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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…
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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…
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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…
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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…
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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.
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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…
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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…
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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…
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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.
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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?…
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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…
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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…
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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…
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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,…
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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…
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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…
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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…
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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…
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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: …
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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.…