Terms Used In N.Y. Tax Law 1439-D*2

• 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 1439-A*2
• 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.
• Grantee: means the person who obtains real property or interest therein as a result of a conveyance. See N.Y. Tax Law 1439-A*2
• 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 1439-A*2
• 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 1439-A*2
• Tax: shall mean the real estate transfer tax imposed pursuant to section fourteen hundred thirty-nine-b of this article or, if the context clearly indicates, shall mean the real estate transfer tax imposed pursuant to article thirty-one of this chapter. See N.Y. Tax Law 1439-A*2