As used in this article, the following terms shall have the meanings
indicated:
ACCEPTANCE
The making, execution or final delivery of a document by
all parties to a transaction.
ACQUIRED COMPANY
A real estate company where a change in the ownership interest
in the company, however effected:
(1)
Does not affect the continuity of the company; and
(2)
Of itself or together with prior changes has the effect of transferring,
directly or indirectly, 90% or more of the total ownership interest
in the company within a period of three years.
ASSOCIATION
A partnership, limited partnership, or any other form of
unincorporated enterprise, owned or conducted by two or more persons,
other than a private trust or decedent's estate.
BOARD
The Board of Township Commissioners of the Township of Upper
Moreland, Montgomery County, Pennsylvania.
CORPORATION
A corporation or joint-stock association, business trust,
or banking institution which is organized under the laws of this commonwealth,
the United States, or any other state, territory or foreign country
or dependency.
DISTRICT
The Township of Upper Moreland, Montgomery County, Pennsylvania.
DOCUMENT
Any deed, instrument, or writing which conveys, transfers, demises, vests, confirms, or evidences any transfer or demise or title to real estate, but does not include wills, mortgages, deeds of trust, or other instruments of like character given as security for a debt and deeds of release thereof to the debtor, land contracts whereby the legal title does not pass to the grantee until the total consideration specified in the contract has been paid or any cancellation thereof unless the consideration is payable over a period of time exceeding 30 years or instruments which solely grant, vest, or confirm a public utility easement. "Document" shall also include a declaration of acquisition required to be presented for recording under §
310-66B of this article.
MEMBERS OF THE SAME FAMILY
Any individual, such individual's brothers and sisters, the
brothers and sisters of such individual's parents and grandparents,
the ancestors and lineal descendants of any of the foregoing, a spouse
of any of the foregoing and the estate of any of the foregoing. Individuals
related by the half blood or legal adoption shall be treated as if
they were related by the whole blood.
PERSON
Every natural person, association, or corporation. Whenever
used in any clause prescribing and imposing a fine or imprisonment,
or both, the term "person," as applied to associations, shall include
the responsible members or general partners thereof and, as applied
to corporations, the officers thereof.
REAL ESTATE
(1)
Any lands, tenements, or hereditaments within this commonwealth,
including, without limitation, buildings, structures, fixtures, mines,
minerals, oil, gas, quarries, spaces with or without upper or lower
boundaries, trees, and other improvements, immovables or interest
which by custom, usage or law pass with a conveyance of land, but
excluding permanently attached machinery and equipment in an industrial
plant.
(3)
A tenant-stockholder's interest in a cooperative housing corporation,
trust or association under a proprietary lease or occupancy agreement.
REAL ESTATE COMPANY
A corporation or association which is primarily engaged in
the business of holding, selling or leasing real estate, 90% or more
of the ownership interest in which is held by 35 or fewer persons
and which: (1) derives 60% or more of its annual gross receipts from
the ownership or disposition of real estate; or (2) holds real estate,
the value of which comprises 90% or more of the value of its entire
tangible asset holdings exclusive of tangible assets which are freely
transferable and actively traded on an established market.
SECRETARY
The Secretary of the Board of Township Commissioners of the
Township of Upper Moreland, Montgomery County, Pennsylvania.
TAX
The tax imposed, assessed, and levied by this article.
TITLE TO REAL ESTATE
(1)
Any interest in real estate which endures for a period of time,
the termination of which is not fixed or ascertained by a specific
number of years, including, without limitation, an estate in fee simple,
life estate, or perpetual leasehold; or
(2)
Any interest in real estate enduring for a fixed period of years
but which, either by reason of the length of the term or the grant
of a right to extend the term by renewal or otherwise, consists of
a group of rights approximating those of an estate in fee simple,
life estate, or perpetual leasehold, including, without limitation,
a leasehold interest or possessory interest under a lease or occupancy
agreement for a term of 30 years or more or a leasehold interest or
possessory interest in real estate in which the lessee has equity.
In determining the term of a lease, it shall be presumed that a right
or option to renew or extend a lease will be exercised if the rental
charge to the lessee is fixed or if a method for calculating the rental
charge is established.
TRANSACTION
The making, executing, delivering, accepting, or presenting
for recording of a document.
TREASURER
The duly elected and acting Treasurer of the Township of
Upper Moreland, Montgomery County, Pennsylvania.
VALUE
(1)
In the case of any bona fide sale of real estate at arm's length
for actual monetary worth, the amount of the actual consideration
therefor, paid or to be paid, including liens or other encumbrances
thereon existing before the transfer and not removed thereby, whether
or not the underlying indebtedness is assumed, and ground rents or
a commensurate part thereof, where such liens or other encumbrances
and ground rents also encumber or are charged against other real estate;
(2)
In the case of a gift, sale by execution upon a judgment or
upon the foreclosure of a mortgage by a judicial officer, transactions
without consideration or for consideration less than the actual monetary
worth of the real estate, a taxable lease, an occupancy agreement,
a leasehold or possessory interest, any exchange of properties, or
the real estate of an acquired company, the actual monetary worth
of the real estate determined by adjusting the assessed value of the
real estate for local real estate tax purposes for the common level
ratio of assessed values to market values of the taxing district as
established by the State Tax Equalization Board, or a commensurate
part of the assessment where the assessment includes other real estate;
(3)
In the case of an easement or other interest in real estate,
the value of which is not determinable under clause (1) or (2) above,
the actual monetary worth of such interest; or
(4)
The actual consideration for or actual monetary worth of any
executory agreement for the construction of buildings, structures,
or other permanent improvements to real estate between the grantor
and other persons existing before the transfer and not removed thereby
or between the grantor, the agent or principal of the grantor or a
related corporation, association or partnership and the grantee existing
before or effective with the transfer.