Closings glossary
UCC search
A search of UCC filings for security interests in personal property, run against the seller and, on entity deals, against the entity itself.
What is a UCC search in a closing?
Quick Answer
The full definition
A search of UCC filings for security interests in personal property, run against the seller and, on entity deals, against the entity itself.
Where does ucc search come up in a New York City closing?
A Bay Ridge co-op seller's 2011 UCC-1 is still on file with the City Register, and a termination has to be filed before the buyer's lender funds.
What else should you read before closing?
In the glossary
- Co-op lien searchThe search performed on a co-op purchase covering UCC filings, judgments, liens and unpaid building charges tied to the shares and to the selling s...
- Stock certificate (co-op)The certificate evidencing the shares allocated to a co-op apartment. Shares and the proprietary lease travel together and cannot be sold separatel...
- Aztech recognition agreementThe agreement in which a co-op corporation acknowledges a lender's security interest in a shareholder's shares and proprietary lease. The Aztech fo...
- LienA claim against property securing payment of a debt. Liens rank by priority, and closing normally means paying or releasing every one ahead of the ...
- Bulk saleA sale of substantially all of a business's tangible assets, carrying New York bulk sale notice requirements. It comes up on commercial closings wh...
Questions this raises
Building types
- Standard co-opThe ordinary New York City cooperative: you buy shares in a corporation and receive a proprietary lease to occupy a specific apartment.
- Sponsor co-op unitAn unsold share allocation still held by the building’s original sponsor, sold under the offering plan rather than through the ordinary board process.
- CondopA building split into two condominium units, one commercial and one residential, where the residential unit is owned by a cooperative corporation.
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