A summary of a money judgment issued by a court, which, when recorded, creates a general lien against any real property owned by the debtor in that county.

A summary of all recorded documents affecting the title to a specific parcel of land, arranged in chronological order, from the original grant to the present time. It lists all public records relating to the ownership of a property.

A clause in a loan agreement (promissory note) that allows the lender to demand immediate repayment of the entire outstanding loan balance if the borrower defaults on certain terms, such as missing payments.

The unique identifying number assigned to a specific loan by the lender, essential for processing payments and payoffs.

A Latin term meaning “according to value.” Property taxes are ad valorem taxes because they are based on the assessed value of the property.

Similar to an executor’s deed but used by an administrator appointed by the court if there’s no will or the executor is unable to serve.

A method of acquiring title to real property by occupying it openly, continuously, hostilely, and exclusively for a statutorily defined period without the owner’s permission.

A written statement made under oath or affirmation before an authorized official.

A sworn statement, typically used in smaller estates or states with specific laws, identifying the legal heirs of a deceased person who died without a will.

A sworn statement confirming the identity of a person whose name may appear differently on various documents.

A sworn statement by a lender if the original mortgage document or promissory note is lost, affirming the debt is still owed or has been satisfied.

A table detailing each periodic loan payment, showing how much of the payment is applied to interest and how much to the principal balance, until the loan is paid off.

The process of estimating a property’s market value. This valuation is often conducted by a professional appraiser and can be a factor in determining the assessed value for tax purposes.

The estimated fair market price that a property would sell for in an open market between a willing buyer and a willing seller. This is often the starting point for calculating property taxes.

Something belonging to or accessory to an item; e.g., an easement or right of way that passes with the transfer of the main property.

The dollar value assigned to a property by a public tax assessor for the purpose of calculating property taxes. This value is often a percentage of the property’s market value, determined by state or local law.

The official valuation of property for tax purposes by a governmental entity (the tax assessor).

The percentage applied to the market value of a property to arrive at its assessed value. This rate varies by jurisdiction and property classification.

The local government official or office responsible for determining the assessed value of properties for taxation.

A document showing that the original lender has sold or transferred the mortgage/deed of trust to another entity.

The process where a new buyer takes over the existing mortgage obligations of the seller. This requires lender approval and can affect the original borrower’s liability.

The public sale process where properties or tax liens are sold to the highest bidder to satisfy delinquent property taxes.

A legal proceeding involving a person or business that is unable to repay outstanding debts. Bankruptcy can impact property ownership and clear title.

Implies the grantor holds title and possession but offers no express warranties against encumbrances. Common in foreclosure or tax sales.

The person or entity designated to receive the benefits from a trust, will, or insurance policy; often, the lender in a deed of trust.

The amount of money offered by a prospective buyer at a tax sale auction.

An individual or entity participating in a tax sale auction.

Someone who has purchased real property for value with no notice of any defects in the seller’s title.

While not a land record itself, it’s a foundational document required in probate and for recording certain transfers of property upon death.

A document issued to the winning bidder at a tax deed sale, which serves as evidence of purchase and typically precedes the issuance of a tax deed after a redemption period (if any).

Funds (e.g., cashier’s check, wire transfer) that are guaranteed by a bank, often required for payment at tax sales.

The successive ownership or transfers of title to a particular parcel of land, from the original grant to the present owner. A title search aims to establish a complete and unbroken chain.

Additional fees or amounts added to the outstanding principal balance to calculate the full payoff amount. These can include accrued interest, late fees, prepayment penalties, or other administrative costs.

A lien placed on property to enforce unpaid child support obligations.

The act of grouping properties into categories (e.g., residential, commercial, industrial, agricultural, vacant land) for the purpose of applying different assessment rates or tax rates.

A title that is free from any liens or legal questions as to ownership of the property. This is the goal of a title search.

The final process in a real estate transaction where the deed and other documents are signed, and funds are exchanged to transfer ownership of the property. Also known as “settlement.”

A standardized form provided to borrowers at least three business days before closing on a mortgage, detailing all final loan terms, fees, and closing costs, including any existing loan payoffs.

Any claim, encumbrance, or defect that impairs the title to property, making it questionable or unmarketable.

