Real Estate Terms Dictionary
Definition of 'Judgment'
In real estate, judgment commonly refers to judgment date, which is the date when a foreclosure is scheduled to be sold at auction.
It is usually common to have 30 days between the judgment date and the date the foreclosure is sold at auction. This means more time for the property owner to try to either close a short sale or find a way to make the outstanding payments. Thus, the judgment date is not the date when the owner loses possession of the property.
Here's a real-life example from one of the properties researched on PropertyShark:
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS. We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.