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November Executive Committee Agenda

Posted By Robert Treuber, Wednesday, November 13, 2019

 

EXECUTIVE COMMITTEE MEETING
New York State Land Title Association
First American Title Insurance Company
666 Third Avenue, New York, NY 10017
November 14, 2019
10:30 AM




AGENDA
1.    Call to order – President Pereyo
2.    President’s Greeting – President Pereyo
3.    Approval of October 2019 Minutes - Executive Director Treuber
4.    Exec Director Report – Executive Director Treuber
5.    Discussion of the LLC Disclosure Law – President Pereyo
6.    Charitable Works Committee Report – Chair Roper
7.    Education Committee – Chair Polidoro
8.    Land Records Committee – Chair Alonso
       a.    Recap ACRIS training November 7
       b.    Nassau County rejecting deeds
       c.    NYC Dept. of Finance meeting scheduled for November 19th
9.    Law Committee – Chair Danzi
10.    Legislative Committee Report – Chair Keyse
11.    Membership Committee Report – Chair O’Hara
12.    Municipal Liaison Committee Report – Chair Scaturro
13.    Technology Committee Report – Chair Zankel
14.    Litigation Committee Report – President Pereyo
15.    Advocacy Committee Report – Chair Stancanelli
16.    Agent Section Report – Chair Giliotti
         a.    NYC Tax payments
         b.    Mt. Vernon status
         c.    Agents’ dues
         d.    Iowa plan revisited
         e.    PAC
17.    Title Section Report – Chair Thanasules
18.    New Business
19.    Adjourn

The twelve voting members of the Agents and Abstracters Section will be:
Richard Giliotti    DeAnna Stancanelli    Bill Collins    Phil O’Hara
Tommy Tafuri    Andrew Zankel    Mark d’Addona    Larry Litwack
Nancy Farrell    Vincent Danzi    Michael Lisk    Terence Guerriere

The next Executive Committee Meeting will be held at 10:30 am on December 10, 2019 at First Nationwide Title Agency, 50 Charles Lindbergh Blvd. Uniondale, NY 11553.

Tags:  Executive Committee 

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NY City Update on LLC Disclosure

Posted By Robert Treuber, Friday, November 1, 2019

The New York City Department of Finance has an informational web page that clarifies their requirements under the new law signed on September 13, 2019.

 

Here is the link -

https://www1.nyc.gov/site/finance/taxes/property-real-property-transfer-tax-rptt.page

 

A form-fillable PDF of a TP-584 addendum is attached to this bog post page.

 

 Attached Files:

Tags:  County Clerk  Land Records  LLC  NYC  NYS Dept Tax & Finance  transfer tax 

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LLC Disclosure Law of 2019 - A Clarification

Posted By Government Regulations Committee, Thursday, October 31, 2019
Updated: Thursday, October 31, 2019

IMPORTANT NOTE - The content of this post was emailed to NYSLTA Members on October 30, 2019.

That email included an addendum to the TP-584, which was inaccurate.  The file attached to this page is a corrected version and may be used anywhere in NY state, including NY City.

 


The purpose of this memo is to clarify the impact of the changes to Section 1409(a) of the New York Tax Law, which became effective September 13, 2019.

 

As you are aware, the new legislation requires the real property transfer tax return (the TP 584 and the TP584-NYC) relating to residential property (containing one- to four-family dwelling units) sold or purchased by a “Limited Liability Company” (LLC) to disclose information on the ownership of such company.

 

The legislation requires that the TP584 and the TP584-NYC MUST be accompanied by documentation that identifies the names and addresses of all members, managers and other authorized persons of the LLC.

 

Further, if any member of the LLC is another LLC or other business entity, all shareholders, directors, officers, members, managers, partners and authorized persons of said LLC or business entity must be listed by name and address until “full disclosure of ultimate ownership by natural persons is achieved. 

 

We realize that in some cases (e.g. a publicly traded corporation) this requirement will be practically impossible to comply with; we have been unofficially advised that we should submit the addendum with a statement that the entity is a publicly traded corporation and that the Clerk’s should accept the deed for recordation.

 

Therefore,

  • If you are recording a deed; AND
  • it is for residential real property containing a one- to four- family dwelling unit, AND
  • a grantor or a grantee is an LLC

 

an addendum must be attached to the TP584 or the TP584-NYC identifying the names and addresses of all LLC members.

 

Although the State has not promulgated an “official” addendum to the TP forms, we attach a link to a form which has been accepted by the County Clerks.

 

Click the link below for a sample addendum which can be completed and submitted to fulfill the above requirements.

