Lesson 3.C - Deeds

Assessments

A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer

Approved Assessing Unit

A city or town which has been certified by the State Board of Real Property Tax Services to have completed a revaluation or an update in conformance with its rules and regulations

Habendum Clause

A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Also known as the "to have and to hold" clause

Acknowledgement

A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is the person's act and deed

Special Assessment Districts

A geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which a tax is apportioned to recover the costs of the public improvement

Lien

A legal right or claim upon a specific property which attaches to the property until a debt is satisfied

Adverse Possession

A menas of acquiring title where an occupant has been in actual, open, notorious, exclusive and continuous occupancy of property under a claim or right for the required statutory period

Accession

A mode of acquiring property that involves the addition of value to property through labor or the addition of new materials

Executor

A person or institution appointed by a testator to carry out the terms of their will

In Rem

A proceeding against the reality directly; as distinguished from a proceeding against a person (used in taking land from nonpayment of taxes, etc.)

Reference to a plan

A section of a deed that may refer to a plat map, which includes the block and lot number of a particular piece of property

Land Patent

A supreme title to land which was originally acquired within the US by a treaty. It grants the rights to the described land under the treat to the individual person named on the patent and to their heirs and their assigns forever.

Metes and Bounds

A terms used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles

Full Covenant and Warranty Deed

A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. This type of deed contains the strongest guarantee of title.

Assessed value

A valuation placed upon property by a public officer or a board, as a basis for taxation

Assessing value

A valuation placed upon property by a public officer or a board, as a basis for taxation

Dedication

An appropriation of land to some public use, made by the owner, and accepted for such use by or on behalf of the public

Special Assessment

An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited

Levy

An assessment of tax

Assessment Review Board

An independent tribunal established to hear assessment appeals

Consideration

Anything given to indue another to enter into a contract such as money or personal services

Description (Schedule A)

Consists of the written words which delineate a specific piece of real property

Executor's Deed and/or Administrator's Deed

Deed used by a fiduciary, administrator, executor, in the event that the owner of the property has died. transfer after the owner's death by either the administrator, if the owner died without a will or by the executor, if he owner died with a will.

Dedication by Deed

Land that has been put aside for a public use by a deed which states exactly what the property will be used for

Delivery and Acceptance

Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded

Involuntary Alienation

Loss of property through attachment, condemnation, foreclosure, sale of taxes or other involuntary transfer of title

Lot and Block

Method of identifying legal description of property

ACRIS

NYC Dept of Finance has a website. search by property address or block and get access to all the recorded documents on record for that particular property. Last recorded deed, whether theres a mortgage on the property, and tax liens against he property...

Non-homestead

Real property that does not meet the definition of homestead. Non-homestead real property is generally counted as an asset; however, it is considered unavailable during the time the client makes a reasonable effort to sell the property

Accretion

The addition of land through processes of nature, as by water or wind

Grantee

The buyer in a transaction

Homestead

The home which is owned by and is the usual residence of the client along with all the surrounding land and any building on that land, provided the land is not separated from the home by a property owned by others.

Alluvion

The increase in the area of land due to sediment deposited by a river. This changes the size of a piece of land (a process called accession) and thus its value over time.

Survey

The process by which a parcel of land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.

Grantor

The seller in a transaction

Conveyance

The transfer of the title of land from one to another. The means of medium by which title of real estate is transferred.

Voluntary Alienation

Transfer of title to an asset with the consent of the owner

Public Grant

a term that is used for a gift of land that is from the government

Ad Valorem Taxes

according to valuation

Assessing Unit

city, county, town or village with the authority to value real property for puposes of taxation

Building Department

search for whether a property has any recorded violations, opened permits

Quitclaim Deed

transaction not for consideration, such as a gift between family members or a change in the form of ownership. no representation, no covenants regarding title or anything else. transfers title in whatever state the property exits in

Referee's Deed

transfer title in an involuntary alientation situation: foreclosure and/or partition action. deed granted by a third party (or delivered by a third party) in an involuntary alientation situation

Bargain and Sale Deed

typically used in regular New York transactions. Contract of sale would specify whether we would have a Bargain and Sale Deed with covenants against grantor's acts