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NY Title Industry News and Updates – May-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: Adjoining Owners/Licenses Adjoining…
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NY Title Industry News and Updates – Apr-2019
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…
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NY Title Industry News and Updates: Mortgage Recording Tax for Essex, Greene, Warren, and Cattaraugus Counties
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…
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2020 NY Budget Bill-Additional New York State Transfer and Mansion Tax-Effective July 1, 2019
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…
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NJ Title Talk – Spring 2019
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…
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NY Title Industry News and Updates Mar-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: Brokers/Fiduciary Duty Condominiums…
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NY Title Industry News and Updates
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…
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NY Ethics Opinion 1161
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…
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NJ Vacant & Abandoned Property Registration Fees
Purpose: To provide guidance and establish requirements for transactions involving vacant and abandoned properties that are subject to possible registration fees imposed by the municipality. Background: The Abandoned Properties Rehabilitation Act, N.J.S.A. 55:19-78, and N.J.S.A. 55:19-55 permit municipalities to identify and take action against vacant and abandoned properties. Additionally, N.J.S.A. 46:10B-51 requires lenders to notify…
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Title Talk – Fall 2018
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 legal developments covered in this newsletter include: Title…
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NY Title Industry News and Updates
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…
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NY Title Industry News: US Dept of Treasury Announcement on FinCEN, Financial Crimes Enforcement Network
This bulletin is continuing guidance on the FinCEN Geographic Targeting Orders (GTO) which were issued to all title insurance underwriters. A New GTO has been issued, extending the effective date of the reporting requirement to May 15, 2019. As a reminder, the GTO has defined a covered business to include title insurance underwriters, its employees…
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NJ Title Bulletin: GIT/REP-1 and GIT/REP-2 Forms Update
Changes have been made to the New Jersey GIT/REP-1 Nonresident Seller’s Tax Declaration and GIT/REP-2 Nonresident Seller’s Tax Prepayment Receipt. Please take the opportunity to familiarize yourself with the new forms. The highest Gross Income Tax rate was changed from 8.97% to 10.75%. Current versions of these forms and all other New Jersey tax forms…
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Municipal Liens Affecting Vacant Properties During Foreclosure
We have become aware of a new trend regarding municipal fees being assessed against vacant properties during foreclosure. On July 14, 2014, N.J.S.A. 46:10B-51 was amended to allow municipalities to enact local ordinances that impose penalties on mortgage lenders who fail to remedy municipal ordinance violations on vacant or abandoned property during a foreclosure action.…
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Update to FinCEN Geographic Targeting Order
We have been alerted that a new Financial Crimes Enforcement Network (FinCEN) Geographic Targeting Order (GTO) has been issued. The new Order extends reporting requirements that occur from September 22, 2017, until March 20, 2018, and expands the covered transactions to include the City and County of Honolulu, Hawaii. The new Order also adds wire…
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Important Changes to NJ ALTA Title Commitment
Since the 2006, two ALTA commitments have been used: ALTA Commitment (NJRB 3-07) and ALTA Plain Language Commitment (NJRB 3-08). Effective May 23, 2017 both of these forms will be replaced with a single form: ALTA Commitment for Title Insurance (NJRB 3-09). The main change we would like to make our clients aware of,…
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IDA No Longer Exempt from Additional 1/4% Mortgage Tax
NYS Department of Taxation issued TSB-M-16(1)R imposing a tax of $0.25 per thousand on mortgages made by a County IDA within a Transportation District and $0.30 for counties within the Metropolitan Commuter Transportation District after July 1, 2017 pursuant to Tax Law 253(2). The identity of the counties within a transportation district is listed on…
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NYC ECB Amnesty Program Reminder
Please be advised that the City of New York currently has an amnesty program for Environmental Control Board judgments, the benefit being a reduction of penalties and interest, subject to certain limitations. The amnesty program is in effect until December 12, 2016. More information may be found at: http://www1.nyc.gov/site/finance/taxes/forgiving-fines-the-nyc-amnesty-program.page Please fee free to contact our…
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The NYC Amnesty Program – Forgiving ECB Fines
As New York City attempts to collect more of the $1.5 billion+ it is owed in unpaid ECB fines, an amnesty program starts Monday If you have unresolved Environmental Control Board (ECB) violations in judgment, you may be eligible for Forgiving Fines, the NYC Amnesty Program. During the amnesty program, the City will waive penalties…
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Update to FinCEN Geographic Targeting Order
US Dept of Treasury, Financial Crimes Enforcement Network (FinCEN) updates the Geographic Targeting Order to Include 4 Boroughs On January 13, 2016 the FinCEN issued a Geographic Targeting Order (GTO) on title underwriters. The original GTO would expire on August 27, 2016, however FinCEN has continued the GTO until February 23, 2017. In addition to…