§ 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
§ 280-B Federal Home Equity Conversion Mortgage Regulation
§ 280-D Federal Home Equity Conversion Mortgage Default and Foreclosure Regulation
§ 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 - Conveyances and Mortgages

  • Amortization: Paying off a loan by regular installments.
  • Appraisal: A determination of property value.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • 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
  • Commissioner: shall mean the commissioner of consumer and worker protection. See N.Y. New York City Administrative Code 20-102
  • 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
  • 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.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: shall mean the department of consumer and worker protection. See N.Y. New York City Administrative Code 20-102
  • Devise: To gift property by will.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dower: A widow
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • 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.
  • 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
  • License: shall mean an authorization by the department of consumer and worker protection to carry on various activities within its jurisdiction, which may take the form of a license, permit, registration, certification or such other form as is designated under law, regulation or rule. See N.Y. New York City Administrative Code 20-102
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • 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
  • Organization: shall mean a business entity, including but not limited to a corporation, trust, estate, partnership, cooperative, association, firm, club or society. See N.Y. New York City Administrative Code 20-102
  • Person: shall mean a natural person or an organization. See N.Y. New York City Administrative Code 20-102
  • 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
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • 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.
  • 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.
  • Trade name: shall mean that name under which an organization or person solicits, engages in, conducts or transacts a business or activity. See N.Y. New York City Administrative Code 20-102
  • 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.