Auction:An open invitation for offers, for the sale of goods or real estate.Auctioneer:A person licensed by the state who conducts an auction.Back Up Bidder:Is the second highest bidder. Many mortgagees reserve the right to sell the property to the second highest bidder if the first bidder defaults.Bid Increments:Acceptable dollar advances as determined by the auctioneer.Buyers Premium:A percentage of the high bid at an auction which is added to the high bid to determine the purchase price.Creditor:One who is owed money.Deed:A legal written instrument that transfers or conveys ownership in real estate.Deed of Release:Commonly used to free property from a mortgage lien. Also known as a discharge.Default:Failure to meet a contractual obligation when due.Encumbrances:A claim or lien on real or personal property.Fair Market Value:A price agreed upon by a willing buyer and a willing seller.Foreclosure:A legal procedure by which property pledged as security for a debt is sold by a lender in the event of a default by a borrower.Foreclosure Deed:Document recorded at Registry of Deeds conveying ownership to high bidder at Mortgagee's Foreclosure Auction.Junior Lien:Liens recorded after the date of the mortgage being foreclosed on. Technically, wiped out at a forclosure sale.Lien:A legal claim on one's property for satisfaction of a debt.Memo of Sale:Sales agreement signed by the successful bidder, the auctioneer, and the seller. Contains the terms of sale.Mortgage:A legal document pledging real property to cover a debt.Mortgagee:The individual holding the mortgage. The property is pledged to him as security for a loan. Also known as the lender.Mortgagor:The property owner who mortgages his/her property as security for a loan. Also known as the borrower.Municipal Lien Certificate:(MLC) Supplied by city/town municipality to show outstanding real estate taxes, water, sewer or other municipal liens.Personality :Property that cannot be considered realty. It consists of personal property and possessions, such as household furnishings, tools...Qualified Bidders:Persons who can bid on a property because they are in possession of the cash or certified funds in the amount of the deposit stated in the auctioneers advertisement and properly registered at the sale.Senior Liens:Liens recorded before the date of the mortgage being foreclosed on. These liens are the responsibility of the successful bidder.Title:Legal evidence of the right to posses property.Title Insurance:Insurance against loss resulting from title defects.