property. A foreclosure sale can occur from a judicial sale where a court orders the sale after hearing a foreclosure petition filed against a mortgagor by a mortgagee. A foreclosure by power of sale contained in a mortgage allows a mortgagee to have a foreclosure sale, after providing proper legal notice to a defaulting mortgagor, without the end for judicial recourse.
Popular Real Estate Terms
Same as term right of first refusal: Right of an individual to be offered something before it is offered to others. For example, a tenant whose apartment is going to be converted to a ...
Principle stating that the joint tenants must have equal rights to possession of the whole property. ...
Also called biannual; twice a year. An example is when lease payments are due January 1 and July 1. ...
Substance or material used at the top of a chimney at the roof to inhibit the development of moisture and to protect the metal. ...
Marketable title that is free of encumbrances and disputed interests. Clear title is essential in order to convey a general warranty deed in a transaction. ...
Exposed heating unit located within a room that transfers heat generated by hot water or stream through conduction. The surrounding air circulates around the radiator using convection ...
Structure have two dwelling units under the same roof. Two-story apartment unit. ...
The definition of abatement is a reduction of penalties or a tax deduction for individuals or businesses. It can often be accessed upon an overpayment of taxes, if the company or individual ...
See effective tax rate. ...
Have a question or comment?
We're here to help.