Surplus terms, in plain English

• Surplus (excess proceeds, overage, overbid): money left over when a property sells at a tax sale or foreclosure sale for more than what was owed, after the costs of the sale.
• Tax sale: a county sale of property (or of a tax lien on it) to collect unpaid property taxes.
• Tax deed: the deed the county issues to the buyer of a property at a tax deed sale.
• Tax lien certificate: in some states, what the county sells instead of the property; the buyer earns interest and may later foreclose.
• Foreclosure sale: a sale of property to pay a mortgage or other debt, run by a court (judicial) or a trustee (non-judicial).
• Lienholder: someone with a legal claim against the property, such as a mortgage lender, HOA or judgment creditor. Lienholders are usually paid from the surplus before the former owner.
• Lien priority: the order in which lienholders are paid, set by state law.
• Notice of surplus: the letter the Clerk or county sends saying surplus may exist; in many states its date starts the claim deadline.
• Claim deadline: the time you have to file a claim; it varies by state and sale type.
• Interpleader: a court case the holder files to let a judge decide who gets the money when claims compete.
• Redemption period: time after a sale when the former owner can still buy the property back, in states that allow it.
• Escheat / unclaimed property: when unclaimed money is turned over to the state's unclaimed-property program.
• Assignment: transferring your right to the surplus to someone else. We never take one.
• Claimant: the person filing for the surplus. With us, that's always you.
• Probate: the court process for a person's estate after death; heirs may need it to claim a deceased owner's surplus.

General information, not legal advice. The office holding the money has the final word on what it needs.