A tax based on the value of property acquired by an heir of the deceased.
INHERITANCE TAX WAIVER:
A document issued by the New Jersey State Tax Division, which releases property from inheritance tax.
A proceeding against the property directly rather than against a person for taking land for nonpayment of taxes.
A lien against a patient for services at a State or County Institution.
A written document signed and delivered by one person to another, transferring title or giving a lien on property or giving a right to a debt or duty.
INTERNAL REVENUE SERVICE <IRS):
An agency of the Federal Government responsible for the collection and administration of federal income taxes.
The estate or condition of failing to leave a will at death.
A lien imposed against property without consent of owner.
Ownership of realty by 2 or more persons, each of whom has an undivided interest with the right of survivorship.
An agreement between two or more parties who invest in a single business or property for profit.
A decree of a Court stating that one individual is indebted to another and fixing the amount of the indebtedness.
The claim upon property of a debtor resulting from a judgment.
The portion of a Certificate of Affidavit stating when, where and before whom it was signed.
The surface of earth. Legal definitions often distinguish land from water.
A contract whereby the one entitled to the possession of real property (LESSOR) transfers those rights to another (LESSEE) for a specific period of time.
The estate in real property of a lessee, created by a lease.
A legally acceptable description of real property to locate it on the ground. Usually accomplished by government surveys, metes and bounds or recorded maps (Lot and Block numbers).
One who receives property by will (See also Devisee).
A person to whom property is rented under the lease (Tenant).
One who grants property under a lease (Landlord).
A right granted which gives one permission to do something, which he could not legally do without such permission.
An encumbrance against property of another as security for the payment of a debt, judgement, mortgage, taxes or other obligation.
A freehold interest in real property that expires upon the death of the owner or some other specified person.
A partnership consisting of general partner(s) and limited partners. The limited partners do not act as managers and their liability is limited to their invested capital.
Recorded NOTICE of the filing of a suit, the outcome of which may affect title to a certain land.
Original and translucent maps of minor and major subdivisions within municipalities of the County are filed.
A good title so free from defect that there can be no fair or reasonable doubt in law or fact.
Used by a condominium developer for recording a condominium development. It divides a single property into individually owned units, includes use restrictions and provides for ownership of common areas.
A person who supplies materials used in the construction or repair of a building or property. (Can file Construction Lien).
To follow a winding course.
The union of two or more interests such as businesses or banks.
METES AND BOUNDS:
A land description method that details all the boundary lines of land, together with their terminal points and angles.
The privilege of gaining income from the sale of oil , gas or other resources found on land.
The division of a tract of land into separate parcels by deed or map.
A manufactured dwelling unit designed to be transported to a site and semi-permanently attached.
MOBILE HOME PARK:
A subdivision of plots designed for siting of mobile homes.
The making of a limited change to an instrument as to modify a mortgage.
Fixed objects or marks established by surveyors to establish boundaries or land location.
A written instrument that creates a lien upon real estate as a security for the payment of a debt.
One who holds a lien on property as a security for a debt (lender).
One who pledges property as security for a debt (borrower).
MUNIMENTS OF TITLE:
Deeds and other original documents to denote chain of title for a given property.
The bargaining process prior to reaching an agreement between two or more parties.
A district or area characterized by similar or compatible land use such as residential, commercial
An agreement which provides for a lease to remain in the event of a mortgage foreclosure.
The confirmation by a Notary Public to the genuineness of a signature.
A person authorized by law to take acknowledgments and to administer oaths.
A common reference to a promissory note.
Official notification of a legal action or one’s intent to take an action such as Notice of Settlement of Notice of Unpaid Balance.
NOTICE OF ACTION:
A Lis Pendens.
NOTICE OF DEFICIENCY:
To recover judgment for the amount due on a Note or Mortgage.
NOTICE OF SETTLEMENT:
A public notice for a contract, agreement or mortgage commitment regarding real estate. This document is recorded prior to closing of title to notify prospective purchasers of an impending sale and/or a mortgage commitment. A notice expires 65 days after filing.
NULL AND VOID:
Cannot be legally enforced.
OPEN END MORTGAGE:
A mortgage written so the borrower may secure additional funds in addition to the amount originally loaned.
A mortgage that has matured or is overdue and is therefore open to foreclosure at any time.
A choice or right for a consideration to do an act or force performance of an act under specific
terms or conditions.
