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Category: Articles

  • New FinCEN Rule, Residential Real Estate Reporting Rule

    Starting March 1, 2026, certain residential real estate transactions will be subject to mandatory reporting to the Financial Crimes Enforcement Network (FinCEN). We will be required to report to FinCEN when: The required reporting also applies to no consideration transactions. Due to these new requirements, it is critical that we know well in advance of…

  • Additional Information on the New Jersey Mansion Tax

    On June 30, 2025, New Jersey Governor Phil Murphy signed into law Assembly Bill No. 5804 (A5804), significantly revising the state’s Mansion Tax transfer fee regime on real estate transactions exceeding $1 million in consideration and the Controlling Interest Transfer Tax. Effective July 10, 2025, the following critical changes take effect: This bulletin summarizes the…

  • FAQs on Increase in the New Jersey Mansion Tax

    We now know the Legislature has passed and the Governor has signed the “Budget Bill” which effects several taxes, including the Mansion Tax, which we will now discuss. When will the new Mansion Tax take effect? The new Mansion Tax will apply to any transaction that settles (i.e., closes) on or after July 10, 2025. …

  • Increase in the New Jersey Mansion Tax

    As you may be aware, Governor Phil Murphy and legislative leaders are in the final stages of negotiating New Jersey’s new state budget, with the statutory deadline just one week away. One of the key provisions under consideration is a significant increase in the state’s mansion tax, which could affect high-value real estate transactions. While…

  • TIRSA Rate Manual Updates – Effective 10/1/2024

    This post is to advise you of changes to the New York State TIRSA Rate Manual, 7th Revision effective 10/1/2024. This revision contains all changes approved by the Superintendent of the Department of Financial Services up to and including October 1, 2024. Attached to this Bulletin is the new revised Title Insurance Rate Manual for…

  • NY Quarterly Legal Journal

    I hope this message finds you well as we move into the third quarter of 2024 and the start of summer. Below you will find the July 2024 edition of the FNF NY Agency Quarterly Legal Journal. This comprehensive journal encompasses insightful synopses of recent cases and developments in Real Estate, complete with copies of…

  • City of Mount Vernon change transfer tax

    Effective January 1, 2024 the City of Mt. Vernon has increased their Transfer Tax rate from 1% to 1.5%. The exemption level has been reset to $50,000. The increased rate shall be levied on all deeds dated on and after January 1, 2024.  Click here to see the text of the enabling local law. Click…

  • JDS’ 111 West 57th Street penthouse sells for $53M

    JDS’ 111 West 57th Street penthouse sells for $53M

    JDS Development has locked down another deal at 111 West 57th Street.  An unknown buyer paid $53 million, or roughly $7,600 per square foot, for a penthouse at the Billionaires’ Row supertall in what appears to be an all-cash deal, property records show. The condo, which traded for $7 million less than the asking price…

  • FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership Information

    Immediate Release September 18, 2023 WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. Starting in 2024, many entities created in or registered to do business in the United States will…

  • NYS Dept of Taxation, Opinion on Revocable Licenses

    NYS Department of Taxation and Finance (DTF) recently took the position that a revocable license granted for a parking space and a revocable license granted for storage space in a Condominium building constituted a conveyance of real property under Article 31 of the Tax law (within the definitions of Tax Law section 1401(e)and (f)); as…

  • Current Developments, July, 2023

    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 the newsletter include: To view the…

  • Suffolk County, Peconic Bay Tax Explainer

    WHAT The Peconic Bay Community Preservation Fund Tax rate will increase on April 1, 2023 per NY Tax Law 1449-BB and local town codes. Note -Property with a binding contract of sale dated and executed prior to April 1, 2023 is NOT subject to the increase. WHERE Properties subject to the increase are located in…

  • Current Developments, March 2023

    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 the newsletter include: To view the…

  • New Notary Regulations: Remote Notary & Journal Requirements

    A new law, NY Executive Law Section 135-c, authorizes notaries to perform electronic notarial acts by registering with the Department of State and complying with new rules. Notaries wishing to provide electronic notary services will be able to register with the Department of State starting on Feb. 1. After Jan. 31, New York State will…

