Property Document Glossary
Ten commonly used ACRIS terms
- Assignment of Mortgage
- A document that indicates when one mortgage lender transfers a mortgage account and all of the interest it entails to another lending company.
- Initial Co-Op UCC1
- A document indicating that a loan has been issued for the purchase of shares in a co-op. For co-ops, UCCs are issued in lieu of mortgages.
- Initial UCC1
- The security agreement which a bank or lending agency files with the New York County Clerk’s Office to indicate that if the borrower sells the property before he has repaid the loan in full, the new property owner will owe the balance of the loan to the lender. If the borrower defaults on a payment, the UCC1 authorizes the lender to seize the property.
- Partial Release of Mortgage
- A mortgage provision that allows some of the collateral to be taken off the mortgage once a certain amount of the loan has been paid off.
- Power of Attorney
- A legal document that gives a real estate agent the authority to act as their client’s legal representative in their absence.
- A loan secured by the collateral of a specific piece of real estate, typically issued by a bank or financial institution to a borrower, typically a home buyer, builder or developer. The borrower pays off the debt through an ongoing schedule of predetermined payments. Mortgages allow individuals to purchase real estate without having to pay the entire value of the purchase up front.
- Satisfaction of Mortgage
- A document signed by a lender acknowledging that the mortgage has been fully paid of by the borrower and that the mortgage is no longer a lien encumbered against the property.
- Subordination of Mortgage
- A document indicating that the mortgage lender and the property owner (i.e. the borrower) have agreed to subordinate the first loan with a new loan. The new loan will have priority in any subsequent foreclosure or payoff.
- UCC3 Amendment
- A document indicating a change or the addition of information to a previously filed UCC1 form.
- UCC3 Termination
- An amendment that is filed to give record to and public notice of the termination of a mortgage secured against the purchase of a co-op. NB: UCC records only pertain to co-ops.
For a complete glossary of Real Estate terms, please click here.
Department of Buildings documents
Five commonly used DOB job types
- Alteration Type 1
- An applications filed for changes to a building's certificate of occupancy. Some examples include changing the occupancy of a one family home to a two family home, changing the use of a facility from commercial to residential, changing the building's egress.
- Alteration Type 2
- An application filed for interior construction projects requiring no change of occupancy, specifically for demolition or renovation work which require multiple work type i.e. plumbing and construction. Some examples include sprinkler modifications and fire alarm work.
- Alteration Type 3
- An application filed for minor alterations that involve one work type. Some examples include a curb cut or a construction fence.
- An application filed for the dismantling or razing of all or part of a building.
- New Building
- An application filed when an entire new building is being erected.