1031 exchange
A tax-deferred swap of investment real estate for like-kind property under federal rules.
Related: Investor process
Glossary
Chicago Real Estate and Legal Terms Glossary
Use this glossary to decode property sale, title, tax, foreclosure, probate, municipal, buyer, and closing terms before reading a guide or sending a property for review. It is general information, not legal, tax, lending, appraisal, or inspection advice.
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If a term affects rights, deadlines, money, authority, or title, confirm it with the correct professional or official record source.
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70% rule
A rough flipping guideline that keeps purchase plus repairs near seventy percent of the after-repair value.
Related: Investor process
A
Absorption rate
A measure of how fast homes are selling in a market, used to gauge supply and demand.
Abstract of title
A summarized history of the recorded documents that affect title to a parcel, used to trace ownership and encumbrances.
Acceleration clause
A loan term that lets the lender demand the entire balance after a default.
Acknowledgment
A notary's certification that a signer appeared and signed a document.
Active listing
A property currently for sale and available for offers.
Ademption
When a specific gift in a will fails because that property is no longer in the estate at the person's death.
Administrator
A person appointed by a court to administer an estate when there is no executor serving.
Related: Probate selling
Adverse possession
A legal doctrine where long, open, and hostile use of land may, under strict conditions, ripen into ownership.
Affidavit of heirship
A sworn statement identifying a deceased owner's heirs, sometimes used to help clear title when no probate was opened.
Related: Probate selling
Affidavit of title
A sworn seller statement at closing about liens, possession, parties in interest, and other title matters that the title company relies on.
Anchor tenant
A large, established tenant that draws customer traffic and helps support a retail property.
Related: Sell commercial property
Ancillary probate
A secondary probate opened in another state where the deceased also owned property.
Annual tax sale
An Illinois county sale where unpaid current-year property taxes are sold to tax buyers.
Related: Tax-delinquent recovery
Appraisal
A value opinion prepared for a lender or another party, often required when mortgage financing is used.
Appraisal contingency
A contract condition that lets a buyer renegotiate or cancel if the appraisal comes in below the price.
Appreciation
An increase in a property's value over time.
Appurtenance
A right or feature that goes with the land, such as an easement or a fixture.
Arrears
Amounts that are past due, such as unpaid mortgage payments, property taxes, or association dues, that usually must be cured.
ARV
After-repair value. A projected value after a property is repaired or improved, usually checked against recent comparable sales.
Related: Estimate value
As-built
Drawings that show how a project was actually built, including any changes from the original plans.
Related: Construction project sale
As-is sale
A sale where the seller does not promise to make repairs before closing, subject to the actual contract and disclosures.
Related: Get an offer
As-of-right
Development that current zoning already allows without special approval or a variance.
Related: Sell a vacant lot or land
Assemblage
Combining adjacent parcels into one larger, often more valuable holding.
Related: Sell a vacant lot or land
Assessed value
A value used in the property tax system, not necessarily the same as market value.
Assignment
A transfer of contract rights to another party, subject to the contract terms and applicable law.
Assignment fee
The amount a wholesaler is paid to assign a purchase contract to an end buyer instead of closing on it directly.
Attorney review period
A short period in many Illinois contracts, commonly about five business days, when each side's attorney may review and propose changes.
Related: Deal protections
Automatic stay
A bankruptcy protection that temporarily halts most collection and foreclosure activity.
B
Back taxes
Unpaid prior-year property taxes that can lead to a tax sale and usually must be resolved at or before closing.
Related: Tax-delinquent help
Balloon payment
A large final payment due at the end of some loans.
Bankruptcy
A federal court process that may reorganize or discharge debts and can affect foreclosure timing.
Beneficiary
A person or entity named to receive assets under a will, trust, or financial account.
Bequest
A gift of personal property made through a will.
Bill of sale
A document that transfers ownership of personal property, sometimes used alongside a real estate deal.
Bona fide purchaser
A buyer who acquires property in good faith, for value, and without notice of competing claims; this status can affect rights.
Bridge loan
Short-term financing that covers a gap until longer-term funding or a sale.
Related: Investor process
Broker price opinion
A broker's written estimate of value, often less formal than a full appraisal.
Brownfield
A property whose redevelopment is complicated by known or suspected contamination.
Related: Sell industrial property
BRRRR
An investing strategy: buy, rehab, rent, refinance, then repeat.
