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SUNY Geneseo Fraser Hall Library Subject Guides

MGMT 385 - Real Estate and Public Records Research: Land Record Glossary of Terms

Land Records--Common Terms

For informational purposes only.

  • Ad Valorem
    A property tax based on the value of the property.
  • Assessed Value (ASD)
    Value the County Assessor's office assigns to a property and to which the tax rate is applied.
  • Assignment of Rents and Leases
    A document needed when a mortgaged property is being rented. It enables the lender to collect the rent if the mortgage is defaulted. The document protects the lender mainly since without it the owner might continue to collect revenues even after having stopped making the mortgage payments.
  • Capital value (CAP)
    Current value based on most current appraisal completed by the County Assessor's office.
  • Consideration
    Property sale price. Contains the documentary stamps filed on the face of the deed. Calculate the sales price as follows:Documentary Stamps/ $1.50 x1000=Sale Price of Property.
  • Consideration Formula
    Formula used to translate the sale price listed in the database from revenue stamps to dollars.
    Amount of Consideration ÷ $1.50 x $1,000 = Sale Price
  • Convey
    To transfer or deliver (something, such as a right or property) to another, esp. by deed or other writing.
  • Deed
    The instrument used to transfer property from owner to the purchaser.
  • Exemption
    An exemption removes part of the value of your property from taxation and lowers your taxes. There are several types of exemptions; for more information contact the County Assessor's office.
  • Fair Market Value
    An estimate of the market value of a property.
  • Fictitious name
    A business name that does not contain the surname of the owner or all the general partners.
  • Grantee
    One to whom a property is conveyed
  • Grantor
    One who conveys property to another
  • Homestead Exemption
    A means by which a homeowner can reduce the amount of taxes owed on the property if the property is used as the homeowner's residence.
  • Instrument
    A written legal document such as a deed or mortgage.
  • Legal Description
    A geographical description of parcel of land usually composed of subdivision name, lot and block number.
  • Lien
    A legal right that a creditor has against the property of a person who owes him/her money. A mortgage is one type of lien.
  • Marshall's Deed (MARD)
    Filed by the court when a property is seized in connection with legal proceedings. Consideration will usually refer to a court case number.
  • Millage
    The ad valorem tax that an owner is required to pay on the value of the property being taxed. The amount of revenue generated from ad valorem tax is based on the local government’s taxable valuation and the rate or number of mills (one mill equals 1/1000 of a dollar)
    levied for its use.
  • Mortgage (MTG)
    A loan secured by a purchaser from a mortgage company or bank in connection with a real estate purchase. There may be several outstanding mortgages on a property. Mortgages that have been paid off stay in the records but the mortgage company will file a Release (REL)
  • Quitclaim Deed (QCD)
    A Grantor will file a quitclaim deed in order to show that he/she releases ("quits") any claim to ownership of the subject property, most likely when a property is being given to a family member or transferred into a living trust.
  • Release (REL)
    A Release of mortgage is a written document that discharges a legal obligation, such as a mortgage paid in full. When a property changes hands the purchaser's mortgage company will usually pay off the seller's mortgage. The mortgage company (as Grantor) will file a release stating that the seller (Grantee) has fulfilled the mortgage contract. Consideration will reference the Book/Page of the new mortgage.
  • Revenue/Document Stamp
    Taxes paid to the state after any real estate transaction.
  • Sheriff's Deed (SD)
    Filed by the court when a property is seized in connection with legal proceedings. Consideration will usually refer to a court case number.
  • Subdivision/Account Number
    Number to property based on its location within a township, range, and subdivision. 
  • Taxable Value
    There is a limit to how much your real property “taxable value” may increase in any one year (as opposed to the “fair market value”, with has no such limit). New York State places a limit on increases for real property taxable valuation. The assessor may not increase a property’s taxable value above the limit in any year unless the property has been transferred, changed, or conveyed to another person, or improvements have been made to the property.
  • Warranty Deed (DEED)
    The most common evidence of ownership. Transfers ownership of a property from a Seller (Grantor) to a Purchaser (Grantee).

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