A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
M
A title to a property which is free of claims or defects which would allow the clear sale or transfer of the property.
The date on which the principle of a note or lien becomes due.
A claim created for the purpose of securing payment for work performed or materials provided for the benefit of the property. These are the types of liens which a tax lien or deed investor must insure are removed from the title of the property in order to obtain quiet and marketable title.
The lowest price the seller is willing to take for the property. In tax lien certificate auctions it is the opening bid the county is seeking to sell the note - it usually includes the back taxes, interest, costs and penalties accrued to that point.
N
A notice sent out by the bank or mortgage holder to the borrower in an attempt to collect on the past due payments.
This notice is required by law to announce an upcoming foreclosure or sale of a property. It will contain the description of the property, and time, date and place of sale.
O
The beginning bid or minimum bid the auctioneer requires to open the bidding for a sale. It usually corresponds to the minimum amount the county is willing to accept for the sale of the lien or deed.
The excess amount paid by the lien purchaser above and beyond the back taxes, penalty and interest owing on the note. That amount is used to pay any outstanding liens against the property as a result of the defaulting owner and any remaining overage amount is legally owed to the prior owner. The holder can instruct the county to use any overages to clear any liens hindering a clear title on the property.
These are properties whose liens or deeds did not sell at auction and which may be purchased by the public from the county without a competitive bidding sale. They are sold on a first-come first-served basis.
This is where the seller of the property finances the sale and acts as a bank for the buyer.