Related: Investor process
Build-to-suit
Construction of a building designed for a specific tenant's needs, usually under a long lease.
Related: Sell commercial property
Buildable lot
A parcel that can support construction under current zoning and building code.
Related: Sell a vacant lot or land
Building permit
Municipal approval required before most construction or major alteration work begins.
Related: Construction project sale
Buy and hold
Owning a property long term for rental income and potential appreciation.
Related: Investor process
Buyer's agent
A licensed agent who represents the buyer's interests in a transaction.
Related: Buyer process
Buyer's market
Market conditions that favor buyers, with more supply than demand.
C
Cap rate
A property's net operating income divided by its price, used to compare income properties.
Related: Investor process
Capital expenditure
A large, longer-lasting cost such as a roof or furnace, often shortened to CapEx.
Capital stack
The layers of debt and equity that fund a deal, ranked by their priority of repayment.
Related: Joint ventures
Cash flow
The income that remains after a property's operating costs and loan payments.
Related: Investor process
Cash for keys
A payment offered to a tenant or occupant to move out voluntarily and on time.
Related: Selling as a landlord
Cash offer
An offer not dependent on mortgage financing. The buyer still needs proof of funds and title conditions still matter.
Related: Get an offer
Cash-on-cash return
Annual pre-tax cash flow divided by the cash an investor put into a deal.
Cash-out refinance
Refinancing for more than the current loan balance to take equity out as cash.
Certificate of error
A Cook County process to correct certain property tax assessment or exemption mistakes.
Certificate of occupancy
A document allowing a building to be legally occupied after it passes final inspection.
Related: Construction project sale
Certificate of purchase
The document a tax buyer receives after buying delinquent taxes at a tax sale.
Related: Tax deed recovery
Chain of title
The sequence of recorded transfers showing how ownership of a parcel passed from one party to the next over time.
Change order
A documented change to a construction project's scope, schedule, or price.
Related: Construction project sale
Chapter 13
A bankruptcy reorganization that may let a homeowner catch up on missed payments over time.
Citation to discover assets
An Illinois probate proceeding used to locate, examine, or recover estate property or information.
Related: Probate selling
Class A, B, or C
An informal grading of a commercial building's quality, age, location, and condition.
Related: Sell commercial property
Clear height
The unobstructed vertical space inside an industrial building, measured to the lowest overhead obstruction.
Related: Sell industrial property
Clear title
Title considered free of undisclosed defects or claims that would block a reasonable sale; often described as marketable title.
Closing attorney
An attorney who handles closing documents and review, common in Illinois transactions.
Closing costs
Costs paid at closing, which may include title, recording, transfer, lender, tax, escrow, and settlement charges.
Related: Closing calculators
Closing disclosure
A standardized form itemizing loan and closing terms, generally provided to a borrower before a financed closing.
Cloud on title
A title issue, claim, or record defect that may need resolution before a clean closing.
CMA
Comparative market analysis. A price review using recent comparable sales, active competition, condition, and market timing.
Related: Pricing tools
Code violation
A municipal notice or finding involving property condition, safety, occupancy, or local ordinance compliance.
Related: Code violation sales
Codicil
A signed amendment that changes part of an existing will.
Cold storage
A temperature-controlled warehouse used for goods that must stay cool or frozen.
Related: Sell industrial property
Commission
The fee, usually a percentage, paid for brokerage services, subject to the listing or buyer agreement.
Common area maintenance
Charges that cover upkeep of shared areas in a commercial property; often shortened to CAM.
Common elements
Shared areas of a condominium owned in common by all unit owners.
Comparable sales
Recent sales of similar nearby properties, often called comps, used to estimate a property's value.
Related: Estimate value
Concession
A credit or contribution a seller gives a buyer, such as money toward closing costs.
Related: Closing calculators
Condominium declaration
The recorded document that creates a condominium and sets its rules and ownership shares.
Condominium resale disclosure
An Illinois condominium resale disclosure under Section 22.1 of the Condominium Property Act, covering the association's finances, rules, and pending matters.
Consent foreclosure
An Illinois option where the parties agree to a foreclosure judgment, often releasing the borrower from a deficiency.
Related: Foreclosure options
Consideration
Something of value exchanged between parties that helps make a contract binding.
Construction loan
Financing that funds building or major rehab work, often released in stages.
Contingency
A condition in a contract that must be met or waived, such as an inspection, financing, appraisal, or title contingency.
