No Risk Investor - Glossary

Glossary of tax lien and tax deed investing terms used on this site

There are 150 entries in this glossary.

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P

Term	Definition
PARCEL	A contiguous area of land described in a single description by a deed or other instrument. 2. A number of lots on a plat or plan, separately owned and capable of being separately conveyed.
PENALTY	A sum of money attached to a debt as a punishment for non-payment.
PER ANNUM	By the year; annually; yearly.
PERSONAL PROPERTY	In a general sense, everything that is the subject of ownership that is not construed as real property. 2. Movable assets. For taxation purposes, some examples would be: a dentist’s chair, farm machinery, a mobile home, hotel furniture, etc.
PIN	Parcel Identification Number, (a.k.a. Parcel number), (a.k.a. Property number), (a.k.a. Account number), (a.k.a. Abstract number), (a.k.a. Folio number), etc.
PLAT MAP	(a.k.a. Subdivision Map) A map outlining individual lots within a block or tract of a land.
POWER OF ATTORNEY	written documentation authorizing another person, an attorney to act the behalf of another, a legal document that can be limited or grant complete authority
PREMIUM	An amount paid to the county/municipality in addition to the lien amount. After bidding down the interest rate, bidders will frequently bid premium in order to win a tax lien or tax deed. In New Jersey, the premium is kept by the municipality and returned to the investor upon redemption of the lien, if the lien is redeemed within 5 years. If the lien is not redeemed within 5 years, the premium is forfeited. In some states, you receive the premium or “over bid” as it is sometimes referred to, with interest or penalties when the lien or deed is redeemed. In other states, you do not get your premium back when the lien or deed is redeemed. The term premium is also used to refer to an amount over the face value paid for a tax lien when purchasing it by assignment from another investor.
PREMIUM BIDDING	Opening bid equals the sum of taxes, interest, and penalties due. Bidding continues in set dollar amount increments, increasing with each new bid.
PRIOR LIEN HOLDER	A person or entity that holds a previous tax lien on a property.
PROPERTY ID NUMBER	See PIN (a.k.a. Parcel Identification Number).
PROPERTY PROFILE	A report formulated by Title Companies identifying basic statistics of a particular property. Some companies may charge a small fee, but quite often they are free.

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