A legal enactment of a city or county. These often determine the use of land.
OWNER OF RECORD:
The owner(s) appearing on public record of a particular property.
The exclusive right to possess and use property.
A piece of property under one ownership; a lot in a subdivision.
A provision in a mortgage that allows some of the property pledged to be freed from serving as collateral. These releases are usually separate instruments which are notated on the original mortgage.
The division of real property between those parties who were formerly co-owners. This is is usually accomplished by a legal proceeding.
An association of two or more persons to carry on as co-owners of a business for profit.
A wall located on a boundary line separating two properties which is used by both owners.
A document issued to a citizen by the U.S. Government to travel to and return from foreign countries freely and safely.
A document issued by a government agency that allows for specific action.
Property that is movable and not fixed land. All property that is not realty.
Public Notice of Physician’s Certification by State Board of Medical Examiners.
A combination of the Construction Loan with the permanent Loan commitment.
A party who initiates a lawsuit.
A plan or map of a specified parcel of land.
POWER OF ATTORNEY:
An instrument authorizing a person to act on one’s behalf as agent or attorney.
A clause in a mortgage, which allows the borrower to pay off the indebtedness before it, is due.
The chief or foremost party in a particular transaction.
The relative superiority of competing liens and encumbrances.
To establish the validity of the will of a deceased person.
A written promise to pay a certain sum of money to a specified person under specified terms.
The rights of an individual in lands or goods to the exclusion of all others.
A government-based tax based on the market value of privately owned property.
The lease a corporation provides to the stockholders of cooperative apartments which allows them the use of a certain apartment under certain conditions.
Land held by the government for conservation purposes with use for limited activities.
Usually refers to property transactions and records kept with the County Clerk’s Office.
PURCHASE MONEY MORTGAGE:
A mortgage given as part or all of the purchase price of real property.
QUIET TITLE ACTION:
Court action to settle a title dispute and/or remove any claim on title.
QUIT CLAIM DEED:
A deed that relinquishes only the Grantor’s interest or rights in property with no Warranties of Ownership.
A natural appearing gas that may contaminate water or air in buildings.
Land with no improvements such as structures, streets, utilities, etc.
Land and all its attachments also known as real property or realty.
The process of updating the estimated value of property for tax purposes.
Filing a document for public notice in the County Clerk’s Office.
The Act by which a property owner can reclaim forfeited property by paying back a debt caused by default of mortgage payments or tax sale for non-payment.
REGISTER OF DEEDS AND MORTGAGES:
The official property record keeper in two New Jersey Counties (Hudson and Essex).
A document whereby some claim, right or interest is given up or extinguished.
A charge for the use of space.
REPORT OF COMMISSIONERS:
A report issued by a Commission appointed to appraise land and property for payment in condemnation proceedings.
RESOLUTION TRUST CORPORATION CRTCl:
A federal agency created to manage and resolve insolvent Savings and Loan Associations.
A limitation or prohibition placed on the use of property, contained in a deed, declaration, agreement or local ordinance.
Stamp affixed to deeds, which indicated payment of the State Transfer Tax at the rate of $1.1 0 per thousand. (No longer used).
The return of the title of land to the grantor upon the termination of a lease or other contingency.
To recall the power of authority such as revocation of power of attorney.
An amendment or attachment to a contract or other document.
RIGHT OF SURVIVORSHIP:
The right to succeed to the interest of a deceased. The distinguishing feature of both Joint Tenancy and Tenancy by the Entirety.
A type of easement giving the right to pass over or to cross a parcel of land.
Rights pertaining to the use of water on, under or adjacent to one’s land.
An area outside cities and suburbs usually featuring farms small towns and unpopulated regions.
A contract between a buyer and seller who agree to terms of sale.
The performance of the terms of an obligation. Often an instrument recorded to show final payment of a mortgage loan.
The proportional dimensions of a drawing, plan or model as compared to the actual physical dimensions of the object it represents. Subdivision maps are drawn to scale which might indicate 1 inch is equal to 1000 ft. etc.
An impression on a document to effect its authenticity.
A person, often an employee of a Title company, who examines the links of ownership, interest or rights to a piece of property which establishes a chain of title.
A measure of land usually one mile square and containing 640 acres of land.
The party having the security interest.
