Property Ownership
In New York, the NY Condominium Act is found in:
AReal Property Law Article 6-B
BReal Property Law Article 9-B✓ Correct
CReal Property Law Article 12-A
DGeneral Business Law Article 23-A
Explanation
The New York Condominium Act, which governs the creation and operation of condominiums in New York State, is found in Article 9-B of the Real Property Law.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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