ARV
After-repair value. A projected value after a property is repaired or improved, usually checked against recent comparable sales.
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.
Search terms
If a term affects rights, deadlines, money, authority, or title, confirm it with the correct professional or official record source.
As-is sale
A sale where the seller does not promise to make repairs before closing, subject to the actual contract and disclosures.
Cash offer
An offer not dependent on mortgage financing. The buyer still needs proof of funds and title conditions still matter.
CMA
Comparative market analysis. A price review using recent comparable sales, active competition, condition, and market timing.
Inspection contingency
A contract period that lets a buyer inspect and respond under the contract terms.
Appraisal
A value opinion prepared for a lender or another party, often required when mortgage financing is used.
Title search
A review of public records for ownership, liens, mortgages, taxes, judgments, easements, and other title matters.
Deed
A recorded instrument used to transfer real estate ownership interests.
Warranty deed
A deed form that generally includes warranties from the grantor, subject to the deed language and law.
Quitclaim deed
A deed that transfers whatever interest the grantor has without the same warranty structure as a warranty deed.
Legal description
The formal description that identifies the parcel, usually more precise than a street address.
PIN
Property Index Number. In Cook County and nearby counties, a parcel identifier used for tax and property records.
Lien
A claim against property that may need release, payoff, or title handling before closing.
Mortgage payoff
The lender amount needed to satisfy a mortgage loan for closing, usually confirmed by a written payoff statement.
Escrow
Funds or documents held by a neutral party under instructions, often used at title or closing.
Earnest money
Buyer deposit funds showing contract commitment, handled under the contract and escrow instructions.
Closing costs
Costs paid at closing, which may include title, recording, transfer, lender, tax, escrow, and settlement charges.
Proration
Allocation of expenses such as taxes, rents, or utilities between buyer and seller by date.
Property tax exemption
A reduction or adjustment to property tax burden for qualifying owners, such as homeowner or senior exemptions.
Assessed value
A value used in the property tax system, not necessarily the same as market value.
Tax sale
A statutory property tax process involving delinquent taxes. Timing and rights depend on county and Illinois law.
Redemption period
A time window in certain tax or foreclosure contexts where payment or other action may preserve rights.
Foreclosure complaint
A court filing that starts a judicial foreclosure case in Illinois.
Judicial sale
A court-supervised sale process used in foreclosure after required steps occur.
Order confirming sale
A court order that may confirm a foreclosure sale after hearing and statutory requirements.
Probate
A court process for administering a deceased person's estate when required.
Estate
The property, rights, and obligations associated with a deceased person for administration purposes.
Executor
A person named in a will and appointed by a court to administer an estate.
Administrator
A person appointed by a court to administer an estate when there is no executor serving.
Heir
A person who may inherit under law, subject to the estate facts and court process.
Guardianship
A court-supervised authority arrangement for a minor or disabled adult, which may affect sale authority.
Power of attorney
A document authorizing someone to act for another person within the document's scope.
Code violation
A municipal notice or finding involving property condition, safety, occupancy, or local ordinance compliance.
Vacant building registration
A local registration or compliance requirement that may apply to vacant properties.
Occupancy inspection
A municipal or lender-related inspection tied to occupancy, transfer, or habitability requirements.
Zoning
Local rules that control property use, density, structures, parking, signs, and other land-use issues.
Nonconforming use
A use that may have existed before current zoning rules and may be limited by local law.
Environmental review
A review for contamination, storage tanks, hazardous materials, or land-use risk, especially on commercial or industrial property.
Survey
A professional drawing or report showing property boundaries, improvements, easements, and encroachments.
Easement
A right for someone to use part of a property for a specific purpose, such as utilities or access.
Assignment
A transfer of contract rights, subject to the contract and applicable law.
Subject-to financing
A transaction concept where existing financing remains in place while ownership changes, requiring careful professional review.
Seller financing
A transaction where the seller provides part of the financing under written documents.
Contract for deed
A financing structure where legal title transfer is delayed until contract terms are satisfied.
Proof of funds
Documents showing buyer funds or financing support before showings, offers, or closing.
Due diligence
The review period and process for checking title, condition, value, financing, records, taxes, and legal or municipal issues.
Holdback
Funds held back at closing or escrow under agreed conditions, often tied to repairs, occupancy, or unresolved items.
Possession
The right or practical ability to occupy or control the property after closing.
Cloud on title
A title issue, claim, or record defect that may need resolution before a clean closing.
Transfer tax
A tax or fee connected to transferring real estate, depending on state, county, and municipal rules.
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.