Terms Used In New York Laws > Tax > Article 31A2*2
- 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.
- Bequest: Property gifted by will.
- Consideration: means the price actually paid or required to be paid for the real property or interest therein, including payment for an option or contract to purchase real property, whether or not expressed in the deed and whether paid or required to be paid by money, property, or any other thing of value. See N.Y. Tax Law 1439-A*2
- Contract: A legal written agreement that becomes binding when signed.
- Controlling interest: means (a) in the case of a corporation, either fifty percent or more of the total combined voting power of all classes of stock of such corporation, or fifty percent or more of the capital, profits or beneficial interest in such voting stock of such corporation, and (b) in the case of a partnership, association, trust or other entity, fifty percent or more of the capital, profits or beneficial interest in such partnership, association, trust or other entity. See N.Y. Tax Law 1439-A*2
- Conveyance: means the transfer or transfers of any interest in real property by any method, including but not limited to, sale, exchange, assignment, surrender, mortgage foreclosure, transfer in lieu of foreclosure, option, trust indenture, taking by eminent domain, conveyance upon liquidation or by a receiver, or transfer or acquisition of a controlling interest in any entity with an interest in real property. See N.Y. Tax Law 1439-A*2
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
- 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
- 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.
- 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.
- Fiduciary: A trustee, executor, or administrator.
- 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
- Fund: means a community preservation fund created pursuant to section sixty-four-i of the town law. See N.Y. Tax Law 1439-A*2
- Grantee: means the person who obtains real property or interest therein as a result of a conveyance. See N.Y. Tax Law 1439-A*2
- Grantor: means the person making the conveyance of real property or interest therein. See N.Y. Tax Law 1439-A*2
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
- Person: means an individual, partnership, limited liability company, society, association, joint stock company, corporation, estate, receiver, trustee, assignee, referee or any other person acting in a fiduciary or representative capacity, whether appointed by a court or otherwise, any combination of individuals, and any other form of unincorporated enterprise owned or conducted by two or more persons. See N.Y. Tax Law 1439-A*2
- 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.
- Real property: means every estate or right, legal or equitable, present or future, vested or contingent, in lands, tenements or hereditaments, including buildings, structures and other improvements thereon, which are located in whole or in part within the town of Chatham. See N.Y. Tax Law 1439-A*2
- Recording officer: means the county clerk of the county of Columbia. See N.Y. Tax Law 1439-A*2
- Residential real property: means property which satisfies at least one of the following conditions:
(a) the property classification code assigned to the property on the latest final assessment roll, as reported on the transfer report form, indicates that the property is a one, two or three family home or a rural residence; or
(b) the transfer report indicates that the property is a one, two or three family residential property that has been newly constructed on vacant land; or
(c) the transfer report form indicates that the property is a residential condominium. See N.Y. Tax Law 1439-A*2
- Tax: shall mean the real estate transfer tax imposed pursuant to section fourteen hundred thirty-nine-b of this article or, if the
context clearly indicates, shall mean the real estate transfer tax imposed pursuant to article thirty-one of this chapter. See N.Y. Tax Law 1439-A*2
- Town: means the town of Chatham, county of Columbia. See N.Y. Tax Law 1439-A*2
- Town supervisor: means the town supervisor of the town of Chatham. See N.Y. Tax Law 1439-A*2
- Treasurer: means the treasurer of the county of Columbia. See N.Y. Tax Law 1439-A*2
- Trustee: A person or institution holding and administering property in trust.