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
Assemblage in real estate is the process of combining multiple small plots of land into one larger plot. This is accompanied by plottage, which is the increase in value that occurs when ...
City apartment building that is overcrowded, poorly constructed or maintained, and generally part of a slum. In law, a tenement also refers to possessions of an individual that are ...
The coefficient of dispersion is how municipalities can determine differences between the assessed values of properties in an area or neighborhood. It gives a broader look at the state of ...
Building's total floor area, in square feet, designed for tenant leasing. The GLA in normally calculated from the outside walls to any existing room partitions. ...
Primary residence of an individual. The principal residence can be a single family home, condominium, cooperative, or trailer. A principal residence may qualify for a homestead exemption in ...
Issued to correct errors in another deed such as spelling errors in a name or an improper legal description. For example, a correction deed was issued to the property owner Smith to amend ...
A large enclosed shopping mall having several national and regional retails stores acting as anchor tenants. The enclosed floor area of regional shopping centers ranges between 250,000 ...
The substitution of one person or business for another when the substituted person or business has the same rights and obligations as the original party. An insurance company can surogate ...
The down payment on the price of a real estate. For example, it is customary to make a down payment of 10% of the value of a real estate parcel upon signing the purchase agreement. ...
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