Any existing claim, lien, or encumbrance that might impair a property’s clear title, which a tax sale may or may not clear, depending on state law and type of sale

An addition or supplement that explains, modifies, or revokes a will or part of one.

The percentage of total levied property taxes that are collected by the taxing authority.

A preliminary report or promise by a title insurance company to issue a policy of title insurance on a specific property, subject to certain stated requirements and exceptions. This is the primary document provided after a title search.

A system of property ownership recognized in some states where property acquired by either spouse during marriage is considered jointly owned.

The process by which private property is taken for public use under the right of eminent domain, with payment of just compensation.

A U.S. government agency responsible for consumer protection in the financial sector, including mortgage regulations that impact payoff statements.

Used to correct errors in a previously recorded deed (e.g., misspelled name, incorrect legal description).

A formal agreement or promise, often contained in a deed or other legal document, to do or not do a particular act; frequently relates to the use of land.

The specific date for which a payoff amount is calculated. The exact amount due can change daily due to accruing interest.

Documents establishing rules and restrictions for property use within a planned community (e.g., HOA rules).

The document recorded in states using a Deed of Trust that indicates the loan has been paid in full and the trustee is conveying the property interest back to the borrower, releasing the lien.

Used in many states instead of a mortgage; involves a third party (trustee) holding title as security for the loan.

Failure to fulfill the terms of a loan agreement, such as missing required payments, which can trigger lender action like foreclosure.

Any outstanding claim, lien, or encumbrance that legally impairs the title to property.

Property taxes that remain unpaid after the due date and any grace periods have passed. Delinquent taxes can lead to penalties, interest, and eventually, tax liens or tax sales.

(See Payoff Statement)

A gift of real property by will.

The sale of a property under unfavorable conditions, often due to financial hardship (e.g., foreclosure or tax sale), which may result in a price below market value.

The process of conducting research and investigation into a property’s condition, title, and any potential liabilities before purchasing at a tax sale, as properties are often sold “as-is” and “buyer beware.”

A legal right to use another person’s land for a specific purpose (e.g., utility lines, shared driveways, public access).

A formal agreement granting a right to use another person’s land for a specific purpose (e.g., utility access, shared driveway).

The right of the government to take private property for public use, even if the owner does not want to sell, as long as just compensation is paid.

An unauthorized intrusion of a building or other improvement onto the land of another (e.g., a fence built over the property line).

Any claim, lien, or liability that is attached to a property and may lessen its value or burden its owner, such as mortgages, easements, or unpaid taxes.

The process by which a state or county adjusts assessed property values across different taxing districts to ensure fairness and uniformity in taxation.

The difference between the current market value of a property and the amount of money owed on it.

The reversion of property to the state when a person dies without a will and has no legal heirs.

(Relevant here if the loan involved a tax and insurance escrow). Funds held by a third party (often the lender or servicer) to pay property taxes and homeowner’s insurance premiums on behalf of the borrower. Any surplus in this account is typically returned to the borrower upon payoff.

An account held by a mortgage lender into which a portion of the homeowner’s monthly mortgage payment is deposited to cover future property tax payments. This ensures taxes are paid on time.

Used by an executor to transfer property out of a deceased person’s estate.

A reduction in the assessed value of a property for tax purposes, granted based on specific criteria (e.g., Homestead Exemption, Senior Citizen Exemption, Veteran’s Exemption).

A specific lien filed by the IRS for unpaid federal taxes.

The highest and most complete form of ownership of real property, conveying the broadest range of rights.

A person or institution who holds a position of trust or confidence regarding another’s property or funds.

A legal process by which a lender takes possession of a property when the borrower fails to make mortgage payments, often leading to a sale of the property to satisfy the debt.

The legal process by which a taxing authority or a tax lien holder takes ownership of a property due to unpaid property taxes, often leading to a tax sale.

Transfers property as a gift, without monetary consideration.

The person or entity to whom a property is transferred by deed

The person or entity who transfers property by deed.

A person who inherits or is entitled to inherit property under the law or a will.

A lien filed by a homeowners’ association or condo association for unpaid dues or assessments.

A legal status of real property owned by an individual (or family) that protects it from certain creditors and, in some states, provides tax benefits.

