ASSESSED VALUE- The value placed on a piece of property for tax purposes by a tax assessor, used for imposing annual real estate taxes

ASSUMABILITY- After a home is sold the seller may be able to transfer the mortgage to the person who has just purchased it. The buyer must have approved credit to be able to assume the mortgage; the loan will still retain the same terms and conditions. 

COLLATERAL- 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

DELINQUENT - when a borrower misses multiple payments or fails to make the payments on time, late fees may also be added or foreclosure may occur as a last effort.

DISTRESSED PROPERTY - a property that must be sold in order to pay unpaid portions on a mortgage of an individual, under financial hardship.

ENCUMBERANCE - title with a defect, cloud, diminishes the value of the property

EXCESS BIDS - bidding more than the amount owed to the county by the property owner
Also known as Over Bids

LIEN SUBORDINATION- occurs when a lien is allowed to take a lesser priority than the lien of someone else, at the discretion of the Department of Revenue, a way to temporarily lift the lien giving the ability to refinance or sell.

OFFER IN COMPROMISE- an agreement between the taxpayer and the IRS to find a resolution to the taxpayer’s debt, the settlement of a delinquent tax account for less than the amount due.

OPERATING CAPITOL - available funds that can be used when financing everyday necessities and long term improvements
 

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

REGISTRY OF DEEDS - a public office holding all the details on property in a county and the records including title documents all of which are public information.

RUN WITH THE LAND -indicating that there are restrictions on a certain piece of property that affects the current owner as well as all future owners, transfers with ownership

STATUTE OF LIMITATIONS - a maximum amount of time limited by the state within which legal action may occur, depends on the type of law suit

TAX- a payment set at an involuntary amount to be paid to a state or federal, imposed for governmental support, there varying types of taxes including, federal, income and state.

TAXABLE ASSESED VALUE- is the value assessed subtracting any confines or exceptions by the law.

TAX DEED SALE - is the auction or sale of a piece of property where the owner neglected to pay taxes they owed on their property.

TAX LIEN - a type of lien that has been placed against a property due to the nonpayment of taxes, the claim may be sold

TRUST FUND TAXES - when a portion of a salary is suspended from an employee's earnings by an employer, and held in a trust fund until repayed.

WAGE GARNISHMENT- a way to collect funds from a judgment for money in which a third party, many times an employer, will subtract from the salary of the person who has fallen behind, in order to repay money