 

The Department of Taxation & Finance provides some guidance and examples here: https://www.tax.ny.gov/bus/transfer/rptidx.htm#conveyances

 

The NYSLTA has been actively engaged with the Dept of Taxation & Finance, the County Clerks, and the State, City and County Bar Associations regarding the foregoing.

 

Additionally, we have reached out to the sponsors of the legislation to provide input when an amendment is under consideration.

 

Further memos with guidance will be issued by NYSLTA, if and when the New York State Department of Taxation and Finance issues same.

 Attached Files:

Tags:  County Clerk  disclosure  Land Records  LLC  mortgage tax  NYS Dept Tax & Finance  transfer tax 

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October 2019 Executive Committee Agenda

Posted By Robert Treuber, Friday, October 4, 2019


EXECUTIVE COMMITTEE MEETING
New York State Land Title Association
Benchmark Title Agency
222 Bloomingdale Road
White Plains, NY 10605
October 8, 2019
10:30 AM




AGENDA
1.    Call to order – President Pereyo
2.    President’s Greeting – President Pereyo
3.    Approval of September 2019 Minutes - Executive Director Treuber
4.    Exec Director Report – Executive Director Treuber
5.    Treasurer Report – Mr. Frates
6.    Charitable Works Committee Report – Chair Roper
6 a. 2019 Auction
7.    Education Committee – Chair Polidoro
8.    Government Regulations Committee Report – Chair Partridge
9.    Land Records Committee – Chair Alonso
9 a. Request for Committee Member interest
9 b. Call to identify County Clerk relationships
9 c. ACRIS training Nov 7, 2019
9 d. LLC issues re: recording
10.  Law Committee – Chair Danzi
10 a  Recommended Practices
11.    Municipal Liaison Committee Report – Chair Scaturro
11 a. NYC Dept of Environmental Protection Update
12.    Technology Committee Report – Chair Zankel
12 a. Funding for Spring 2020 Title Tech event
13.    Litigation Committee Report – President Pereyo
14.    Advocacy Committee Report – Chair Stancanelli
15.    Agent Section Report – Chair Giliotti
15 a. Conversation with FinCEN on September 23rd.
15 b. Meeting with CATIC after this meeting.
15 c. Agent Section PAC- Events
15 d. Agent Section Dues- Vote needed
15 e. Collection of money for the Lawsuit
15 f.  Mt. Vernon-Better
15 g. Department of Finance has been very bad posting payments-
16.    Title Section Report – Chair Thanasules
17.    New Business
18.    Adjourn

The twelve voting members of the Agents and Abstracters Section will be:
Jean Partridge    Richard Giliotti    DeAnna Stancanelli    Bill Collins
Andrew Zankel    John Burke    Terrance Guerriere    Mark D’Addona
Nancy Farrell    Paul Spano    Eric Swarthout    Phil O’Hara

The next Executive Committee Meeting will be held at 10:30 am on November 12, 2019 at First American Title Insurance Company, 666 Third Avenue, New York, NY.

Tags:  Executive Committee 

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LLC Disclosure Law - A Ball of Confusion

Posted By Robert Treuber, Thursday, October 3, 2019

 

On September 13th, Governor Cuomo Signed a bill that immediately became law.

 

The title insurance industry, along with County Clerks and attorneys, have  been wrestling with how to comply with this law.

 

I have attached two documents - letters to the Commissioner of Taxation & Finance - recounting our efforts to forestall implementation of this law pending adjustments for workability and some of the issues that have arisen since the law took effect.

 

As stakeholders, the Land Title Association continues to seek guidance and provide subject matter expertise.

 

Read the letters.

 

 

Download File (PDF)

 Attached Files:

Tags:  County Clerk  NYS Dept Tax & Finance 

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Summary of Amendments to New York’s Real Estate Transfer Taxes

Posted By Robert Treuber, Friday, June 14, 2019

The NY State Department of Taxation & Finance has issued a technical bulletin, TSB-M-19(1)R, to explain changes to New York’s real estate transfer taxes, including several new taxes that will apply to conveyances of real property in New York City effective July 1, 2019.

 

The full bulletin is attached and can downloaded from this page.