Contingent
A listing status meaning an offer is accepted but still has conditions left to satisfy.
Contract for deed
A financing structure where legal title transfer is delayed until the contract terms are satisfied.
Counteroffer
A response that changes the terms of an offer, which the other side can then accept, reject, or counter again.
Covenant
A promise or restriction in a deed or agreement that can run with the land.
Cross-collateralization
Using more than one property to secure a single loan.
Curb cut
An approved driveway opening that connects a lot to the street.
Cure
Fixing a default, usually by paying the overdue amounts and allowed charges within an allowed period.
Related: Foreclosure options
D
Days on market
The number of days a listing has been active, often shortened to DOM.
Debt service
The total loan payments due over a period.
Debt service coverage ratio
Net operating income divided by debt payments, used by lenders to size a loan; shortened to DSCR.
Decedent
The person who has died and whose estate is being administered.
Deed
A recorded instrument used to transfer real estate ownership interests.
Deed in lieu of foreclosure
A negotiated transfer of the property to the lender to satisfy the loan and avoid foreclosure, subject to lender agreement.
Related: Foreclosure options
Deed restriction
A recorded limit on how a property may be used.
Default
Failing to meet loan terms, such as missing payments, which can start the foreclosure process.
Related: Foreclosure options
Deficiency judgment
A court judgment for a remaining balance still owed after a foreclosure sale does not cover the debt, where allowed by law.
Related: Foreclosure options
Depreciation
A tax deduction that spreads a building's cost over time; also general loss in value.
Devise
A gift of real estate made through a will; the recipient is called a devisee.
Disclosure
Information a seller is required or chooses to provide about the property, such as the Illinois residential disclosure where it applies.
Dock door
A door at a raised platform where trucks load and unload at a warehouse.
Related: Sell industrial property
Double closing
Two back-to-back closings where an investor buys and then resells, sometimes the same day; structure and lender rules matter.
Down payment
The buyer's upfront cash toward a purchase, separate from the loan amount.
Draw schedule
A plan for releasing rehab loan funds in stages as work is completed.
Related: Investor process
Drive-in door
A ground-level door that lets vehicles drive directly into a building.
Dual agency
When one agent or brokerage represents both buyer and seller, which requires disclosure and has limits.
Due diligence
The review period and process for checking title, condition, value, financing, records, taxes, and legal or municipal issues.
Related: Deal protections
Due-on-sale clause
A loan provision that lets a lender call the balance due if the property transfers, which matters for subject-to deals.
E
Earnest money
Buyer deposit funds showing contract commitment, handled under the contract and escrow instructions.
Easement
A right for someone to use part of a property for a specific purpose, such as utilities or access.
Eminent domain
A government power to take private property for public use with required compensation.
Encroachment
When a structure or improvement crosses a boundary line onto a neighboring parcel or into an easement.
Encumbrance
Any claim, lien, or restriction on a property, such as a mortgage, easement, judgment, or unpaid tax.
Entitlements
Government approvals that allow a planned use or development of a piece of land.
Related: Sell a vacant lot or land
Environmental review
A review for contamination, storage tanks, hazardous materials, or land-use risk, especially on commercial or industrial property.
Equalization factor
An Illinois multiplier applied to assessments to bring them to a uniform level; also called the multiplier.
Equalized assessed value
Assessed value after the state equalization factor is applied, used to compute Illinois property taxes.
Equity
The owner's value in a property after subtracting loans and liens from its market value.
Erroneous exemption
A property tax exemption that was wrongly granted and that the county may seek to recover.
Escalation clause
An offer term that automatically raises the price to beat competing offers up to a set cap.
Escrow
Funds or documents held by a neutral party under instructions, often used at title or closing.
Estate
The property, rights, and obligations associated with a deceased person for administration purposes.
Related: Probate selling
Estimate of redemption
A county clerk's calculation of the amount needed to redeem delinquent taxes by a given date.
Related: Tax-delinquent recovery
Estoppel certificate
A signed tenant statement confirming lease terms, often required for a sale or financing.
Related: Sell commercial property
Exclusive right to sell
A listing agreement where the broker earns a commission no matter who finds the buyer.
Executor
A person named in a will and appointed by a court to administer an estate.
Related: Probate selling
Exit strategy
The planned way an investor will sell, refinance, or otherwise end a deal.
F
Fair market value
The price a willing buyer and willing seller would agree on, with neither under pressure and both reasonably informed.
