Have you ever been unsure about relying upon a Power of Attorney (“POA”) in your transaction? Here are key questions to ask yourself and your clients: Why is the POA needed? How old is the POA? Is it potentially too old to be relied upon? Have you checked with the principal who executed the POA? […]
Please note that a revised IT-2663 form has been recently implemented by the NYS Department of Finance. A link to the revised form is provided below; the difference between the old form and the new form can be found on their respective Line 19; the prior form provided for a New York State tax rate […]
Current Developments is a seasonal newsletter provided by First American Title Insurance Company to its agents, covering the latest developments in the state of New York. We would like to share this information with you, so that you can better serve your clients.Some of the topics covered in this newsletter include: Contracts of Sale/Down Payments […]
$10 Million Acquisition of Condominium in Manhattan. Closed in March, 2021.
$5.85 Million Refinance of Office Building in Morris County, NJ. Closed in February, 2021.
$5.25 Million Refinance of Apartment Building in Essex County, NJ. Closed in February, 2021.
$13 Million Acquisition of Commercial Building in Morris County, NJ. Closed in January, 2021.
Current Developments is a seasonal newsletter provided by First American Title Insurance Company to its agents, covering the latest developments in the state of New York. We would like to share this information with you, so that you can better serve your clients.Some of the topics covered in this newsletter include: TAX LAW SECTION 1404 […]
Have you ever been confused about whether both spouses need to sign a deed or mortgage? Spousal signature requirements will depend upon the type of transaction and the couple’s use of the property (e.g. principal marital residence, second home, investment). Click on this link to see an infographic on Spousal Signature Requirements.
Have you ever been told “That judgment was wiped out by my bankruptcy and my attorney told me I don’t need to worry about it”? Although the bankruptcy discharge may eliminate the obligation to pay the debt secured by a judgment, it does not discharge the lien against the property. Click on this link to see […]
Current Developments is a seasonal newsletter provided by First American Title Insurance Company to its agents, covering the latest developments in the state of New York. We would like to share this information with you, so that you can better serve your clients.Some of the topics covered in this newsletter include: EXECUTIVE ORDER 95/21 Stay […]
Current Developments is a seasonal newsletter provided by First American Title Insurance Company to its agents, covering the latest developments in the state of New York. We would like to share this information with you, so that you can better serve your clients.Some of the topics covered in this newsletter include: Adverse Possession Contracts of […]
RE:New Statutory Short Form Power of Attorney (GOL Section 5-1501 et seq.)On December 15, 2020, Governor Cuomo signed into law a revision of the General Obligations Law Section 5-1501 that dramatically changed the Statutory Short Form Power of Attorney. The new language can be found at: A.5630-A or S.3923-A. Passage was conditioned upon the amendment of the new […]
The State has revised the GIT/REP-3 and GIT/REP-4 forms. The revised versions of each form are available on the State’s website – www.state.nj.us/treasury/taxation (choose Forms, Income Tax Forms). The revised version of each form are also provided with this alert. The changes on each form are found in the Instructions. On the GIT/REP-3, the first paragraph was revised to read: […]
Please be advised that the Town of New Paltz is now imposing a new real estate transfer tax, effective February 1, 2021. The law imposing the new tax, enacted pursuant to authorizing legislation located at Article 33-B of the New York Tax Law and Section 6-s of the General Municipal Law, is Local Law No. […]
$11.5 Million Refinance of Industrial Building in Cecil County, MD. Closed in November, 2020.
$30 Million Acquisition of Industrial Warehouse in Lackawanna County, PA. Closed in October, 2020.
$4.4 Million Acquisition of Apartment in Manhattan. Closed in September, 2020.
$9.5 Million Acquisition of Apartment in Manhattan, NY. Closed in September, 2020.
Current Developments is a seasonal newsletter provided by First American Title Insurance Company to its agents, covering the latest developments in the state of New York. We would like to share this information with you, so that you can better serve your clients. Some of the topics covered in this newsletter include: Adverse Possession Building […]
Current Developments is a seasonal newsletter provided by First American Title Insurance Company to its agents, covering the latest developments in the state of New York. We would like to share this information with you, so that you can better serve your clients. Some of the topics covered in this newsletter include: Adjoining Owners/Condominium Units […]
$40 Million Acquisition of Hotel in Manhattan, NY. Closed in September, 2020.
