Category: Bulletins

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…

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…

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…

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…

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…

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…

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.

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…

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…

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…

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.

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…

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. Here on our page,…

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.…

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…

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…

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…

         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…

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…

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…

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…

Please be advised that the Division of Taxation has recently posted revised GIT/REP 1, 3 and 4 forms on its website. As you are aware the New Jersey Gross Income Tax Act enacted in 2004 requires non-resident individuals, estates and trusts selling New Jersey real estate to pay estimated income taxes at the time of…

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: Action to Quiet Title/Mortgage…

On September 20, 2019 we sent a newsletter regarding the new Tax Law in NYC, effective immediately, regarding LLC’s involved in residential real estate transactions. To view the newsletter, click here. THE LAW HAS NOT CHANGED. There still is no official form. However, you really NEED this Update. The State Department of Taxation and Finance posted…

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. The topic of this newsletter is a new Tax Law in NYC,…

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 & Cooperatives/”Housing Stability…

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/Recording Act Adjoining Owners/Easement…

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, here are helpful links and phone numbers to assist you and your clients: Seller’s…

New York State’s Budget Bill, enacted as Chapter 59 of the laws of 2019, amended Tax Law Sections 1402 (“Imposition of tax”) for the state’s Real Estate Transfer Tax, and 1402-a (“Additional tax”) for the Mansion Tax, and added to the Tax Law new Section 1402-b (“Supplemental tax in cities having a population of one…

The Suffolk County Clerk has issued the attached memo regarding a decrease in the fee for the Real Property Tax Service Agency Mortgage Verification Fee. The fee has decreased from $300 to $200 effective May 28, 2019. To view the memo, click here. As always, if you have any questions about Title Insurance or if…

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/Licenses Adjoining…

Current Developments Special Edition Newsletter is 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.  The topic covered in the special edition newsletter is the Transfer Tax…

Effective April 1, 2019, the rate of tax imposed on the recording of mortgages on real property located in Essex, Greene, and Warren Counties for each $100.00 secured by the mortgage is $1.25 (1 ¼%). Effective May 1, 2019, the rate of tax imposed on the recording of mortgages on real property located in Cattaraugus County…

The 2020 New York State Budget Bill includes increases to the New York State Transfer and Mansion taxes, which affect real property in New York City as well as any other city in New York State with populations of one million or more.  In addition to the $2.00 per $500.00 of consideration (or fraction part…

Title Talk is a seasonal newsletter provided by the Fidelity National Title Group to its agents, covering the latest developments in the state of New Jersey. We would like to share this information with you, so that you can better serve your clients. Some of the recent developments covered in this newsletter include: Rating Bureau…

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: Brokers/Fiduciary Duty Condominiums…

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 Owner/License…

ETHICS OPINION 1161 New York State Bar Association Committee on Professional Ethics Opinion No. 1161 [Inquiry No. 14-18] TOPIC: Confidential Information: Lawyer’s duty to preserve and to make adequate disclosure in seeking client consent to disclosure DIGEST: When a lawyer rather than a broker prepares a real estate contract, the lawyer may not disclose the…