Related: Estimate value
Fee simple
The most complete form of property ownership, still subject to laws, liens, and recorded restrictions.
Fiduciary
A person or entity legally required to act in another's best interest, such as an executor, trustee, or agent.
Five-day notice
An Illinois notice giving a tenant a short period to pay overdue rent before eviction may proceed.
Fix and flip
Buying, renovating, and reselling a property for profit.
Related: Investor process
Fixture
An item attached to real estate that is generally treated as part of it.
Flex space
A building that blends warehouse, office, and light manufacturing or showroom areas.
Related: Sell industrial property
Floodplain
Land mapped as flood-prone, which can affect building rules, costs, and insurance.
Related: Sell a vacant lot or land
Forbearance
A temporary lender agreement to pause or reduce payments under set terms.
Related: Foreclosure options
Forced appreciation
Raising value through improvements or higher income rather than waiting for the market.
Forcible entry and detainer
The Illinois court process a landlord uses to recover possession of a property; commonly called eviction.
Related: Selling as a landlord
Foreclosure complaint
A court filing that starts a judicial foreclosure case in Illinois.
Related: Foreclosure options
Forfeiture
When taxes offered at a tax sale are not sold and are held in a forfeited status that a buyer may later pay.
Frontage
The width of a lot along the street it faces.
Related: Sell a vacant lot or land
FSBO
For sale by owner. A sale marketed by the owner without a listing broker.
G
Gap funding
Extra short-term money that covers the part a main loan does not fund.
Related: Joint ventures
General contractor
The contractor who manages a construction project and the subcontractors on it.
Related: Construction project sale
Grading
Shaping and leveling land to manage drainage and prepare for construction.
Grantor / Grantee
On a deed, the grantor transfers an interest in real estate and the grantee receives it.
Greenfield
Undeveloped land available for new construction, with no prior structures on it.
Gross lease
A lease where the landlord covers most operating costs and the tenant pays a flat rent.
Related: Sell commercial property
Gross rent multiplier
Price divided by gross annual rent, a quick way to screen income properties; shortened to GRM.
Guardian ad litem
A person a court appoints to represent the interests of a minor or disabled person in a case.
Guardianship
A court-supervised authority arrangement for a minor or disabled adult, which may affect who can sell a property.
Gut rehab
A renovation that strips a building down to its structure before rebuilding it.
Related: Construction project sale
H
Hard costs
Direct construction costs such as materials and labor, as opposed to soft costs like fees and permits.
Related: Construction project sale
Hard money loan
Short-term, asset-based financing, often from a private lender, used to buy or rehab property at a higher cost.
Heir
A person who may inherit under law, subject to the estate facts and the court process.
Related: Probate selling
Highest and best
A request for buyers to submit their strongest offer when several offers are competing.
Highest and best use
The legal, physically possible, and financially feasible use that gives a property its greatest value.
HOA
Homeowners association. An organization that can levy dues and rules and may hold a lien for unpaid assessments.
Holdback
Funds held back at closing or in escrow under agreed conditions, often tied to repairs, occupancy, or unresolved items.
Holdover tenant
A tenant who remains in the property after the lease term has ended.
Related: Selling as a landlord
Homeowner exemption
An Illinois exemption that reduces the taxable value of an owner-occupied home.
Homestead exemption
A legal protection of certain home equity and rights, separate from property tax exemptions.
I
Illinois Mortgage Foreclosure Law
The Illinois statute that governs how residential mortgage foreclosures proceed in the state.
Related: Foreclosure options
Implied warranty of habitability
A landlord's duty to keep a rental in livable, reasonably code-compliant condition.
Indemnity fund
An Illinois fund that may compensate certain owners who lose property through the tax deed process.
Related: Tax deed recovery
Independent administration
An Illinois probate process that lets a representative act with limited court supervision.
Related: Probate selling
Industrial outdoor storage
Land used to store trailers, equipment, or materials, valued mainly for its yard space; shortened to IOS.
Related: Sell industrial property
Infill lot
A vacant parcel surrounded by property that is already developed.
Related: Sell a vacant lot or land
Inspection contingency
A contract period that lets a buyer inspect the property and respond under the contract terms.
Interest-only
A loan where payments cover interest only for a period, with no principal reduction.
Internal rate of return
A return measure that accounts for the timing of a deal's cash flows; shortened to IRR.
