N.Y. Real Property Law 339-R – Blanket mortgages and other blanket liens affecting a unit at time of first conveyance
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§ 339-r. Blanket mortgages and other blanket liens affecting a unit at time of first conveyance. At the time of the first conveyance of each unit, every mortgage and other lien affecting such unit and any other unit shall be paid and satisfied of record, or the unit being conveyed and its common interest shall be released therefrom by partial release duly recorded.
Terms Used In N.Y. Real Property Law 339-R
- Common interest: means the (i) proportionate, undivided interest in fee simple absolute, or (ii) proportionate undivided leasehold interest in the common elements appertaining to each unit, as expressed in the declaration. See N.Y. Real Property Law 339-E
- 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.
- Unit: means a part of the property intended for any type of use or uses, and with an exit to a public street or highway or to a common element or elements leading to a public street or highway, and may include such appurtenances as garage and other parking space, storage room, balcony, terrace and patio, but in no event may utility facilities such as those for water or sewerage treatment or power generation appear as single units. See N.Y. Real Property Law 339-E