Real Estate & Probate Glossary
Plain-English definitions for the legal, financial, and real-estate terms that come up when selling a house in Florida or New Jersey, especially during probate, foreclosure, and divorce.
Probate & Estate Terms
- Short Certificate (NJ) The one-page document issued by a New Jersey Surrogate's Court proving the executor's authority. Also called Letters Testamentary. Typically issued in 1-2 weeks.
- Letters Testamentary (FL) The Florida Circuit Court document, formally called Letters of Administration, proving the personal representative's authority to sell estate property. Issued in 4-8 weeks; requires Florida-licensed counsel for formal administration.
Foreclosure Terms
- Lis Pendens (FL) The recorded notice filed at the start of a Florida judicial foreclosure. Clouds title but does not prevent sale. Florida averages 8-14 months from lis pendens to auction.
- Sheriff's Sale (NJ) The public foreclosure auction conducted by the County Sheriff after final judgment. Two debtor adjournments of up to 30 days each under N.J.S.A. 2A:17-36; 10-day post-sale redemption period.
Investor Terms
- After Repair Value (ARV) The estimated value of a property after planned repairs, based on renovated comps. The starting number for every flip and the 70% rule.
- Assignment of Contract Transferring your purchase contract to another buyer for a fee. The most common wholesaling structure, now regulated in several states.
- Double Closing Two back-to-back closings: the investor buys (A to B), then resells (B to C). The investor takes title, unlike an assignment.
- Off-Market Property A property for sale without an MLS listing. Sourced through direct outreach, wholesalers, and private investor lists.
- Proof of Funds (POF) A bank statement or letter showing you have the cash to close. Sellers and wholesalers ask for it with cash offers.
- Earnest Money Deposit (EMD) A good-faith deposit held in escrow and credited at closing. The seller may keep it if the buyer backs out without a contract reason.
- The 70% Rule Max offer = ARV x 0.70 minus repairs. A quick screen for fix-and-flip deals, with room for costs and profit.
- Transactional Funding A same-day loan that funds the A to B side of a double closing and is repaid from the end buyer's money.
Don't see a term you're looking for? Check our blog guides or request a cash offer.