Intestate
Dying without a valid will, so Illinois law decides who inherits.
Related: Probate selling
Inventory
A listing of a deceased person's assets prepared during estate administration.
J
Joint tenancy
Co-ownership with a right of survivorship, where a deceased owner's share passes to the surviving owners.
Joint venture
A partnership where parties combine money, skills, or property for a specific deal.
Related: Joint ventures
Judgment lien
A lien placed on property because of a court money judgment recorded against an owner.
Related: Liens and violations
Judicial sale
A court-supervised sale process used in foreclosure after the required steps occur.
Related: Foreclosure options
K
Kick-out clause
A contract term that lets a seller keep marketing the property and end the deal if a better offer arrives, within stated limits.
L
Land trust
An Illinois arrangement where a trustee holds title while a beneficiary keeps control and benefits, often used for privacy.
Lease
A contract giving a tenant the right to use a property for rent over a set term.
Legal description
The formal description that identifies the parcel, usually more precise than a street address.
Lessor / Lessee
The lessor is the landlord who grants a lease; the lessee is the tenant who receives it.
Letter of intent
A usually non-binding outline of proposed deal terms exchanged before a full contract; shortened to LOI.
Letters of office
An Illinois court document confirming a personal representative's authority to act for an estate.
Related: Probate selling
Levy
The total amount a taxing body requests, which helps set the property tax rate.
Lien
A claim against property that may need release, payoff, or title handling before closing.
Related: Liens and violations
Lien position
Where a loan ranks against a property, such as first or second, which affects payoff priority.
Lien waiver
A signed release in which a contractor or supplier gives up lien rights for work that has been paid.
Related: Construction project sale
Lis pendens
A recorded notice that a lawsuit affecting title to the property is pending.
Listing agreement
A contract hiring a broker to market and sell a property.
Living trust
A trust created during life to hold assets and often avoid probate at death.
Load factor
The difference between the space a tenant actually uses and the larger rentable space the tenant pays for.
Loan modification
A lasting change to loan terms, such as rate or length, meant to make payments more manageable.
Related: Foreclosure options
Loan to cost
A loan amount stated as a percentage of total project cost; shortened to LTC.
Loan to value
A loan amount stated as a percentage of property value, used by lenders; shortened to LTV.
M
Managing broker
In Illinois, a licensed broker who supervises a brokerage and the agents in it.
Marketable title
Title that is reasonably free of defects and claims so a buyer is not forced to accept a lawsuit risk; the common sale standard.
Maximum allowable offer
The highest price an investor will pay after subtracting repairs, costs, and target profit; shortened to MAO.
Related: Investor process
Mechanic's lien
A lien a contractor or supplier may record against a property for unpaid work or materials.
Related: Liens and violations
Metes and bounds
A way of describing land by directions and distances around its boundary.
Mixed-use
A property that combines uses, such as retail or commercial space together with residential units.
Related: Sell commercial property
MLS
Multiple listing service. A broker database used to market listings and share property data.
Modified gross lease
A lease that splits operating expenses between the landlord and the tenant.
Mortgage
A recorded loan secured by real estate that a lender may foreclose if it is not paid.
Mortgage contingency
A contract condition that lets a buyer cancel if loan approval is not obtained by a stated date.
Mortgage payoff
The lender amount needed to satisfy a mortgage loan for closing, usually confirmed by a written payoff statement.
Mortgagee
The lender that holds a mortgage.
Mortgagor
The borrower who grants a mortgage to a lender.
Multi-board residential real estate contract
A widely used standard purchase contract form in the Chicago area.
N
Net operating income
A property's income after operating expenses but before debt payments and income taxes; shortened to NOI.
Non-recourse
A loan where the lender's remedy is generally limited to the property, not the borrower personally.
Nonconforming use
A property use that may have existed before current zoning rules and may be limited by local law.
Notice of default
A lender or servicer notice that a loan is in default, often preceding foreclosure steps.
Related: Foreclosure options
Notice of sale
A required notice announcing the date, place, and terms of a foreclosure sale.
Notice to creditors
A required notice that starts the period for creditors to file claims against an estate.
O
Occupancy inspection
A municipal or lender-related inspection tied to occupancy, transfer, or habitability requirements.
Related: Code violation sales
Off-market
A property that is available or sold without public listing exposure.
Option
A right, for a set period, to buy or control a property under agreed terms without being obligated to do so.