 

 

 Attached Files:

Tags:  mansion tax  NYS Dept Tax & Finance  transfer tax 

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June Executive Committee Meeeting Agenda

Posted By Robert Treuber, Friday, June 7, 2019

 

EXECUTIVE COMMITTEE MEETING
New York State Land Title Association
First Nationwide Title Agency
50 Charles Lindburgh Boulevard
Uniondale, NY
June 11, 2019
10:30 AM


AGENDA
1.    Call to order – President Stancanelli
2.    President’s Greeting – President Stancanelli
3.    Approval of May Minutes - Executive Director Treuber
4.    Exec Director Report – Executive Director Treuber
5.    Treasurer Report – Mr. Frates
6.    Title Section Report – Chair Keyse
7.    Agent Section Report – Chair Giliotti
8.    Charitable Works Committee Report – Chair Roper
9.    Law Committee – Chair Danzi
10.    New Business
11.    Adjourn

The twelve voting members of the Agents and Abstracters Section will be:
Stancanelli

Giliotti    

Farrell    

Tafuri

Partridge

Guerriere

Litwack

Swarthout
Collins

Giliotti

Zankel

Spano

The next Executive Committee Meeting will be held at the Annual Meeting on September 17, 2019 at Gurney’s Resort, Montauk, NY.

Tags:  Executive Committee 

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Mount Vernon is Broken

Posted By Robert Treuber, Tuesday, June 4, 2019
Updated: Friday, May 31, 2019

The Trouble in Mount Vernon

 

The ongoing situation in the City of Mount Vernon, NY has been reported extensively in the press. (see footnote)

 

The NYSLTA has no comment or position on the intra-municipal claims, counter-claims and legal proceedings.  Our concern is the timely recording of deeds and mortgages for the protection of homebuyers in the City of Mount Vernon.

 

In 2015, Mount Vernon and two other Westchester County municipalities enforced a local law requiring payment of a local transfer tax to the municipality to get a receipt before the deed could be recorded.

 

Deeds are physically recorded with the County Clerk of Westchester County, located in White Plains or recorded electronically using the County’s PREP system.

 

This process has become more complex and perilous for people who want to buy a home in Mount Vernon. 

 

As reported in the news stories referenced in the footnote and elsewhere, the City Comptroller has refused to accept payments or issue receipts for the local transfer tax, pending her audit of the title transfer documents.

 

This delay, lasting from days to weeks, puts the clear title to the property in limbo and puts the innocent buyer in jeopardy of a challenge to their ownership in the period between paying for the property and the recording of the deed. The concerns of the title insurance industry are detailed in a series of letters sent by this Association and its member companies to the Comptroller in Mount Vernon.

 

The transfer of real property is often complex and usually handled by an attorney.  Title insurance is one element of the real estate finance process, but it is a vital one –  title insurance makes it possible to secure a mortgage, the title company does extensive research to ensure there is no challenge or defect in the title to the property being acquired and the policy indemnifies the consumer from any covered risk to their title for as long as they own the property.

 

The dysfunction in Mount Vernon is causing unacceptable delays between the financial exchange at the closing table and the recording of the deed that secures the buyer’s ownership rights.

 

This delay increases the risks to our policy holders, the innocent buyers. The motto of the real estate market in Mount Vernon should be caveat emptor – buyer beware.

 

Newslinks

 

https://www.lohud.com/story/news/local/westchester/mount-vernon/2019/04/18/mount-vernon-comptroller-records/3510120002/

 

https://www.lohud.com/story/news/local/westchester/mount-vernon/2019/04/04/judge-mount-vernon-comptroller-mayor-access-financial-records/3361825002/

 

https://www.yonkerstribune.com/2018/09/mount-vernon-sues-its-own-comptroller-to-pay-1-million-owed-to-vendors

 

https://fios1news.com/news/mount-vernon-comptroller-battles-lawsuit-saying-she-is-not-paying-citys-bills/

 

 

Documents (see attachments below)

 

 

 Attached Files:

Tags:  Mount Vernon  Westchester County 

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NYC Transfer Tax and Mansion Tax Changes

Posted By Robert Treuber, Friday, May 31, 2019
Updated: Friday, May 31, 2019

 

NYSLTA had a telephone call with the Taxation & Finance Department on Tuesday April 30th at 3:00. 

 

The following questions were asked by NYSLTA.

 

The Taxation and Finance Department’s answer follows each of the questions.

 

1.      If contracts made before April 1, 2019 are exempt from the new tax, what kind of proof will be required to show that the contract was actually made before April 1, 2019?  Besides the recording of the contract and/or payment of a deposit, what are the “other facts and circumstances” that the commissioner will require?

 

Will proof of a wire transfer be acceptable?

 

Does the down payment check or wire transfer need to be dated on or before April 1, 2019 for the conveyance to be exempt from the new tax?

