Real Estate Auction Terms: A Plain-English Glossary

Auction notices and court documents use a lot of specialized language. This glossary explains common terms you’ll see when following real estate auctions in Richland County and elsewhere in Ohio. Definitions are general; the exact meaning in a specific sale depends on its terms and the law.

Absolute auction — An auction where the property sells to the highest bidder regardless of price, with no minimum. Also called “auction without reserve.”

Appraisal — In Ohio foreclosure sales, the court process often includes an appraisal of the property, which may be used to set a minimum bid for the first sale. The appraisal is usually done from the outside and isn’t a substitute for your own valuation.

As is — The buyer takes the property in its current condition with no warranties about condition or title.

Bidder registration — Signing up to bid, which may require identification, a deposit, and agreeing to the sale terms.

Buyer’s premium — A percentage added to the winning bid at many private auctions, paid by the buyer to the auction company. Sheriff sales generally work differently; read the terms.

Clerk of Courts — The county office that maintains court records, including foreclosure case dockets.

Confirmation of sale — The court’s order approving a sheriff or foreclosure sale. Until the sale is confirmed, the buyer doesn’t receive the deed.

Court of Common Pleas — Ohio’s general trial court at the county level, where foreclosure cases are filed.

Decree / judgment of foreclosure — The court’s decision that the lender (or county) is entitled to foreclose and that the property can be sold.

Deed — The document transferring ownership. After a sheriff sale is confirmed and paid, a sheriff’s deed is issued and recorded.

Deposit — Money the winning bidder pays at or soon after the sale to secure the purchase. Amounts and rules vary.

Docket — The list of filings in a court case.

Eviction / possession — The legal process to remove occupants after a sale if they don’t leave voluntarily.

Junior lien — A lien that is lower in priority than another lien, such as a second mortgage.

Land bank — A county-created nonprofit that acquires and returns vacant or abandoned properties to productive use. Some tax-delinquent properties go to a land bank instead of a public sale.

Lien — A legal claim against property to secure a debt, such as a mortgage, tax lien, or judgment lien.

Minimum bid — The lowest bid the sale will accept, which may be tied to the appraisal or to taxes and costs owed.

Order of sale — The court’s order directing the sheriff to sell the property.

Parcel number — The unique number the county auditor assigns to each piece of real estate.

Plaintiff — The party that filed the case, such as the lender or the county treasurer.

Redemption — The owner’s right, under certain circumstances, to stop a foreclosure by paying what’s owed before a deadline set by law. Timing rules vary; ask an attorney.

Reserve — A minimum price the seller must reach for the property to sell at a private auction. In a reserve auction, the seller can decline bids below it.

Second sale — If a property doesn’t sell at its first sheriff sale, it may be offered again, sometimes with a different minimum bid.

Sheriff sale — A court-ordered public auction of real estate conducted by or on behalf of the county sheriff.

Tax foreclosure — A foreclosure filed to collect delinquent property taxes.

Title search — A review of recorded documents to identify owners, liens, and other claims affecting a property.

Title insurance — Insurance protecting against certain title defects. Not always available or included with auction purchases.

Withdrawn / cancelled sale — A sale that is removed from the schedule, for example because the debt was paid, a bankruptcy was filed, or the plaintiff requested it.

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Have a term you’d like explained? Members can contact us any time. This glossary is general information, not legal advice.