Glossary

A tax lien assignment agreement is a contract that transfers ownership of a tax lien from one party to another. It's a key part of the process when tax liens are bought and sold.

An *ad valorem* tax lien is a legal claim placed on a property due to unpaid taxes based on its value. It's crucial to understand this concept to protect your property from potential loss.

Delinquent property taxes are unpaid taxes on your real estate that have passed their due date, which can lead to penalties and even the loss of your property. Understanding them is crucial for every homeowner.

A Notice of Default is an official IRS warning that you've failed to meet your tax obligations. Understanding this notice is crucial for preventing further tax complications.

A pre-foreclosure lien is a legal claim placed on a property when a homeowner falls behind on payments, acting as a warning sign before a full foreclosure process begins. It's a critical issue for homeowners to understand and address.

A levy and seizure is when the IRS takes your property to pay your unpaid taxes. It's a serious action and understanding it can help you avoid it.

A Notice of Intent to File Lien is a formal warning from the IRS that they plan to place a public claim on your property due to unpaid taxes. This notice is a serious matter, and it’s important to understand what it means and how to respond.

A constructive lien is a legal claim against property, created by a court ruling rather than a formal agreement, often stemming from unpaid debts. It's important to understand how these liens can impact you and your assets.

An equitable lien is a legal claim on someone's property to secure a debt, even without a formal agreement. It's created by a court to ensure fairness when someone is owed money.

Redemption rights are the legal right to reclaim property after it's been lost due to unpaid taxes or a foreclosure. This right provides a window of opportunity to regain ownership.