Order confirming sale
A court order that may confirm a foreclosure sale after a hearing and the statutory requirements.
Related: Foreclosure options
Origination fee
An upfront lender charge for making a loan, often stated in points.
P
Paid assessment letter
A condominium association statement showing assessments are current, often needed for closing.
Penalty bid
The bidding method at Illinois tax sales, where buyers bid down a penalty percentage rather than a price.
Related: Tax-delinquent recovery
Pending
A listing status meaning an offer is accepted and most conditions are met, with closing still ahead.
Percentage rent
Retail rent that adds a share of the tenant's sales above a set threshold.
Percolation test
A soil test of how well land drains, often required before installing a septic system; called a perc test.
Personal guarantee
A promise that makes a borrower personally responsible for repaying a loan.
Personal representative
The general term for an executor or administrator appointed to manage an estate.
Related: Probate selling
Petition for tax deed
A court filing a tax buyer makes to obtain a deed after the redemption period has run.
Related: Tax deed recovery
Phase I environmental site assessment
A standard review of a commercial or industrial property's environmental risk; a Phase II adds physical testing.
PIN
Property Index Number. In Cook County and nearby counties, a parcel identifier used for tax and property records.
Plat of survey
A scaled drawing of a parcel's boundaries, improvements, and easements prepared by a licensed surveyor.
Pocket listing
A property marketed quietly without broad public listing exposure.
Points
Upfront fees equal to a percentage of the loan, common with private and hard money lending.
Possession
The right or practical ability to occupy or control the property after closing.
Pour-over will
A will that directs any remaining assets into a trust at the person's death.
Power of attorney
A document authorizing someone to act for another person within the document's scope.
Pre-foreclosure
The period after a loan default but before a completed foreclosure sale, when resolution options may still exist.
Related: Foreclosure options
Preferred return
A return paid to certain investors before others share in the profits.
Related: Joint ventures
Prepayment penalty
A fee charged for paying a loan off earlier than its terms allow.
Private lender
An individual or company that lends outside traditional banks.
Related: Joint ventures
Private money
Financing from individuals rather than banks, often used for investment deals.
Related: Joint ventures
Pro forma
A projected financial statement estimating a property's future income and costs.
Probate
A court process for administering a deceased person's estate when it is required.
Related: Probate selling
Procuring cause
The agent whose efforts mainly brought about a sale, which can matter in commission disputes.
Promissory note
A written promise to repay a loan that sets the amount, rate, and terms, usually paired with a mortgage.
Proof of funds
Documents showing buyer funds or financing support before showings, offers, or closing.
Related: Buyer process
Property tax exemption
A reduction or adjustment to a property tax burden for qualifying owners, such as a homeowner or senior exemption.
Proration
Allocation of expenses such as taxes, rents, or utilities between buyer and seller by date.
Related: Closing calculators
Punch list
A final list of items a contractor must finish or correct before a project is accepted.
Related: Construction project sale
Q
Quiet title
A court action to resolve competing claims and establish clear ownership of a property.
Quitclaim deed
A deed that transfers whatever interest the grantor has, without the same warranty structure as a warranty deed.
R
Rail spur
A short rail line that serves an industrial property directly.
Raw land
Undeveloped land with no utilities, grading, or improvements.
Related: Sell a vacant lot or land
REALTOR
A real estate licensee who is a member of the National Association of REALTORS and follows its code of ethics.
Reassessment
A periodic update of assessed values, done by township on a rotating basis in Cook County.
Receiver
A neutral party a court may appoint to manage or protect a property during litigation.
Recorder of deeds
The county office where deeds, mortgages, and liens are recorded.
Recording
Filing a document in the public land records to give notice and set priority among claims.
Recourse
A loan that lets the lender pursue the borrower's other assets if the property is not enough.
Redemption period
A time window in certain tax or foreclosure contexts where payment or other action may preserve rights.
Related: Tax deed recovery
Reinstatement
Bringing a defaulted loan current by paying the overdue amounts and allowed charges, where it is permitted.
Related: Foreclosure options
Rent roll
A summary of a property's units, tenants, rents, and lease terms.
Renunciation
A surviving spouse's statutory election to take a set share of an estate instead of what the will provides; also a refusal to serve or inherit.
Residuary estate
What remains of an estate after specific gifts, debts, and expenses are handled.
Retainage
A portion of each payment held back until a construction project is complete.
