Industry News

New median sales price for Dutchess County Property
Posted Date: 7/16/2008
The median sales price used to calculate the additional transfer tax due for property conveyed in the Town of Red Hook, Dutchess County, has decreased from $330,000 to $324,700 effective July 1, 2008.

New procedure for closings in Saratoga County
Posted Date: 4/29/2008
Attached please find a recent memorandum from the Saratoga County Clerk notifying us that they will no longer endorse back to title and abstracting companies any checks written to the county in an incorrect amount. In order to serve our customers better, therefore, we are changing how we collect those recording fees for Saratoga County properties.

Proposed filing fee increase for RP5217 and RP5217NYC CANCELLED!
Posted Date: 4/14/2008
The 2008 NYS Budget Bill WILL NOT contain a proposed amendment to increase the filing fees for the RP-5217 or the RP-5217NYC.

Effective November 1, 2007; Mortgage Recording Tax increase for Dutchess County
Posted Date: 10/18/2007
Please be advised that effective November 1, 2007 the mortgage tax rate in Dutchess County will increase from the current rate of $1.05 to the new rate of $1.30 for each one hundred dollars of principal indebtedness or obligation and each remaining major fraction thereof secured.

Columbia County local transfer tax goes into effect for deeds recorded on or after December 1, 2007.
Posted Date: 9/28/2007
Article 3 1 -A-2 Section 1439 of the Tax Law - Tax on Real Estate Transfers in the County of Columbia for Transfers of Interest in Real Property occurring on or after December 1,2007.

New Foreclosure Notice Requirements Effective August 1, 2007
Posted Date: 8/1/2007
On August 1, 2007, Governor Spitzer signed Chapter 458 of the laws of 2007. The chapter creates new section 1320 under the New York Real Property Action and Procedures Law and amends section 3215(g)(3)(iii) of the New York Civil Practice Law and Rules. These statutes were effective immediately...

Effective November 1, 2006; Mortgage recording tax increase for Essex and Schoharie Counties
Posted Date: 10/23/2006
Effective November 1, 2006, Essex County has elected to impose a county mortgage recording tax of $.25 for each $100.00 secured by the mortgage. The county mortgage recording tax will apply to mortgages recorded on or after November 1, 2006...

“UNCLAIMED” IS NOT THE SAME AS “UNDELIVERABLE”
Posted Date: 12/6/2005
N.Y. COURT OF APPEALS HOLDS THAT EVEN THOUGH CERTIFIED MAIL TO OWNER’S RECORD ADDRESS WAS RETURNED AS “UNCLAIMED”, IF THE ORDINARY MAIL WAS NOT RETURNED, THEN FORECLOSURE CANNOT BE CONTESTED

WARNING! EFFECTIVE NOVEMBER 7, 2005, MORTGAGEE WILL NOW HAVE 30 DAYS TO PRESENT A CERTIFICATE OF DISCHARGE FOR RECORDING OR FACE A FINE.
Posted Date: 11/9/2005
Governor Pataki recently signed into law an amended Subdivision 1, Section 275 of the Real Property Law, as amended by Chapter 748 of the laws of 1990 to provide for a fine against a mortgagee by the mortgagor after a mortgage upon real property was due a

CREDIT FOR SPECIAL ADDITIONAL MORTGAGE RECORDING TAX AVAIABLE FOR PERSONAL INCOME TAXPAYERS
Posted Date: 11/8/2005
For the 2004 tax year, persons, partners in a partnership (including a LLC that is treated like a partnership for federal income tax purposes), estates, trusts, and beneficiaries of estates and trusts who paid the special additional mortgage recording tax

Mortgage Recording Tax Increase for Albany and Schenectady County
Posted Date: 9/16/2005
Please be advised that effective November 1, 2005 the full mortgage tax to be collected by both the Albany and Schenectady County Clerk will increase to 1 ¼%.