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City of Mount Vernon change transfer tax
Effective January 1, 2024 the City of Mt. Vernon has increased their Transfer Tax rate from 1% to 1.5%. The exemption level has been reset to $50,000. The increased rate […]
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JDS’ 111 West 57th Street penthouse sells for $53M
JDS Development has locked down another deal at 111 West 57th Street. An unknown buyer paid $53 million, or roughly $7,600 per square foot, for a penthouse at the Billionaires’ […]
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FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership Information
Immediate Release September 18, 2023 WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in […]
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NYS Dept of Taxation, Opinion on Revocable Licenses
NYS Department of Taxation and Finance (DTF) recently took the position that a revocable license granted for a parking space and a revocable license granted for storage space in a […]
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Current Developments, July, 2023
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 […]
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Suffolk County, Peconic Bay Tax Explainer
WHAT The Peconic Bay Community Preservation Fund Tax rate will increase on April 1, 2023 per NY Tax Law 1449-BB and local town codes. Note -Property with a binding contract […]
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Current Developments, March 2023
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 […]
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New Notary Regulations: Remote Notary & Journal Requirements
A new law, NY Executive Law Section 135-c, authorizes notaries to perform electronic notarial acts by registering with the Department of State and complying with new rules. Notaries wishing to […]
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Suffolk County, Additional Peconic Bay Tax
On January 10, 2023, the County of Suffolk issued a memo announcing that it will delay the full implementation of the recently enacted changes for the Peconic Bay Community Preservation […]
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NY Title Industry News and Updates – July 2022
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 […]
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NY Title Industry News and Updates – May 2022
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 […]
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NY Title Industry News and Updates – April 2022
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 […]
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NY Title Industry News and Updates – February 2022
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 […]
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NY Title Industry News and Updates – January 2022
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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
The Title Counselor