A common property tax exemption granted to homeowners for their primary residence, which reduces the taxable value of the property. The specifics vary by state and locality.

Any permanent structure or addition built on land that increases its value (e.g., a house, garage, shed, driveway). Improvements are generally included in the property’s assessed value.

Protection against potential loss or damage. Title insurance provides indemnity against losses from title defects.

The process by which interest is continuously added to the principal balance of a loan, affecting the total payoff amount, especially if payment is delayed.

The amount of interest that accrues on a loan each day. This is crucial for calculating the precise payoff amount for any given date.

The rate of interest that accrues on delinquent taxes or on a tax lien certificate. This rate is often set by state statute and can be significantly higher than standard loan rates.

Used to transfer property between spouses, often during divorce or for estate planning.

Dying without a valid will. Property is then distributed according to state laws of succession.

A document filed in probate court listing all assets of the deceased’s estate, including real property, and their appraised values.

An individual or entity who purchases tax lien certificates or properties at tax sales, seeking a return on investment through interest or eventual property ownership.

A form of property co-ownership where two or more individuals own equal shares, and if one owner dies, their interest automatically passes to the surviving owner(s) (right of survivorship).

A final order or decree from a court determining the rights and obligations of the parties in a lawsuit. A money judgment can create a lien against real property.

A document filed to remove a judgment lien once the judgment debt has been satisfied.

A type of foreclosure that requires a lawsuit and a court order to sell the property.

A type of tax sale that requires court oversight and approval. This process often (but not always, depending on the state) results in the property being sold free and clear of most prior liens once the sale is confirmed by the court.

The specific geographic area or governmental authority (e.g., city, county, school district) that has the legal power to levy and collect property taxes.

The legal document outlining how a person wishes their assets (including real estate) to be distributed after their death.

Charges assessed by the lender when a loan payment is not received by the due date or within the grace period. These may be included in a payoff quote if outstanding.

A precise and specific description of a parcel of land sufficient to identify it uniquely and distinguish it from all other parcels. This is crucial for title searches.

The financial institution or entity that provides the loan secured by the property.

A court order authorizing an administrator (appointed by the court when there’s no will or no executor) to act on behalf of the deceased’s estate.

A court order authorizing an executor (named in a will) to act on behalf of the deceased’s estate.

The act of imposing or collecting a tax; also refers to the total amount of taxes to be collected by a taxing authority.

The entity or individual (often an investor) who owns a tax lien certificate.

The formal document filed with the county recorder’s office (e.g., Satisfaction of Mortgage, Deed of Reconveyance) that officially removes the lender’s claim against the property once the loan is paid in full.

A legal claim against a property for unpaid property taxes. A tax lien takes priority over most other liens, including mortgages. (See also: Tax Lien Certificate)

A public notice filed in the county records indicating that a lawsuit affecting title to a specific property has been filed. It provides notice to potential buyers.

(See Account Number)

The company responsible for collecting mortgage payments, managing the escrow account, and providing customer service related to a loan. This may or may not be the original lender.

A title that is free from reasonable doubt or defect, allowing it to be easily transferable to another party. A clear title is a marketable title.

A lien placed on property by contractors, subcontractors, or suppliers for unpaid work or materials used in improving the property.

A method of land description that identifies a property by specifying the shapes and boundaries of the parcel using directions and distances from a known point.

The property tax rate expressed in mills, where one mill equals one-tenth of one cent ($0.001) or $1 per $1,000 of assessed value. For example, a 20-mill rate means $20 in tax for every $1,000 of assessed value.

The lowest amount for which a property or tax lien certificate can be sold at auction, typically covering the delinquent taxes, penalties, interest, and administrative costs.

A document that changes the terms of an existing mortgage or deed of trust (e.g., interest rate, payment schedule).

A legal instrument that pledges real property as security for the payment of a debt (a loan).

An insurance policy that protects the lender in case the borrower defaults on the loan. Any outstanding portion might be included in a payoff, or a refund may be due depending on the loan type and payoff timing.

The lender in a mortgage agreement

The borrower in a mortgage agreement

A type of foreclosure that does not require court intervention. It’s typically allowed when the mortgage or deed of trust includes a “power of sale” clause.

