Fernando Villa, AIA, LEED AP BD+C, Magnusson Architecture and Planning, PC Insured by Benchmark Title Agency, LLC
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Federal Transfer Tax: We have been asked several times over the last couple of months if we knew about a new Federal Transfer Tax effective 1/2013 hidden in the Health Care Reform act. We have determined that THERE IS NO NEW FEDERAL TRANSFER TAX TO BECOME EFFECTIVE IN 2013. See the link below for the best explanation we found regarding the tax. Many seasoned real estate attorneys believe there is a new transfer tax going into effect – simply not true.
http://www.realtor.org/small_
On Tuesday, September 4, 2012 the Village of Port Chester Trustees approved an amnesty program regarding Housing Code violations. The three month registration period for this program will be October 1, 2012 to December 31, 2012.
On May 31, 2011 , the New York State Insurance Department opined that a violation of Insurance Law §6409 (d) occurs when a residential real estate broker refer s its clients to attorneys on an "approved' or "recommended" list and the attorneys, in turn, refer those clients to the broker's affiliate title agent under common control. Pursuant to the opinion, such a quid pro quo is violation of Insurance Law Sec. 6409 (d).
In the interest of keeping our clients informed we are pleased to share this excerpt from the latest New York State Land Title Association ("NYSLTA") newsletter. Jean Partridge, our Chief Counsel, is a co-editor of the newsletter and serves on the Association’s executive committee.
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