Real Estate Glossary

Lien

A legal claim placed on a property due to unpaid debt. It can restrict refinancing or sale until resolved.

• Tax Lien: Filed by the government for unpaid property taxes.
• Mechanic's Lien: Filed by contractors for unpaid work or materials.
• Judgment Lien: Court-ordered lien following a legal judgment.
• HOA Lien: Filed by a homeowners association for unpaid fees or dues.

Foreclosure

The legal process where a lender repossesses a property due to missed mortgage payments, often resulting in public auction.

Legal Violation

A breach of building or zoning regulations that may result in fines or enforcement action.

• Building Code Violation: Issues related to safety, structure, or maintenance compliance.
• Zoning Violation: Using the property in a manner not allowed under current zoning laws.

Litigation Filing

A formal lawsuit or legal action filed against the property or its owner, often tied to ownership, financial claims, or regulatory disputes.

Mortgage Record

A document outlining a loan secured by the property, including the lender, loan amount, and repayment terms.

• Initial Mortgage: The original loan taken to purchase the property.
• Refinance Record: A revised or new mortgage replacing a previous loan.

Deed (Ownership Document)

Legal documentation confirming who owns the property.

Ownership Transfer

A recorded change in ownership due to sale, inheritance, divorce, or legal action.

Property Tax Record

Official records tracking the assessed tax value and any unpaid taxes.

• Tax Assessment Value: The valuation used by the county to calculate taxes.
• Delinquent Taxes: Outstanding taxes that may lead to liens or foreclosure proceedings.

Sales History

A chronological list of previous sales, including prices and transaction dates.

Ownership Timeline

A documented sequence of past owners, with details on how and when ownership changed.

Transfer Deed

A legal deed used to transfer ownership between parties, often during a sale or settlement.

Quitclaim Deed

A deed that transfers ownership without warranties. Commonly used between relatives or in disputes.

Building Permit

Official authorization for construction, remodeling, or structural changes issued by the local authority.

Inspection Report

A report confirming that the property meets required safety, structural, and code standards.

Violation Fine

A monetary penalty imposed for unauthorized construction or failure to comply with regulations.

LLC Ownership

Property held under a limited liability company, typically for liability protection and investment management.

Zoning Classification

Defines the legally allowed use of a property (e.g., residential, commercial, industrial).

Nonconforming Use

A use that was legal under previous zoning laws but does not comply with current regulations.

Land Use Designation

Describes how the property is currently used, which may differ from its legal zoning classification.

Flood Zone

Indicates whether a property lies in a designated flood-prone area, which may affect insurance and development.

Environmental Lien

A lien recorded due to contamination, cleanup orders, or environmental violations.

Utility Shutoff Notice

A notice indicating that essential services (water, gas, electricity) may be or have been disconnected.