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
P
This is a preset amount which the property owner will have to pay to pay off back taxes or to redeem the property from the holder. It does not accrue monthly or yearly, it is payable in full whether the redemption period happens after one day or after 365 days. For example: if the penalty is 18% and the owner redeems the note 2 days after the sale, he/she will have to pay the back taxes plus an 18% penalty as well.
A written document signed by the one granting the authority to someone else to act on his/her behalf.
This is a method of bidding whereby the interested buyers will bid above the minimum amount due of back taxes, interest and penalties. The bidder with the highest bid will be awarded the lien. In the event the lien certificate is redeemed the holder will receive interest on the opening bid (which is generally the back taxes, penalties and interest accrued at the time of sale). Be careful - in some states the excess amount bid and paid by the holder remains in the county's general fund and not returned to the holder and no interest paid on that amount to the holder. See Bidding Up Premium.
Q
Following a foreclosure on a deed or lien certificate purchased at a tax lien or tax deed sale the holder or buyer must insure that he/she has quiet title in order to insure or resell the property. The method for obtaining quiet title varies from state to state, but the investor must be aware of each state's rules and regulations regarding obtaining quiet title.
A deed conveyed by the previous owner which releases any title, interest or claim which the previous buyer may have in the property.
R
There are several states that do this type of bidding and it works like a bingo game whereby the auctioneer picks a name or bidder number and that person has the opportunity to buy the next property listed or pass on the purchase and another name or number is drawn. Once that property is sold or passed on by everyone then another name or number is drawn for the next listed property.
This state is selling deeds to the public, however, since the owner in default has a prescribed time to redeem his/her interest and pay the back taxes and any penalties and interest accrued, the purchaser of the deed at the sale may not take immediate possession of the property. In the event the owner does not redeem his/her interest the holder will need to foreclose on the property. See Hybrid.
This is the allotted time which a state grants to its citizens to pay any back taxes, penalties and interest due on the property even after the property or the lien has been sold at auction. Most states allow a redemption period, but it varies from state to state.
Similar to random selection, only here the person chosen to purchase is the next successive person on the list. They follow the same order for each property offered and are not chosen randomly as in random selection.
