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
Civil rights acts passed by the U.S. Congress includes those of 1866, 1870, 1871, 1875, 1964, and 1968. The first two acts gave blacks the rights to be treated as citizens in legal actions, ...
Notice sent from a plaintiff to a defendant requiring the defendant to appear before a court or judge. For example, a landlord might send a summons to a tenant regarding a notice of ...
Goods that are freely substitutable. It is goods of a given class or type, any unit of which is as acceptable as another, and capable of satisfying an obligation expressed in terms of the ...
Fee charged by a mortgage lender to a buyer, seller or both for transferring a mortgage when the mortgage property is sold. ...
Document, such as a deed, which demonstrates property ownership. ...
Pit or cavity built into the basement of a building to avoid or minimize flooding. It allows for the drainage of excess water and moisture. ...
Condensed appraisal report covering the major items. ...
Style of architecture originating at the German Bauhaus, or architectural institute, in the 1920's associated with the International School of architecture. The Bauhaus style emphasized ...
The definition of inverse condemnation is a suit or legal action taken against the government by a land or property owner when property rights have been compromised or usurped by a ...
Have a question or comment?
We're here to help.