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Notices from the city, the bank, or the court often use legal language nobody explains. Here's what the terms actually mean — no jargon, just plain English. If you got a notice using one of these words and want to know what it means for your specific situation, call us — we'll walk through it with you for free.
Foreclosure, Tax Liens & Debt
Lis Pendens
Latin for "suit pending." A public notice filed against your property when a lawsuit — most commonly a foreclosure — has been started that could affect ownership. It doesn't mean you've lost the house, but it does mean a legal clock has started. Read our full guide:
I Got a Lis Pendens Notice — What Now?
Deed in Lieu of Foreclosure
An agreement where you voluntarily sign your property over to the lender to satisfy the mortgage debt, instead of going through the full foreclosure process. It can reduce damage to your credit compared to a completed foreclosure, but it's not automatic — the lender has to agree to accept it.
Redemption Period
A window of time after a foreclosure judgment where the homeowner can still pay off the debt (or sell) and stop the foreclosure before the property is auctioned. In New York, timing depends on the specific case — see our guide:
How Long Does Foreclosure Take in New York?
Tax Lien
A legal claim the city places on your property when property taxes go unpaid. It doesn't mean the city owns your home, but the lien has to be resolved — usually paid off or the property sold — before you can transfer clear title. Full guide:
I Got a NYC Tax Lien Notice — What Does It Mean?
Foreclosure Auction
The court-ordered public sale of a property after a completed foreclosure judgment. Once the auction happens, ownership options for the original homeowner are essentially gone — which is why selling before the auction date, even at a discount, is often the better financial outcome. See:
Can I Sell Before the Foreclosure Auction in NY?
HPD Violation
A code violation issued by NYC's Department of Housing Preservation and Development for conditions like lack of heat, mold, or structural issues. Open violations can make a property hard to sell traditionally and can trigger fines that grow over time. Guide:
Selling a House with HPD Violations in NYC
Probate & Inheritance
Probate
The court process that legally transfers a deceased person's property to their heirs, whether or not there's a will. It can take months, and the property usually can't be sold until it's resolved (or an executor/administrator is legally authorized to sell it). Guide:
Selling Real Estate in Probate in Queens
Executor / Administrator
The person legally responsible for managing a deceased person's estate — an "executor" if named in a will, an "administrator" if there was no will. They're the one with legal authority to sell estate property, once appointed by the court.
Quitclaim Deed
A deed that transfers whatever ownership interest a person has in a property, without guaranteeing they actually have clear title. Common between family members (like siblings splitting an inherited house) but riskier than a warranty deed for a sale to an outside buyer.
Selling Your Home
As-Is Sale
Selling a property in its current condition, with the buyer agreeing not to request repairs or credits for its condition. This is how cash buyers like RosenJacob RS typically purchase — no repair negotiations, no inspection contingency battles.
Closing Costs
Fees paid at the time a sale finalizes — title search, recording fees, transfer taxes, attorney fees, and more. In a traditional sale these are typically split between buyer and seller by local custom; RosenJacob RS covers 100% of closing costs on our purchases.
Title Search
A review of public records to confirm who legally owns a property and whether there are any liens, judgments, or other claims attached to it that need to be resolved before a sale can close cleanly.
Contingency
A condition in a purchase contract that must be met for the sale to go through — common ones include financing, inspection, and appraisal contingencies. Any of these can cause a traditional sale to fall through even after you've accepted an offer. Cash sales typically have far fewer contingencies.
Got a notice with a term you don't see here?
Call Us — We'll Explain It for Free, No Obligation
You don't need to figure this out alone. Call or text Rick directly and we'll walk through exactly what your notice means and what your realistic options are.
(212) 602-1515