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
S
A bid made for either liens or deeds and mailed in to the auction administrator. All bids are opened at the same time and place to determine the highest bidder and the winner of the lien or deed.
The interest charged is only computed against the principle only. Some states only charge interest against the back taxes only and not against any other money the holder may have spent between the sale and the redemption of the lien.
Exclusively used in the state of Texas to designate the transfer of title from the owner's name to the name of the county when the lien did not sell at auction. In other states this transfer and ownership is called Over The Counter (OTC).
T
This is where the ownership to the property is being sold instead of the note against the property. Beware of redemption. See Redemption
A sale held to the public or made over the counter of a tax deed which did not sell at a Tax Deed Auction.
Properties whose owners failed to pay the required annual property tax. These properties' liens and/or deeds are sold monthly in some jurisdictions and annually in others in order for the county to recover the money it needs to maintain county operations.
A public auction whereby a tax lien certificate is sold to the property. It is not a sale of the property to the new note holder (Lien Certificate) it is only a sale of a note which guarantees that the holder the payment will receive the amount paid plus an return on that amount and if payment is not so made the holder may keep the property.
A document used to prove that the holder has purchased the note for repayment of back taxes on a specific property.
A sale held to the public or made over the counter of a tax lien certificate which did not sell at a Tax Lien Auction.
An insurance policy which a title company issues providing protection to the parties against any losses which may be caused by any defect in the title.
A search of the public records to determine ownership and any outstanding claims or liens against the property.
U
Debt not secured by collateral.
Any Lien or deed not sold at auction goes back into the possession of the county and are sold in various ways later on. These properties are given different names in some states, but usually called Over The Counter. Some states like Texas refer to these properties as Struck-off properties. Check with your state to see what they call their unsold properties in order to access them.
This is the opening price at a foreclosure auction sale.