A type of tax sale conducted without direct court oversight. The procedures are defined by state statutes. The implications for existing liens on the property can vary greatly by state in these types of sales.

A court order officially validating a will.

A court order in probate specifying how the estate’s assets, including real property, are to be divided among heirs or beneficiaries.

The remaining amount of principal and any accrued interest that is currently owed on a loan.

The amount by which the winning bid at a tax sale exceeds the minimum bid (delinquent taxes, fees, and costs). In many states, the former property owner is entitled to claim these surplus funds after the sale.

A specific portion of land, often identified by a parcel number for taxation or legal purposes.

A unique identifying number assigned to each parcel of land by the tax assessor’s office for tracking and tax purposes.

Releases a specific portion of the property from the lien, often used in development when individual lots are sold.

The full and final payment of all outstanding principal, interest, and any associated fees or penalties required to satisfy a loan agreement and clear the lien from a property’s title.

A formal document issued by the loan servicer or lender, detailing the exact amount required to fully satisfy a loan as of a specific date, including all principal, accrued interest, and any applicable fees. It is crucial for closing.

Additional charges imposed for specific breaches of the loan agreement, such as late payments or, in some cases, prepayment.

Additional charges added to delinquent property taxes for late payment.

(See Interest Per Diem)

A tax levied on movable property, such as vehicles, boats, business equipment, or inventory. While less common for individuals, it can apply to businesses and varies significantly by state.

The formal request filed with a court to begin the legal process of validating a will and administering an estate.

A detailed map of a subdivision or specific land area, showing boundaries, lots, streets, easements, and other features. Essential for legal descriptions and property understanding.

A detailed map of a subdivision showing property lines, lot numbers, streets, easements, and other features.

A legal document that authorizes one person to act on behalf of another in financial, legal, or other matters.

A fee charged by some lenders if a loan is paid off in full before a specified date or before the end of the loan term.

The original amount of money borrowed, or the remaining portion of that amount after payments have been made, not including interest or fees.

Existing claims or encumbrances on a property’s title (e.g., mortgages, judgments) that may or may not be extinguished by a tax sale, depending on state law and the type of sale.

(See also under ‘P’ in Deeds section) The borrower’s signed promise to repay the loan amount, detailing the terms of repayment. It’s the legal obligation to pay, secured by the mortgage/deed of trust.

A written promise to pay a specified sum of money on demand or at a definite time, along with terms for repayment. It typically accompanies a mortgage or deed of trust.

A tax imposed by local governments on real estate (land and buildings) and, in some cases, personal property. It’s a primary funding source for local services like schools, police, and fire departments.

The official statement sent to property owners detailing the amount of property taxes due, the calculation, and the payment deadlines.

The formal process by which a property owner can challenge the assessed value of their property or the property tax amount.

Documents affecting real property that are filed with the county recorder, clerk, or other public office, making them accessible to the public. These are the primary source for title searches.

Transfers whatever interest the grantor has in the property, without any warranties or guarantees of title. Often used to clear up “clouds” on title or transfer property between family members.

Land, buildings, and other permanent improvements attached to the land. This is what property taxes are primarily levied on.

The process by which the tax assessor periodically updates the assessed values of all properties within a jurisdiction to reflect current market conditions. Frequency varies by state.

The process by which a trustee or lender formally transfers title back to the borrower after a mortgage or deed of trust has been paid in full.

The act of filing legal documents (like deeds, mortgages, liens) with the appropriate public office (usually the county recorder or clerk) to make them part of the public record and provide constructive notice of their existence.

The act of filing the Satisfaction of Mortgage or Deed of Reconveyance with the county recorder’s office. This is essential for public record and to clear the title.

A specific period of time (set by state law) after a tax sale during which the original property owner (or other interested parties) can reclaim their property by paying the delinquent taxes, plus interest, penalties, and often the amount paid by the tax sale purchaser.

The total amount required to be paid to “redeem” a property from a tax sale, including back taxes, interest, penalties, and potentially other fees or attorney costs incurred by the tax sale purchaser.

A document recorded to remove a lien from a property’s title, indicating the underlying debt has been satisfied.

A legal document, also known as a Satisfaction of Mortgage, filed with the county recorder’s office to remove a mortgage lien from a property’s title once the loan has been paid off.