An agreement between the secured party and the debtor which creates a security interest. (See also U.C.C.s)
The possession of realty by one who claims to own a fee simple estate, a life estate or other interest which is salable.
Same as First Mortgage.
The distance from the curb or other established line in which no buildings can be erected.
The transfer of title of a debtor’s property resulting from a writ of execution.
An assessment made against a property to pay for a public improvement, which should be a benefit to the property owner. This is usually a one-time tax to pay for a given improvement.
A law established by an act of the legislature.
The division of a tract of land into separate parcels.
The act of one having a lower priority than another, such as a second mortgage being subordinate to the first mortgage.
A town or developed areas close to a city, which is largely residential.
One who guarantees the performance of an obligation by another.
The process of measuring a parcel of land to determine its area and boundaries.
One who prepares surveys.
The right of a joint tenant to continue ownership rights following the death of the other joint tenant.
A pooling arrangement of persons investing in real property by buying shares in an organization.
The acquisition of land by means of condemnation.
A charge levied by a government upon a person or things.
Sale of property conducted for the purpose of collecting delinquent taxes.
TAX SALE CERTIFICATE:
Public record of result of tax sale issued by municipality.
The right of possession of property.
TENANCY BY THE ENTIRETY:
Property ownership by husband and wife with equal rights of possession during their joint lives with the right of survivorship. When one dies, the other spouse owns the entire property.
TENANCY IN COMMON:
A form of co-ownership of property by two or more persons, each of whom has an undivided interest without the right of survivorship. If one co-owner dies, others may inherit the interest in the property.
Any person in possession of real property with the owner’s permission.
The period of time during which something is in effect.
True declaration of a person’s last will.
The condition of leaving a valid will at death, as contrasted to intestate.
Evidence of ownership.
A business that examines title to real estate and issues title insurance policies.
A policy issued to property owners who protects the holder for any loss caused by defects in the title.
An examination of the public record to determine the ownership and encumbrances affecting real property.
The physical state of the surface of the land such as level, hilly, mountains etc.
Two types of municipalities in New Jersey which are determined by their type of government and individual charters.
A parcel of land divided into smaller parcels called lots.
The name under which an individual or organization does business.
A tax imposed upon transfers of title to real property.
A right of property held by one for the benefit of another.
One who holds property in trust for another.
Deed of trust.
Uniform Commercial Code
The right to use and possession of a property by tenants in common with no one owner having exclusive rights to any portion of the pro pe1ty.
Properties with free and clear title.
Land that is undeveloped with no construction or site preparation.
A residence for one tenant within a multifamily residential property. Term used in Condominium and Coops.
An instrument that transfers title from one party to another without providing PUBLIC NOTICE
by recording with County Clerk or Register of Deeds.
The right to use one’s property for laying gas, electric, water and sewer lines.
Land not currently being used, may have some improvements, such as utilities.
To move out.
VACATION OF ROADS:
A municipal ordinance or other lawful preceding which vacates a street, highway or other public place.
Legally binding and authorized by l aw.
VARIABLE RATE MORTGAGE:
A long term mortgage under which the interest rate may be adjusted periodically.
Permission given to a property owner by local zoning authority to allow for a use which does not conform to regular zoning requirements.
License issued by the State of New Jersey to honorably discharged soldiers, sailors, marines, nurses and exempt firemen to hawk, peddle and vend merchandise within this State.
Usually a sworn statement before a duly authorized officer to show that the contents of a writing are true.
A type of municipality in New Jersey which is determined by the type of government and individual charter.
Having no legal force or effect.
To release or abandon a right or a privilege.
The act of releasing or abandoning a right or a privilege.
WARRANT OF EXECUTION:
Public Notice of Judgment for monies due the NJ Division of “TAXATION”. Effective for 60 days after recording in the County recording office.
WARRANT OF SATISFACTION:
A written order from a given authority to the Clerk of the Court directing the entry of a satisfaction of a given judgment lien.
A deed that contains a covenant, which assures good, title with freedom from encumbrances and quiet enjoyment.
See Riparian Rights.
A written legal document which expresses a person’s desires regarding a disposition of his or her property AFTER DEATH.
A mortgage that incorporates the balance of preceding mortgage. Instead of having two separate mortgages, a wrap-around includes both.
A mark commonly used by individuals who cannot write.
An area in a community designated for specified use and purposes.
Government regulations as to use of real property in specified areas.