Glossary of tax lien and tax deed investing terms used on this siteThere are 150 entries in this glossary.
|C, C, & R’S||
Covenants, Conditions, and Restrictions. Guidelines set forth in a subdivision plan by a developer of land.
Money used for investing purposes.
The maker of maps. Usually a department within the Assessor’s Office or freestanding county department committed to the creation and maintenance of government plat and subdivision maps.
Gross income minus operating expenses and debt.
Index number assigned by the Clerk of the Court to lawsuits filed in civil court actions. The first two digits of the number usually identify the calendar year in which the original motion is filed. Usually followed by a dash, then a series of five or six digits that identify the individual case.
Latin term for “Let the Buyer Beware.”
|CERTIFICATE OF PURCHASE||
See TAX LIEN CERTIFICATE.
Title to property that is free from any encumbrances. This type of title is usually not conveyed when you purchase property at a tax deed sale. It is conveyed by a warranty deed and not too many states that sell tax deeds will issue a warranty deed. Most deeds conveyed at tax sales are without warranty and therefore without clear title. To receive clear title to a property for which you have a deed without warranty, you will need to file a legal action know as “quiet title action.”
assets or property, something of value, promised to a borrower to secure a loan or other type of credit and subject to repossession in the occurrence of default
Properties used as comparisons to determine the value of a like property. When appraising the value of a property by comparing the price of recently sold, like properties, important things to remember would be the degree of similarity and circumstances of sale.
Interest calculated against the sum of the principle amount plus interest that has previously accrued.
The legal process by which the right of Eminent Domain is exercised. Part of this process includes determining “just compensation.”
A neighboring or adjoining parcel (in actual close contact) touching at a point or along a boundary of another property.
The transfer of title to land from one person or persons to another by written instrument (such as a deed).
The percentage of Fair Market Value that local assessors appraise property at for taxation purposes. This percentage is never mandated by statute. It is simply a rule of thumb used in order to minimize the administration of the taxation process. For example, Arizona Assessors’ strive to assess property at 82% of Fair Market Value.