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 […]
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 […]
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 […]
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. […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
Below is an article written by Michael Yellin for the New Jersey Law Journal. Yellin is a member in the Litigation Department and Real Estate Special Opportunities Group at Cole Schotz in Hackensack. Issues Plaintiff Must Consider Before Resolving a Commercial Foreclosure Action There are five financial issues that every plaintiff must consider before resolving […]
NJ CLE Seminar on: Top 10 Land Use Cases of 2015 and Ethics 101: An Update When and Where: Tuesday, April 12, 2016 8:00-8:30am – Registration 8:30-10:30am – Presentations and Discussion Investors Bank Conference Center 193 Morris Avenue Springfield, NJ 07081 Please join us for a valuable 2 credit NJ CLE seminar. The first […]
Below is a bulletin we received from First American Title Insurance Company. However, the Geographic Targeting Order affects all title insurance underwriters and issuing title agents who close residential real estate transactions in Manhattan. The new regulatory rules and requirements will impact you as a closing attorney, so please review the below and become familiar […]
Suffolk County Verification Fee to increase on December 18, 2015 This bulletin is to advise that Local Law 34-2015 was enacted which increases the Real Property Tax Service Agency verification fee to $200.00 for each lot verified. Additionally, there will continue to be no maximum fee. All documents presented or re-presented for verification to the Real Property […]
Voluntary Payment Doctrine Precluded Lawsuit DRMAK Realty LLC v. Progressive Credit Union, 2015 N.Y. Slip Op. 08044, 1st Dept 11-5-15 The First Department, over a dissent, determined plaintiff’s (Klein’s) complaint alleging breach of contract, fraud, violation of General Business Law, etc., was properly dismissed pursuant to the voluntary payment doctrine. Klein procured a multi-million dollar loan from defendant. After […]
What are the New Forms Effective October 3, 2015? CB Title is committed to providing you with training and reference materials related to the new regulations and forms coming October 3rd. Please see below a refresher of our series of informational bulletins about the new CFPB forms. On November 20, 2013, the CFPB announced the […]
New Disclosure Form Rules Become Effective October 3, 2015 CB Title is committed to providing you with training and reference materials related to the new regulations and forms coming October 3rd. Please see below a refresher of our series of informational bulletins about the new CFPB forms. WHAT: Changes to the Loan and Settlement Disclosure forms and […]
Title Talk – Summer 2015 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 […]
CFPB Final Ruling Moves TRID Implementation Date to October 3, 2015 CB Title is committed to providing you with training and reference materials related to the new regulations and forms coming October 3, 2015. Please see below for our sixth in a series of informational bulletins about the new CFPB regulations. The Consumer Financial […]
CFPB Proposes Delay to TRID Implementation Date CB Title is committed to providing you with training and reference materials related to the new regulations and forms coming October 1, 2015*. Please see below for our fifth in a series of informational bulletins about the new CFPB regulations. *The CFPB announced (June 17, 2015) that it […]
TOLERANCE LEVELS UNDER THE NEW CFPB REGULATIONS CB Title is committed to providing you with training and reference materials related to the new regulations and forms coming August 1st. Please see below for our fourth in a series of informational bulletins about the new CFPB regulations. The concept of “tolerance levels” was introduced with the […]
THE EFFECT OF THE NEW LENDING DISCLOSURE TIMELINE ON SCHEDULING CLOSINGS CB Title is committed to providing you with training and reference materials related to the new regulations and forms coming August 1st. Please see below for our third in a series of informational bulletins about the new CFPB forms. As part of the new […]
WHAT ARE THE NEW FORMS BEING INTRODUCED? CB Title is committed to providing you with training and reference materials related to the new regulations and forms coming August 1st. Please see below for our second in a series of informational bulletins about the new CFPB forms. On November 20, 2013 the CFPB announced the completion […]
New Disclosure Form Rules Become Effective August 1, 2015 CB Title is committed to providing you with training and reference materials related to the new regulations and forms coming August 1st. Please see below for our first in a series of informational bulletins about the new CFPB forms. WHAT: Changes to the Loan and Settlement Disclosure forms […]
ACRIS Tax Form Creation Changes Effective May 18, 2015 Advisory: Effective May 18, 2015, the NYC-RPT form will be revised to include two additional GRANTOR and GRANTEE types: Single Member LLC Multiple Member LLC For any grantor and grantee that is a partnership or a multiple member LLC, the revised form will request the name […]
Information on Denial of Realty Transfer Fee Exemption for Fannie Mae and Freddie Mac transactions in New Jersey
Title Exemptions for Lands in New York Adajacent to Water Bodies
COMMERCIAL LAW. CONTRACTS. SPECIFIC PERFORMANCE. PLEADINGS. Plaintiff, a corporation, brought an action for specific performance of a $2.2 million contract to purchase two mortgage loans from the defendant LLC. In moving to dismiss for failure to state a cause of action based upon documentary evidence, the defendant contended that no binding contract was formed because […]
A recent New York State appellate court decision could have ramifications for co-op and condo board members. The decision was handed down making it easier for individual board members to be litigated as individuals by unhappy apartment applicants, renters and owners. The unanimous verdict was reached on July 3rd by five judges in the Appellate […]
Information on the New York City “STAR Recap Fee” Ruling – May 29th, 2012