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Surplus Funds Glossary

53+ essential terms for surplus funds recovery professionals and claimants — from APN to W-9.

A
Affidavit of Heirship
A sworn statement identifying the legal heirs of a deceased person, often used when probate is not required.
APN (Assessor Parcel Number)
A unique number assigned to a property by the county assessor for identification and tax purposes.
Assignment Disclosure
A required notice in many states informing claimants of their right to claim funds directly before assigning their rights to an agent.
Assignment of Rights
A legal transfer of one party's rights to receive surplus funds to another party, such as a recovery agent.
B
Beneficial Interest
The right to receive financial benefits from a property or fund, even if legal title is held by another party.
Bidder
An individual or entity that participates in a tax sale or foreclosure auction by submitting purchase offers.
C
Certified Mail
A USPS mail service providing proof of mailing and delivery confirmation, often required for legal filings.
Chain of Title
The chronological sequence of ownership transfers for a property, documented through recorded deeds and other instruments.
Claim Filer
Any individual or entity that submits a formal claim to a government body for surplus funds held on their behalf.
Claim Packet
The complete set of documents assembled and submitted to a county or court to support a surplus funds claim.
Claimant
Any person or entity with a legal right to claim surplus funds from a government body.
Cloud on Title
Any claim, encumbrance, or defect that may affect the validity or marketability of a property's title.
Contingency Fee
A fee structure where the recovery agent is only paid if funds are successfully recovered.
County Recorder
The public official responsible for recording legal documents related to real property, including deeds, mortgages, and liens.
County Treasurer
The official responsible for managing county funds, including holding surplus proceeds after a tax sale.
D
Deed of Trust
A security instrument used in many western states in place of a mortgage, in which a trustee holds title until the loan is repaid.
Deficiency Notice
A notice from a county or court requesting additional documentation or corrections to a submitted claim.
Delinquent Taxes
Property taxes that have not been paid by their due date, which can lead to a tax lien and eventually a tax sale.
E
Excess Proceeds
Another name for surplus funds, commonly used in California and other western states for tax-sale overages.
Excess Proceeds Claim Form
The official form required by a county or court to petition for the release of surplus funds. Requirements vary widely by jurisdiction.
F
Fee Agreement
A contract between a claimant and a recovery agent specifying the percentage or flat fee the agent will charge upon successful claim recovery.
H
Heir
A person legally entitled to receive property or funds from a deceased person's estate, either by will or by law.
I
Intestate
Describing a person who dies without a valid will, causing their estate to be distributed according to state intestacy laws.
L
Letters of Administration
A court order authorizing an administrator to manage the estate of a person who died intestate or without a named executor.
Letters Testamentary
A court document granting an executor the legal authority to administer a deceased person's estate.
Lien Priority
The order in which liens are satisfied from sale proceeds. Property tax liens typically have first priority over mortgages.
Lis Pendens
A legal notice recorded against a property indicating that a lawsuit affecting the property's title is pending.
M
Mortgage Foreclosure Surplus
Funds remaining after a lender's foreclosure sale pays off the mortgage and all junior liens. The former homeowner may claim the balance.
N
Notarization
The process by which a notary public certifies the authenticity of a signature on a legal document.
Notice of Default (NOD)
A formal notice filed by a lender indicating that a borrower has defaulted on their mortgage, beginning the foreclosure process.
O
OSINT (Open Source Intelligence)
Publicly available information gathered from online sources, court records, and databases used to locate claimants and verify ownership.
P
Power of Attorney (POA)
A legal document authorizing one person to act on behalf of another in legal, financial, or medical matters.
Probate
The legal process through which a deceased person's estate is administered, debts paid, and assets distributed under court supervision.
Q
Quiet Title
A legal proceeding to remove clouds on title and establish clear ownership.
Quiet Title Action
A lawsuit filed to establish clear ownership of real property by resolving competing claims or clouds on title.
R
Recovery Agent
A professional who locates former property owners or heirs, prepares claim documents, and files on their behalf in exchange for a percentage fee.
Redemption Period
A window of time after a tax sale during which the former owner may reclaim their property by paying the outstanding taxes plus interest.
Return Receipt Requested
A postal service that provides a signed confirmation of delivery, commonly required for county claim submissions.
Right of Redemption
The legal right of a property owner to reclaim their property after a tax sale by paying all amounts owed within a specified period.
S
Sheriff's Sale
A court-ordered auction of foreclosed property conducted by the county sheriff, common in judicial foreclosure states.
Skip Tracing
The process of locating a person's current address or contact information using public records, databases, and investigative techniques.
Statute of Limitations
The time limit set by state law for filing a legal claim. Surplus funds claims must typically be filed within 1–5 years of the sale.
Statutory Deadline
The legal time limit set by state law within which a claim for surplus funds must be filed. Missing this deadline typically forfeits the right to claim.
Subordinate Lienholders
Creditors whose liens on a property are ranked below the primary mortgage or tax lien, such as second mortgages or judgment liens.
Successor in Interest
A person or entity that has acquired the rights of another through inheritance, purchase, or legal operation.
Surplus Funds
Money remaining after a tax sale or foreclosure auction exceeds the outstanding debt. These funds legally belong to the former property owner or their heirs.
Surplus Funds List
A public record maintained by a county or court listing properties with unclaimed surplus funds and the amounts available.
T
Tax Collector
The county official responsible for collecting property taxes and typically administering tax sale proceedings.
Tax Sale Overage
The amount by which a tax sale bid exceeds the unpaid taxes, penalties, and fees owed on a property.
Trustee's Sale
The auction of a foreclosed property conducted by a trustee under a deed of trust, common in non-judicial foreclosure states.
U
Upset Bidder
A bidder who submits a higher bid after a tax sale has occurred, within a statutory period, in states that allow such practice.
Upset Price
The minimum bid required at a tax sale, typically equal to the total delinquent taxes, penalties, interest, and costs.
W
W-9 Form
An IRS form used to certify a taxpayer's identification number, required by many counties before disbursing surplus funds.

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