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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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NY Title Industry News and Updates – January 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/Bona Fide Encumbrancer…
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NJ: Updated GIT/REP Forms
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…
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NY Title Industry News and Updates – November 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: Action to Quiet Title/Mortgage…
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NY Title Industry News: UPDATE to New Requirements for TP-584 and NYC RPT Forms for LLCs
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…
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NY Title Industry News and Updates – Urgent NYC Tax Law Change
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,…
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NY Title Industry News and Updates – September 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: Condominiums & Cooperatives/”Housing Stability…
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NY Title Industry News and Updates – August, 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: Acknowledgements/Recording Act Adjoining Owners/Easement…
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NJ Title Bulletin: Helpful Title Links
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…
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Transfer Tax Increases
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…
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NY Title Industry News: Suffolk County Decrease in Mortgage Verification Fee
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…