§ 240 Definitions and Use of Terms
§ 240-B Certain Conveyances Authorized; Effect Thereof
§ 240-C Joint Tenancy Severance
§ 241 Ancient Conveyances Abolished
§ 242 Disclosure Prior to the Sale of Real Property
§ 243 Grant of Fee or Freehold
§ 244 When Grant Takes Effect
§ 245 Estate Which Passes by Grant or Devise
§ 246 Certain Deeds Declared Grants
§ 247 Conveyance by Tenant for Life or Years of Greater Estate Than Possessed
§ 248 Effect of Conveyance Where Property Is Leased
§ 249 Covenants in Mortgages
§ 251 Covenants Not Implied
§ 252 Lineal and Collateral Warranties Abolished
§ 253 Construction of Covenants in Grants of Freehold Interests
§ 254 Construction of Clauses and Covenants in Mortgages and Bonds or Notes
§ 254-A Right of Election of Mortgagee in Certain Cases
§ 254-B Limitation On Late Charges
§ 254-C Right to a Copy of Real Property Appraisals and Consumer Reports in Certain Cases
§ 254-D Fees by Mortgagee for Direct Payment of Real Property Taxes by Mortgagor Prohibited
§ 255 Construction of Grant of Appurtenances and of All the Rights and Estate of Grantor
§ 256 Construction of Grant in Executor’S or Trustee’S Deed of Appurtenances, and of the Estate of Testator and Grantor
§ 257 Covenants Bind Representatives of Grantor and Mortgagor and Inure to the Benefit of Whom
§ 258 Short Forms of Deeds and Mortgages
§ 259-C Provision in Lease of Real Property for Waiver of Trial by Jury in Actions for Personal Injury or Property Damage
§ 260 Lands Adversely Held May Be Conveyed or Mortgaged
§ 261 Maintenance of Telegraph or Other Electric Wires Raises No Presumption of Grant
§ 265 Fraudulent Intent, Question of Fact
§ 265-A Home Equity Theft Prevention
§ 265-B Distressed Property Consulting Contracts
§ 266 Rights of Purchaser or Incumbrancer for Valuable Consideration Protected
§ 267 Conveyances With Power to Revoke, Determine or Alter
§ 268 Disaffirmance of Fraudulent Act by Executor and Others
§ 269 When Remainderman May Pay Interest Owed by Life Tenant
§ 270 Powers of Courts of Equity Not Abridged
§ 271 Construction of Covenants in Mortgages On Leases of Real Property and Bonds or Notes
§ 272 Construction of Grant of Appurtenances, and All of the Rights and Estate of the Mortgagor
§ 273 What Form of Mortgage On Lease of Real Property
§ 274 Transfers and Mortgages of Interest in Decedents’ Estates
§ 274-A Certificate of Principal Amount Unpaid On Mortgages of Real Property
§ 275 Certificate of Discharge of Mortgage Required
§ 276 Effect of Certain Easements On the Right to Invest in Mortgages
§ 277 Modification and Extension of Mortgage Investment
§ 277-A Powers of Fiduciaries and Others Holding Guaranteed Mortgages or Mortgage Investments
§ 278 Exchange of Mortgage Investment
§ 278-A Sale or Exchange of Certain Real Property or Mortgage Investments Therein Authorized
§ 279 Graduated Payment Mortgage
§ 280 Reverse Mortgage Loans for Persons Sixty Years of Age or Older
§ 280-A Reverse Mortgage Loans for Persons Seventy Years of Age or Older
§ 281 Credit Line Mortgage
§ 282 Mortgagor’S Right to Recover Attorneys’ Fees in Actions or Proceedings Arising Out of Foreclosures of Residential Property

Terms Used In New York Laws > Real Property > Article 8

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Business income: when used in this chapter shall mean unincorporated business entire net income minus investment income. See N.Y. New York City Administrative Code 11-501
  • Chambers: A judge's office.
  • Commissioner of finance: when used in this chapter shall mean the commissioner of finance of the city. See N.Y. New York City Administrative Code 11-501
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • conveyance: as used in this article , includes every instrument, in writing, except a will, by which any estate or interest in real property is created, transferred, assigned or surrendered. See N.Y. Real Property Law 240
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department of finance: when used in this chapter shall mean the department of finance of the city. See N.Y. New York City Administrative Code 11-501
  • Devise: To gift property by will.
  • Docket: A log containing brief entries of court proceedings.
  • Donee: The recipient of a gift.
  • Dower: A widow
  • En banc: In the bench or "full bench." Refers to court sessions with the entire membership of a court participating rather than the usual quorum. U.S. courts of appeals usually sit in panels of three judges, but may expand to a larger number in certain cases. They are then said to be sitting en banc.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Fiduciary: A trustee, executor, or administrator.
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Forbearance: A means of handling a delinquent loan. A
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Grantor: The person who establishes a trust and places property into it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • interest in real property: include every such estate and interest, freehold or chattel, legal or equitable, present or future, vested or contingent. See N.Y. Real Property Law 240
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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
  • Legatee: A beneficiary of a decedent
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • state: when used in this chapter shall mean the state of New York. See N.Y. New York City Administrative Code 11-501
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Tax appeals tribunal: when used in this chapter shall mean the tax appeals tribunal established by section one hundred sixty-eight of the charter. See N.Y. New York City Administrative Code 11-501
  • Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
  • Testator: A male person who leaves a will at death.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.