Terms Used In New York Laws > Tax > Article 31-D - Tax On Real Estate Transfers In Towns In the Peconic Bay Region

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• 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 1449-AA
• 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 1449-AA
• 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 1449-AA
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• 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.
• First-time homebuyer: means a person who has not owned a primary residential property and is not married to a person who has owned a residential property during the three-year period prior to his or her purchase of the primary residential property, and who does not own a vacation or investment home. See N.Y. Tax Law 1449-AA
• 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 § 64-e of the town law. See N.Y. Tax Law 1449-AA
• Grantee: means the person who obtains real property or interest therein as a result of a conveyance. See N.Y. Tax Law 1449-AA
• Grantor: The person who establishes a trust and places property into it.
• Grantor: means the person making the conveyance of real property or interest therein. See N.Y. Tax Law 1449-AA
• Household income: means the total combined income of all the owners, and of any owners' spouses residing on the premises for the income tax year preceding the date of making application for the exemption. See N.Y. Tax Law 1449-AA
• Income: means the adjusted gross income for federal income tax purposes as reported on the applicant's latest available federal or state income tax return subject to any subsequent amendments or revisions, reduced by distributions, to the extent included in federal adjusted gross income, received from an individual retirement account and an individual retirement annuity; provided that if no such return was filed within the one year period preceding taxable status date, income shall mean the adjusted gross income that would have been so reported if such a return had been filed. See N.Y. Tax Law 1449-AA
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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.
• Peconic Bay region: means the towns of East Hampton, Riverhead, Shelter Island, Southampton and Southold. See N.Y. Tax Law 1449-AA
• 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 1449-AA
• 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.
• Primary residential property: means any one or two family house, townhouse or condominium located in the town which is to be owner occupied by such homebuyer. See N.Y. Tax Law 1449-AA
• 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 any town in the Peconic Bay region. See N.Y. Tax Law 1449-AA
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recording officer: means the county clerk of the county of Suffolk. See N.Y. Tax Law 1449-AA
• Town: means any town in the Peconic Bay region, county of Suffolk. See N.Y. Tax Law 1449-AA
• Town supervisor: means the town supervisor of a town. See N.Y. Tax Law 1449-AA
• Treasurer: means the treasurer of the county of Suffolk. See N.Y. Tax Law 1449-AA
• Trustee: A person or institution holding and administering property in trust.