 

If the contract is fully executed on or before April 1, 2019, but the contract permits the down payment to be made after April 1, 2019 (after the contract is fully executed), is the conveyance exempt from the new tax?

 

This question was primarily answered by Deb Lieberman. The phrase “other facts and circumstances” in the new statute came from prior transfer tax statutes. They will go back and look at earlier transfer tax cases and guidance and provide public guidance on the issue of when a contract is grandfathered. She opined that evidence of a wire transfer of a deposit will probably be acceptable evidence of the contract date.

 

A common theme through all of their answers was that public guidance will be provided soon, so stay tuned.

 

2.      If the closing occurs on or before July 1, 2019, does the deed have to be recorded on or before July 1, 2019 for the conveyance to be exempt from the new tax?  If the deed does not have to be recorded by July 1, 2019 will the date of the deed prior thereto be sufficient proof of a “conveyance” on or before July 1, 2019.

 

The date of conveyance is the date of “closing”, not the date of recording for purposes of paying the increased tax. If your deal closes before July 1 you do not have to try to rush to get it recorded before July 1 in order to beat the increase in the transfer tax.

 

3.       If a buyer purchases two condominium units, one for $1.5M and the other for $1M, is the State TT .4% for each or is it .65% because it is a “bulk” or “commercial” sale in the way that the City currently views it?  Will it make a difference if the two condominiums are purchased via one contract or via 2 separate contracts?

 

4.      Same concept if someone were to buy 2 units, each one for $2.5M, which aggregated is $5M.  However, the slight difference here is that the sale does not have to be considered “commercial” (although it may) because the dollar amounts in the aggregate exceed $3M, which is the threshold for the tax to increase to .65% for “residential” purchases. In other words, will aggregation be applied here? Again, will it make a difference if the two condominiums are purchased via one contract or via 2 separate contracts?

 

The Department did not answer questions 3 and 4 because they felt that further investigation is required on their part. They gave the impression that the same rules as currently apply for the City tax will probably be applied to bulk sales.

 

5.      When the rates go into effect, how will the TP-584 forms change to account for the different tax brackets?

 

There will be a new TP-584-NYC form. ACRIS is already on board with this. The form has a part III for the supplemental tax. This should be live at least 15 days in advance. That would be June 15.

 

6.      We would like the option to pay the Mansion Tax and Transfer Tax directly to the state on line prior to recording documents in the county.  This is would result in the state receiving payment prior to recording documents.

 

On-line payment of transfer tax is something that they would like to do, but it is not available yet. They are on board with the concept. “Maybe someday.”

 

7.      Once the new rates go into effect, will there be a contact person that we can speak with if we have additional questions?

 

They were reluctant to name a single contact person. Calls should go to the call center. If the call center cannot answer the question you should call any contact person that you are used to dealing with.

 

8.      Will regulations be issued for guidance to the industry?

 

There are no plans for a set of regulations. There will be public guidance published.

 

9.      What about mixed-use properties?  For instance, what if a property is sold that has commercial space on the ground floor and 2 residential apartments above?

 

Mixed use properties will be treated as residential for purposes of the additional transfer tax.

 

For the supplemental mansion tax the value of the property will be apportioned between the residential and commercial portions and the supplemental tax will only be applied to the residential portion. This is the way it is currently done.

 

 

 

Tags:  mansion tax  NYC  NYS Dept Tax & Finance  transfer tax 

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Suffolk County Fee Decrease (yes- you read that right)

Posted By Robert Treuber, Friday, May 31, 2019
Updated: Friday, May 31, 2019

 

We have received the following information from Office of the Suffolk County Clerk.

 

 


COUNTY OF SUFFOLK
JUDITH A. PASCALE
COUNTY CLERK


TO: All Title, Abstract Companies and Interested Parties

 

FROM: Christopher Como, Esq., Sen. Official Examiner of Title
Anna Curella, Senior Deputy County Clerk

 

DATE: 5/28/19

 

RE: Decrease on Mortgage Verification Fee

 

Please be advised that Local Law 19-2019 has provided for a decrease in the Real Property Tax Service Agency Mortgage Verification Fee from $300.00 to $200.00 for each mortgage related document verified and recorded.

 

The standard $200.00 per lot Real Property Tax Service Agency Verification fee for all recorded documents remains unchanged.


Effective immediately, all mortgage related documents presented for recording shall be assessed the new Real Property Tax Service Agency Mortgage Verification Fee of $200.00.


If you have any questions, please contact me at (631) 852-2000 ext. 100


cc: Penny Wells LaValle, Director Real Property

 

Tags:  fees  Land Records  Long Island  Suffolk 

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