Terms Used In N.Y. Real Property Tax Law 952

• Contract: A legal written agreement that becomes binding when signed.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage investing institution: means any bank, trust company, national bank, savings bank, savings and loan association, federal savings bank, federal savings and loan association, private banker, credit union, federal credit union, investment company, pension fund, licensed mortgage banker or any other entity which maintains a real property tax escrow account for real property located in this state. See N.Y. Real Property Tax Law 952
• Mortgagor: means a person having title to and occupying a one to six family residence which is located in this state and is subject to a mortgage. See N.Y. Real Property Tax Law 952
• 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}
• One to six family residence: means property used primarily for residential purposes for one to six families, including property held in condominium form of ownership, and which is occupied in whole or in part by the owner. See N.Y. Real Property Tax Law 952
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• taxes: means a charge imposed upon real property by or on behalf of a county, city, town, village or school district for municipal or school district purposes, including a special ad valorem levy, special assessment or any similar charge. See N.Y. Real Property Tax Law 952