New Jersey Statutes 25:1-10. Definitions
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Terms Used In New Jersey Statutes 25:1-10
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
1. Definitions. As used in this act:
“Interest in real estate” means any right, title or estate in real estate, and shall include a lease of real estate, a lien on real estate, a profit, an easement, an interest in a trust in real estate and a share in a cooperative apartment.
“Interest in real estate” means any right, title or estate in real estate, and shall include a lease of real estate, a lien on real estate, a profit, an easement, an interest in a trust in real estate and a share in a cooperative apartment.
“Transfer of an interest in real estate” means the sale, gift, creation or extinguishment of an interest in real estate.
Source: R.S.25:1-1 through 25:1-4, 25:1-5(d).
L.1995,c.360,s.1.