Category: Blog

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…

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…

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. …

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…

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…

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…

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…

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 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 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…

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 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…

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…

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…

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…

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…

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…