Related: Construction project sale
Revocable trust
A trust the creator can change or cancel during life, unlike an irrevocable trust.
Right of first refusal
A right to match a third party's offer before the owner may sell the property to that party.
RLTO
Chicago's Residential Landlord and Tenant Ordinance, which governs many residential rentals within the city.
Related: Selling as a landlord
S
Sale in error
An Illinois tax-sale remedy where a court may vacate a tax sale for specified defects and return the buyer's money.
Related: Tax deed recovery
Scavenger sale
A Cook County tax sale offering parcels with multiple years of delinquent taxes.
Related: Tax-delinquent recovery
Scope of work
A detailed plan and budget for a rehab project; shortened to SOW.
Related: Investor process
Section 22-10 notice
A later take notice that must be served before a tax deed petition, with strict timing under Illinois law.
Related: Tax deed recovery
Section 22-5 notice
An early take notice a tax buyer files with the county clerk after an Illinois tax sale.
Related: Tax deed recovery
Section 8
A federal housing voucher program that subsidizes rent for qualifying tenants.
Security deposit
Money a tenant pays to cover damage or unpaid rent, subject to strict local handling and return rules.
Seller financing
A transaction where the seller provides part of the financing under written documents.
Seller's market
Market conditions that favor sellers, with strong demand and limited supply.
Selling officer
The official, often the sheriff or a judge's designee, who conducts a foreclosure sale.
Senior freeze
An Illinois exemption that can freeze the assessed value used for taxes for qualifying senior homeowners.
Servicer
The company that collects payments and handles a loan on the lender's behalf.
Setback
A required minimum distance between a structure and a property line.
Settlement statement
An itemized accounting of the money due from and to each party at closing.
Related: Closing calculators
Sheriff's deed
A deed issued to the buyer after a completed judicial or sheriff's sale.
Short sale
A sale for less than the mortgage balance that requires lender approval to release its lien.
Related: Foreclosure options
Showing
A scheduled visit for a buyer to view a property.
Small estate affidavit
An Illinois sworn form that can transfer certain assets without full probate when an estate is small enough to qualify.
Related: Probate selling
Soft costs
Indirect project costs such as design fees, permits, and financing, as opposed to hard costs.
Related: Construction project sale
Spec home
A home built on speculation, without a committed buyer lined up in advance.
Related: Construction project sale
Special assessment
An extra charge owners may owe, such as a condo levy or a municipal charge for improvements.
Special use permit
Zoning approval that allows a particular use under stated conditions.
Special warranty deed
A deed that warrants title only against claims arising during the grantor's own period of ownership.
Specific performance
A court remedy that may require a party to complete a contract rather than only pay money damages.
Spousal award
An Illinois statutory allowance a surviving spouse may receive from an estate, with a related award for minor children.
Staging
Preparing and furnishing a home so it shows better to buyers.
Statutory redemption
A period set by Illinois law after a foreclosure judgment during which a borrower may pay to redeem the property.
Related: Foreclosure options
Step-up in basis
A tax rule that can reset an inherited property's cost basis to its value at the owner's death.
Subcontractor
A specialized contractor the general contractor hires to handle part of a project.
Related: Construction project sale
Subdivision
Dividing land into lots, usually shown on a recorded plat.
Subject-to financing
A transaction concept where existing financing stays in place while ownership changes, requiring careful professional review.
Sublease
An arrangement where a tenant rents the space to another party while staying responsible under the original lease.
Subsequent taxes
Later-year taxes a tax buyer may pay and add to the amount an owner must redeem.
Related: Tax deed recovery
Substantial completion
The point when a project is finished enough to be used for its intended purpose.
Related: Construction project sale
Successor trustee
The person who takes over a trust when the original trustee can no longer serve.
Supervised administration
An Illinois probate process with closer court oversight of the representative's actions.
Related: Probate selling
Surety bond
A bond that may be required to protect an estate or its heirs against a representative's misconduct.
Surplus funds
Money left after a foreclosure sale pays the debt and costs, which may belong to the former owner or junior lienholders.
Related: Foreclosure options
Survey
A professional drawing or report showing property boundaries, improvements, easements, and encroachments.
Sweat equity
Value added through an owner's own labor and improvements.
T
Take notice
The statutory notice, under Sections 22-5 and 22-10, sent to owners and interested parties before an Illinois tax deed issues.
Related: Tax deed case options
Tap fee
A charge to connect a lot to a public utility such as water or sewer.
