In the context of real estate, "overages" typically refer to surplus funds remaining after the foreclosure sale of a property. Here are some common types of overages:
Foreclosure Surplus Funds: These are funds left over after a foreclosed property is sold at auction for more than the amount owed to the lender (including fees and expenses). This surplus often belongs to the former homeowner or other lien holders.
Tax Sale Surplus Funds: When a property is sold at a tax sale auction, sometimes the winning bid exceeds the amount of delinquent taxes owed. The surplus generated by the sale, after taxes and fees are paid, may be available to the previous property owner or other interested parties.
Sheriff's Sale Surplus Funds: Similar to foreclosure sales, surplus funds may arise when a property is sold at a sheriff's sale to satisfy a judgment or lien. If the sale proceeds exceed the amount owed, the surplus may be distributed to the former owner or other claimants.
Probate Surplus Funds: In some cases, when a deceased person's property is sold through probate proceedings to settle debts or distribute assets to heirs, surplus funds may remain after all obligations are satisfied. These funds may be distributed to heirs or other parties entitled to them.
Bankruptcy Surplus Funds: During bankruptcy proceedings, if a property is sold and the sale generates surplus funds after satisfying creditors' claims, those funds may be distributed to the debtor or other parties as determined by the bankruptcy court.
Eminent Domain Surplus Funds: When a government entity acquires property through eminent domain and sells it for more than the compensation awarded to the property owner, surplus funds may be generated. These funds may be available to the former property owner or other interested parties.