N.Y. Real Property Actions and Proceedings Law 1613 – Order of confirmation; contents and subsequent procedures
§ 1613. Order of confirmation; contents and subsequent procedures. 1. When the agreement reported to the court pursuant to the provisions of section 1612 appears to the court to conform in all particulars to the final order authorizing the transaction, an order shall be made approving and confirming the agreement and directing the trustee or referee to execute and to deliver the mortgage, lease or deed of such real property which is required thereby. No order of confirmation shall be withheld on the ground that the market value of such real property has changed between the execution of such agreement and the hearing of the application for confirmation thereof.
Terms Used In N.Y. Real Property Actions and Proceedings Law 1613
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
2. The order of confirmation, in the discretion of the court, shall direct the payment to each participant in the proceeding of the reasonable disbursements made or incurred by him in the course of the proceeding, and shall make such reasonable allowances, as to the court seem proper, to persons who have served in the proceeding as referee, guardian ad litem, or counsel; and shall direct the mode of payment of all these allowances.
3. The order of confirmation shall also include such provisions as justice may require for the application, safeguarding, management and distribution of the fund to be derived from the ordered transaction. The statutory provisions applicable to the safeguarding, management or distribution of the fund produced by a sale in an action for partition shall apply to the proceeds derived from a sale authorized by this section, so far as this is practical.