Related: Sell a vacant lot or land
Tax buyer
A party that purchases delinquent taxes at a tax sale and may later seek a tax deed if the taxes are not redeemed.
Related: Tax deed recovery
Tax deed
A deed issued through the tax-sale process after the redemption period ends and the court requirements are met.
Related: Tax deed recovery
Tax lien
A government claim against a property for unpaid taxes.
Related: Tax-delinquent help
Tax rate
The percentage applied to a property's equalized assessed value to compute the tax owed.
Tax redemption
Paying the delinquent taxes, interest, and costs to reclaim a property before a tax deed is issued.
Related: Tax deed recovery
Tax sale
A statutory property tax process involving delinquent taxes. Timing and rights depend on the county and Illinois law.
Related: Tax-delinquent recovery
Tenancy by the entirety
A co-ownership form for married owners in Illinois, with survivorship and certain creditor protections for a qualifying homestead.
Tenancy in common
Co-ownership where each owner holds a separate, transferable share with no automatic right of survivorship.
Tenant
A person or business that rents and occupies a property.
Tenant improvement allowance
Money a landlord provides to build out a tenant's leased space; often shortened to TI.
Related: Sell commercial property
Term sheet
A short summary of proposed loan terms issued before final loan documents.
Testate
Dying with a valid will in place.
Testator
A person who makes a will.
Three-phase power
Higher-capacity electrical service often needed to run industrial equipment.
Title commitment
A title company's statement of the conditions under which it will insure title, listing its requirements and exceptions.
Title company
A company that searches title, issues title insurance, and often holds and disburses closing funds.
Title insurance
A policy that protects an owner or lender against certain covered title defects discovered later.
Title search
A review of public records for ownership, liens, mortgages, taxes, judgments, easements, and other title matters.
Torrens
A former land registration system once used in Cook County; most parcels are now in the standard recording system.
Transactional funding
Very short-term money used to fund a back-to-back resale, such as a double closing.
Related: Investor process
Transfer tax
A tax or fee connected to transferring real estate, depending on state, county, and municipal rules.
Related: Transfer tax calculator
Triple net lease
A commercial lease where the tenant pays property taxes, insurance, and maintenance on top of base rent; also called NNN.
Related: Sell commercial property
Truck court
The paved area where trucks maneuver and back into a building's loading docks.
Related: Sell industrial property
Trust
A legal arrangement where a trustee holds and manages property for the benefit of a beneficiary.
Trustee
A person or entity that holds and manages property in a trust for the beneficiary.
Trustee's deed
A deed issued by a trustee, such as from a land trust, transferring the trust's interest in the property.
Turnkey
A property sold ready to rent, often already leased and managed.
U
Under contract
A property with an accepted offer that has not yet closed.
Underwater
When the loans and liens on a property exceed its market value, also called negative equity.
Underwriting
A lender's review of value, risk, and borrower ability before approving a loan.
Use and occupancy
A post-closing agreement that lets a party stay in the property for a daily fee, common in Chicago deals.
Related: Deal protections
V
Vacancy rate
The share of rental units, or of time, that a property sits empty.
Vacant building registration
A local registration or compliance requirement that may apply to vacant properties.
Related: Code violation sales
Value engineering
Revising a design to reduce cost while keeping the function the project needs.
Related: Construction project sale
Variance
Permission to depart from a zoning rule for a specific property.
W
Walkthrough
A buyer's final check of a property's condition shortly before closing.
Warranty deed
A deed form that generally includes warranties from the grantor, subject to the deed language and the law.
Wetlands
Protected, water-saturated land that can limit or block development.
Wholesaling
Putting a property under contract and then assigning or reselling that contract to an end buyer for a fee.
Wholetail
Reselling a property with only light cleanup, sitting between wholesaling and a full flip.
Will
A legal document stating how a person's property should pass at death and who should administer it.
Related: Probate selling
Will contest
A legal challenge to the validity of a will.
Workout
A negotiated arrangement to resolve a defaulted loan without completing foreclosure.
Related: Foreclosure options
Wraparound mortgage
A seller-financing structure where a new loan wraps around an existing one; it requires careful legal and lender review.
Z
Zoning
Local rules that control property use, density, structures, parking, signs, and other land-use issues.
Use the estimator before the next decision
Organize value, repairs, taxes, title, occupancy, timing, and access facts before choosing an offer path, showing plan, or professional review.