Check here often to know the latest regulations in the industry.
September 2009
The General Obligations law concerning Powers of Attorney (POA) has been amended.
The new law becomes effective September 1, 2009. Here are some of the highlights:
Effective: The new form will not be effective prior to September 1st.
Continue to use the existing POA forms through August 31,2009 as they will still be effective
and will continue to be honored in the future. Remember; use only the new form after September 1st 2009.
Execution: The new form must be executed not only by the Principal,
but also by (all) the agent(s). All signatures must be acknowledged by a Notary Public before the
POA will be effective. There is no requirement for all the parties to execute simultaneously,
but the document will not become effective until ALL parties execute and have their signatures acknowledged.
Refusal to honor POA: GOL section 5-1504: No third party located in this state shall refuse,
without reasonable cause, to honor a statutory short form power of attorney.
Reasonable cause, defined in subsection 3 shall include the refusal by a title insurance company
to underwrite title insurance for a transfer of real property made pursuant to a major gifts rider
or non-statutory power of attorney that does not contain expressed instructions or purposes of the principal
Major Gifts Rider: To enable the attorney in fact to transfer interests in property,
the Principal must also execute the Major Gifts Rider
For a Downloadable form please
Click Here
For the Statute Chapter 644 please
Click Here
For the Statute Chapter 4 please
Click Here
January 2008
Mortgage tax increases throughout New York State
Legislation was recently passed allowing counties to elect
to increase the amount of mortgage tax they impose.
So far, the following counties have raised their tax rates:
Rensselaer County
Cortland County
Genesse County
Dutchess County
Essex County
Schoharie County
The MT-15 is used to compute mortgage recording tax when a mortgage encumbers property in more than one locality and different rates of mortgage tax apply.
For an up to date Mortgage Recording Tax return (MT-15)
Click Here
December 2007
Recording deeds in Columbia County
Effective Decenber 1, 2007 ALL DEEDS that are
recorded in Columbia County are required to be accompanied by the:
COLUMBIA COUNTY SUPPLEMENTAL REAL ESTATE TRANSFER TAX RETURN (SRETTR)
The filing of the SRETTR requires a filing fee of $5.00.
A copy of the SRETTR is available
Here
May 2007
New 2006 ALTA Policy
As of May 1, 2007 the new 2006 ALTA owner's and ALTA loan policy will replace the prior 1992 ALTA policy. The new policy has a number of benefits including automatic survey coverage on loan policies (limited to 1-4 family dwellings); an expanded definition of the insured, a 10% increase in the amount of Insurance under certain circumstances, and numerous other changes. Please feel free to request a copy of notes from the Macgregor seminar dealing with this issue.
April 2007
Home Equity Theft Prevention Act
This law creates certain new protections for sellers of property on an active tax lien sale list or sellers of property who are in default of their mortgage. Unless certain procedures required under the law are strictly followed, the seller may have the right to rescind the sale for up to two years.
Certain types of transactions are exempt from this law. (see attached affidavit)
If you would like more information on this subject, please contact Macgregor Abstract for a copy of notes from the MacGregor Seminar given on this subject.
Section 265-a of the New York Real Property Law
265-a of the New York Real Property Law
Section 595-a Banking Law
Section 595-a Banking Law
New York RPAPL section 1303
New York RPAPL section 1303
January 2007
Attached see Internal Revenue Services Guidelines for obtaining a pay off letter for Federal tax liens.
Letters for Federal Tax liens
July 2006
Various underwriters in New York have entered into a 15% rate reduction agreement with the New York State Insurance Department for all purchase transactions (residential and commercial) with a liability amount below one million dollars. This rate reduction does not apply to mortgage or loan policies, building loans or construction mortgages.
New DEP Water Charges
Due to the numerous questions which arise concerning the
approximate time frame for obtaining various municipals we are
posting the following schedule. This schedule provides the
information for the five Boroughs, as well as Nassau, Suffolk and
other counties. We hope you find the following link helpful.
Municipal Turnaround Time
By County
March 2006
Section 275 of the Real Property Law
As amended by
Chapter 467 of the Laws of 2005
February 2005
New
York State Insurance Department Opinion
January 2005
New IT-2663 (2005)
Instructions
New IT-2664 (2005)
Instructions
August 2004
New TP-584 Procedures for Nassau
County
June 2004
RP-5217 Fees
Increase
April 2004
ACRIS E-Tax Form Submission
February 2004
Westchester County Mortgage
Recording Tax Increase
October, 2003
Allegany & Chautauqua Counties
Mortgage Tax Increase
September 2003
Revised TP584
NOTE: The Revised TP-584 and the IT-2663
can be found in the Real Estate Forms area under
"City and County Forms"
Rockland County Tax Increase
May 2003
Real Property Transfer Tax Increase |