  • Suffolk County, Additional Peconic Bay Tax

    On January 10, 2023, the County of Suffolk issued a memo announcing that it will delay the full implementation of the recently enacted changes for the Peconic Bay Community Preservation Fund until April 1, 2023. The changes are the new allowance limits, and the increased .5% rate will both take effect on transactions that commence after…

  • NY Title Industry News and Updates – July 2022

    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 Charge Lien…

  • NY Title Industry News and Updates – May 2022

    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/Common…

  • NY Title Industry News and Updates – April 2022

    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: Champerty Contracts of…

  • NY Title Industry News and Updates – February 2022

    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: Acknowledgements Adjoining Owners…

  • NY Title Industry News and Updates – January 2022

    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…

  • NY Title Industry News and Updates – November 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: • Contracts of…

  • GIT/REP Forms Update Alert

    Please be advised that the following GIT/REP forms have been updated over the course of 2021:  GIT/REP-1: Nonresident Seller’s Tax Declaration [revised October 2021]  GIT/REP-2: Nonresident Seller’s Tax Prepayment Receipt [revised October 2021]  GIT/REP-3: Seller’s Residency Certification/Exemption [revised February 2021]  GIT/REP-4: Waiver of Seller’s Filing Requirement of GIT/REP Forms and Payment [revised August 2021]  The GIT/REP-4A form has not…

  • NY Title Industry News and Updates – October 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: Adjoining Owners/Bamboo Contract…

  • NY Title Industry News and Updates – August 2021

    Current Developments 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…

  • 2 Minutes on Title: Links We Love – Sellers Residency Forms & Affidavits of Consideration

    Have you ever been unsure where to find the GIT/REP forms and Affidavits of Consideration, or had questions about how to complete them? Have you ever had difficulty getting in contact with a County, Municipal, or Tax Assessor’s office? If so, click here for helpful links and phone numbers to assist you and your clients.

  • Gross-Up of Transfer Tax on Residential Property Where Purchaser Pays NYS Transfer Tax (Tax Law 1404)

    Effective July 1, 2021, the amendment to Tax Law 1404 will go into effect. One of the provisions of the amended law states: In the case of a conveyance of residential real property as defined in subdivision (a) of section fourteen hundred two-a of this article, if the tax imposed by this article is paid…

  • New York Title Industry News and Updates – June 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: Adjoining Owners/Condominium Units Adjoining…

  • NY Title Industry News and Updates – June 2021, Special Edition

    New York’s Statutory Short Form Power of Attorney (“SSF”) 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…

  • 2 Minutes on Title: Death & Taxes

    In recent years, state and federal legislative changes have reduced, but not eliminated, exposure to governmental liens arising out of the death of real property owners. Click on this link to see an infographic on the key points to remember with regard to death and taxes.

  • POWERS OF ATTORNEY: QUESTIONS TO CONSIDER

    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?…

  • Revised IT-2663 Form

    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…

  • NY Title Industry News and Updates – April 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: Contracts of Sale/Down Payments…

  • NY Title Industry News and Updates – April 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…

  • Quick Title Tips – Spousal Signature Requirements

    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. Here on our page,…

  • Quick Title Tips – Bankruptcy and Judgment Liens

    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…

  • NY Title Industry News and Updates – March 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: EXECUTIVE ORDER 95/21 Stay…

  • NY Title Industry News and Updates – March 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: Adverse Possession  Contracts of…

  • NY Title Industry Bulletin: New Statutory Short Form Power of Attorney

    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…

  • NJ Title Industry Memo: Revisions to GIT/REP-3 and GIT/REP-4

    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: …

  • NY Title Industry News: Town of New Paltz Has New Transfer Tax, Effective 2/1/2021

    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.…

  • NY Title Industry News and Updates – 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: Adverse Possession Building…

  • NY Title Industry News and Updates – November 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: Adjoining Owners/Condominium Units…

  • NY Title Industry News and Updates – 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: Common Charge Lien…

  • NY Title Industry News & Updates – July 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…

  • New York City Water and Sewer Usage Data and Billing History

    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…

  • NY Title Industry News & Updates – June 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: Equitable Subrogation/Statute of…

  • IRS Notice Extends 1031 Exchange Deadlines

             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…

  • NJ Title: Important Information re: Redemption of Tax Sale Certificates

             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…

  • NY Title Industry News & Updates – March 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…

  • Updated TP-584 Form

    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…