New Jersey Statutes 43:16A-16.9. Definitions
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Terms Used In New Jersey Statutes 43:16A-16.9
- 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.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements and hereditaments and all rights thereto and interests therein. See New Jersey Statutes 1:1-2
2. As used in this act:
“Mortgage loan” means any indebtedness secured by a mortgage on a residential property, which mortgage shall constitute a first lien on the property;
“Residential property” means any real property including land or, in the case of condominiums, an interest in a lot of land, which real property shall consist of a single one or two family dwelling, including appropriate garages or other outbuildings, or unimproved real property if the proceeds of the mortgage loan shall be used exclusively for the purposes of erecting such a single one or two family dwelling thereon.
L.1992,c.78,s.2.