Glossary
Real estate terms, in plain English.
The probate, foreclosure, lien and title words that show up in public records, defined for investors and agents.
A
- Absentee ownerA property owner whose tax-bill mailing address differs from the property address, usually a landlord, an heir or an owner who moved away.
- Assignment of contractThe transfer of a buyer's rights under a purchase agreement to another buyer, usually for a fee; the core mechanic of most wholesale deals.
C
D
- Deed in lieu of foreclosureAn agreement where a homeowner voluntarily signs the property over to the lender to avoid foreclosure, usually in exchange for release from the debt.
- Delinquent property taxesProperty taxes not paid by the due date, which add penalties and interest and can end in a tax lien sale or a tax deed sale of the property.
- Double closingTwo back-to-back sales of the same property, owner to investor and investor to end buyer, each with its own settlement statement.
E
H
J
L
- Letters testamentaryThe court document that gives an executor legal authority to act for an estate, including signing a contract to sell estate real estate.
- Lis pendensA notice recorded in county land records that a lawsuit affecting a property's title is pending, most often an early sign of foreclosure.
M
N
- Non-judicial foreclosureA foreclosure carried out without a lawsuit, by a trustee using the power of sale clause in a mortgage or deed of trust.
- Notice of defaultA recorded notice that a borrower is behind on a mortgage or deed of trust, which formally starts a non-judicial foreclosure.
- Notice of trustee saleA recorded, published notice of the date, time and place a property will be auctioned in a non-judicial foreclosure.
- Nuisance abatementThe process a local government uses to clean up, board up or demolish a hazardous property and bill the cost back to it, often as a lien.
P
- Partition actionA lawsuit in which a co-owner asks a court to divide jointly owned real estate or order it sold and the proceeds split.
- Personal representativeThe executor or administrator a probate court appoints to manage a deceased person's estate, including any decision to sell real estate.
- Pre-foreclosureThe period between a homeowner's missed mortgage payments and the foreclosure sale, when the owner can still cure the loan or sell.
- ProbateThe court process that settles a deceased person's estate, appoints a personal representative and transfers property, including real estate.
Q
R
S
- Sheriff saleA public auction of real estate run by the county sheriff to satisfy a court judgment, most often a foreclosure or a tax judgment.
- Short saleA sale of a home for less than the mortgage balance, approved by the lender, used when an owner in trouble has little or no equity.
- Small estate affidavitA sworn statement that lets heirs collect a deceased person's property without full probate when the estate is under a state dollar limit.
- Super lienA lien that state law ranks ahead of a first mortgage, most often the priority portion of an HOA or condo association lien.
T
- Tax deedA deed issued by a county to transfer ownership of a property sold for unpaid property taxes.
- Tax lienA legal claim against a property for unpaid taxes; property tax liens usually rank ahead of mortgages and can be sold to investors.
- Tax saleA public auction a county holds to collect delinquent property taxes, selling either a tax lien certificate or the property itself.
- Transfer-on-death deedA recorded deed that names who receives a property when the owner dies, so the house passes without probate.
V
W
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