$22 Million Acquisition of Apartment Building in Fulton County, GA. Closed in September, 2020.
$10 Million Refinance of Industrial building in Baltimore County, MD. Closed in September, 2020.
$14 Million Refinance of Apartment in Manhattan. Closed in August, 2020.
Current Developments is a seasonal newsletter provided by First American Title Insurance Company to its agents, covering the latest developments in the state of New York. We would like to share this information with you, so that you can better serve your clients. Some of the topics covered in this newsletter include: Common Charge Lien […]
$8 Million Acquisition of Apartment in Manhattan. Closed in August, 2020.
$3.8 Million Refinance of Apartment Building in Manhattan, NY. Closed in June, 2020.
$6 Million Acquisition of Hotel in Rutland County, Vermont. Closed in June, 2020.
$2.8 Million Acquisition of Restaurant in Camden County, NJ. Closed in June, 2020.
$5.8 Million Acquisition of apartment in Manhattan. Closed in June, 2020.
$3 Million Refinance of Commercial Property in Essex County. Closed in May, 2020.
Current Developments is a seasonal newsletter provided by First American Title Insurance Company to its agents, covering the latest developments in the state of New York. We would like to share this information with you, so that you can better serve your clients. Some of the topics covered in this newsletter include: Cemetery Lands Commercial […]
There is a major change to tax searches concerning NYC Water and Sewer Charges. Going forward, the search will disclose only the current account balance and will not indicate the period covered, or the prior water usage and billing history. This is because New York City’s Department of Finance (“DOF”) and Department of Environmental Protection (“DEP”) have […]
Current Developments is a seasonal newsletter provided by First American Title Insurance Company to its agents, covering the latest developments in the state of New York. We would like to share this information with you, so that you can better serve your clients. Some of the topics covered in this newsletter include: Equitable Subrogation/Statute of […]
$51.3 Million Acquisition of Apartment in Manhattan. Closed in March, 2020.
$4.5 Million Acquisition of Apartment Building in Manhattan. Closed in March, 2020.
$42.3 Million Acquisition of Commercial Property for Construction of Assisted Living Facility in Atlantic County, NJ. Closed in March, 2020.
$6.4 Million Refinance of Industrial Building in Albany County, NY. Closed in February, 2020.
On April 9, 2020 the IRS issued Notice 2020-23. This Notice extended many deadlines for taxpayers affected by the COVID-19 pandemic including Section 1031 exchange time deadlines. This Notice provides that any person performing a time-sensitive action listed in either § 301.7508A-1(c)(1)(iv) of the Procedure and Administrative Regulations or Revenue Procedure 2018-58, 2018-50 IRB […]
Redemption of tax sale certificates [“TSCs”] can present difficulties for buyers and sellers, as well as for their attorneys and title companies. N.J. Title Practice, §101.17 (4th Ed. 2016) discusses issues relating to the redemption of TSCs. The process was made more complex as a result of the decisions of the New Jersey Supreme Court […]
$15.7 Million Acquisition of Apartment in Manhattan. Closed in February, 2020.
$8.9 Million Acquisition of Care Facility in Allegheny County, PA. Closed in February, 2020.
Current Developments is a seasonal newsletter provided by First American Title Insurance Company to its agents, covering the latest developments in the state of New York. We would like to share this information with you, so that you can better serve your clients.Some of the topics covered in this newsletter include: Condominiums/Common Elements Condominiums and […]
$19.4 Million Refinance of Hotel in Suffolk County, NY. Closed in January, 2020.
$7.2 Million Refinance of Apartment Building in Nassau County, NY. Closed in January, 2020.
New York State has published an updated TP 584 Form for use on all transfers of interest in real property. A copy of the form can be accessed here. Effective immediately the current form must be used for all real property transfers in New York State. If you have any questions about Title Insurance or […]
$12 Million Refinance of Commercial Building in Manhattan. Closed in December, 2019.
$3 Million Refinance of Industrial building in Essex County, NJ. Closed in December, 2019.
Current Developments is a seasonal newsletter provided by First American Title Insurance Company to its agents, covering the latest developments in the state of New York. We would like to share this information with you, so that you can better serve your clients. Some of the topics covered in this newsletter include: Adverse Possession/Bona Fide Encumbrancer […]