Closings glossary
ECB judgment
The judgment entered on an unpaid or defaulted summons heard at OATH (formerly ECB). It is a collectible City debt tied to the respondent and to the cited premises.
What is an ECB judgment on a building?
Quick Answer
The full definition
The judgment entered on an unpaid or defaulted summons heard at OATH (formerly ECB). It is a collectible City debt tied to the respondent and to the cited premises.
Where does ecb judgment come up in a New York City closing?
A Bronx building carries $18,000 in defaulted summonses, and the buyer's lender requires the judgments satisfied at closing before it will release funds.
What else should you read before closing?
In the glossary
- OATH Hearings DivisionThe City tribunal, OATH (formerly ECB), that adjudicates summonses from most New York City enforcement agencies. Unpaid or defaulted summonses beco...
- Violation (cited against the premises)An agency record that a condition at a property does not comply with a code or rule. It attaches to the premises and follows the property through a...
- Certificate of CorrectionThe filing that certifies to a City agency that a cited condition has been corrected. Acceptance by the agency, not the repair itself, is what clos...
- Escrow (at closing)Funds or documents held by a neutral party until stated conditions are satisfied. At a New York closing it usually means a holdback from proceeds u...
- Judgment lienA lien created by docketing a money judgment against the owner. It reaches real property in the county of docketing and is a routine payoff item at...
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