A consumer protection right (primarily for certain refinance loans or home equity lines of credit) that allows borrowers three business days after signing loan documents to cancel the loan without penalty. This can affect payoff timing for new loans.

Real estate that is used for housing, such as single-family homes, condominiums, and townhouses.

Similar to an easement, granting the right to pass over another’s land.

Taxes assessed when a property’s use changes, causing it to lose a special tax assessment (e.g., agricultural land being developed for residential use).

(See Release of Mortgage)

A document recorded to confirm that a mortgage or deed of trust has been paid in full and the lien is released. Also called a Deed of Reconveyance in states using Deeds of Trust.

(See Loan Servicer)

In some jurisdictions, a deed issued by the sheriff after a court-ordered tax foreclosure sale.

Used in some states for estates under a certain value to transfer property without full probate.

A charge levied against specific properties to pay for local improvements that directly benefit those properties (e.g., new sidewalks, sewer lines). These are separate from general property taxes.

The grantor guarantees clear title only for the period they owned the property, not for previous owners.

A lien filed by a state for unpaid state taxes (e.g., sales tax, income tax).

A lien created by law (statute) rather than by a contract, such as a property tax lien.

A term used in some tax sale contexts when a property does not sell at auction and may revert to the county or state.

An agreement by a lender to reduce the priority of their existing lien in favor of a new loan’s lien. While not a payoff term, it can indicate that an earlier loan was paid off as part of a new financing structure.

An agreement where a senior lienholder (e.g., a first mortgage) agrees to allow a junior lien (e.g., a new second mortgage) to take priority.

A professional measurement and mapping of land, showing boundaries, improvements, and easements, often to confirm the legal description of a property.

A document purchased by an investor at a tax lien sale, giving them the right to collect delinquent property taxes (plus interest) from the property owner. If the owner doesn’t pay, the investor may have the right to foreclose or acquire the property after a redemption period.

The local government official or office responsible for collecting property taxes and administering tax sales.

Issued by a governmental authority after a property is sold due to unpaid property taxes.

A legal document issued by a governmental authority (e.g., county clerk or tax collector) that transfers ownership of a property to the highest bidder at a Tax Deed Sale when the property taxes are severely delinquent and a redemption period has expired.

A public auction where properties are sold due to unpaid property taxes. The winning bidder receives a tax deed, which transfers ownership.

A lien placed on property by a governmental entity for unpaid taxes (e.g., property taxes, federal income taxes, state income taxes).

An auction where the tax lien (the right to collect unpaid taxes plus interest) is sold to an investor, not the property itself. The investor’s path to property ownership involves waiting out a redemption period and potentially initiating a foreclosure if the taxes aren’t paid.

The assessed value of a property minus any applicable exemptions. This is the value upon which the tax rate (millage rate) is applied to calculate the final tax bill.

A local governmental entity (e.g., school district, fire district, municipality, county) that has the authority to levy and collect property taxes to fund its services.

A form of co-ownership where two or more people own property, but unlike joint tenancy, there is no right of survivorship; each owner’s interest can be willed or transferred.

The legal right to ownership of a property, including the evidence of such ownership.

A professional who researches public records to compile an abstract of title for a property. This is what TruAbstract does!

Any claim, lien, or encumbrance that may impair or make the title to a property questionable.

An insurance policy that protects lenders and/or homeowners against losses arising from defects in title that occurred before the date of the policy. It does not cover future events.

A collection of public records (abstracts, indexes, maps, etc.) accumulated and maintained by a title company for efficient title searching.

The process of examining public records to determine and confirm a property’s legal ownership and to identify any liens, encumbrances, or other claims against it. This is TruAbstract’s core service.

In states that use a Deed of Trust, this is the neutral third party who holds the legal title to the property as security for the loan. The trustee is responsible for issuing a Deed of Reconveyance upon full payoff.

Used by a trustee (e.g., in a deed of trust foreclosure or a trust agreement) to transfer property.

The way in which title to real property is held (e.g., Fee Simple, Joint Tenancy, Tenancy in Common).

A promise or guarantee. In a deed, a warranty is a promise by the grantor about the quality of the title being conveyed.

A court order instructing an officer (like a sheriff) to seize and sell property to satisfy a judgment.