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Benchmark Title Agency LLC > News (Page 2)

Benchmark Operational Update (May 05, 2020)

Dear Clients, Six weeks ago we updated you on Benchmark’s unique ability to seamlessly continue business as usual while our staff worked remotely. It remains business as usual at Benchmark, and while most of our staff will continue to work remotely, some are now returning to our office at 222 Bloomingdale Road. Our attorneys and staff are still processing new orders, clearing files, and facilitating closings. And although the majority of closings are presently escrow style or “remote”, we are still conducting traditional sit-down closings, although with some modifications for your health and well-being (including the required use of masks and gloves!)....

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Forbes: How To Close A Home Purchase In 2020

For all the encroachment of digitalization by the likes of Zillow and Quicken Loans, the business of selling real property has remained a resolutely hands-on, face-to-face field. Until now, when COVID-19 has shoved a stick in the spokes of practically every aspect of a real estate transaction—from showing property, to inspections, appraisals and mortgage loan approvals. Perhaps no part of the process has been affected more than closings. Traditionally, in most cases, a real estate closing has involved the buyer, seller, agents, closing officer and an attorney or two gathering in a title company closing room. After inspecting and hand-signing stacks...

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Navigating The New Title Closing Process

As a result of social distancing and related measures, the title closing process has changed. During a traditional in-person closing, the familiar notary process results in “wet” signatures of both the signer and notary. Due to current circumstances, there are now additional notarization methods that may be able to be utilized; such methods are known as Remote Online Notarization (“RON”) and Remote Ink-Signed Notarization (“RIN”) We have prepared a chart for your comparison of the varying types of notarization processes. Download Notarization Process Chart   Since RON is not permitted in New York, the below information is specific to the RIN method: Pursuant to Executive...

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Executive Order No. 202.7: Continuing Temporary Suspension and Modification of Laws Relating to the Disaster Emergency

Effective immediately and through April 18, 2020, by Executive Order, notaries can notarize documents via audio/video means. You may read the entire text of the Executive Order via the link below, but the salient points are: Any notarial act that is required under New York State law is authorized to be performed utilizing audio-video technology provided that the following conditions are met: The person seeking the Notary's services, if not personally known to the Notary, must present valid photo ID to the Notary during the video conference, not merely transmit it prior to or after; The video conference must allow for direct interaction...

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Additional Recording Fee – Real Property Law Section 291

Effective March 11, 2020 there will be a $10 fee added to all Residential deed recordings. On January 11, 2020 Governor Cuomo signed an amendment to Real Property Law Section 291 that requires the County Clerk to notify the owner of record of residential real property when a document is recorded affecting the property. The law allows a reasonable fee to be assessed for said notices. The New York State Association of County Clerks has determined that a fee of $10 per document is reasonable and will be charged on all residential conveyances in New York State which are dated March...

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New Disclosure Requirements for an LLC when filling the TP-584

On September 13, 2019, the New York State Legislature enacted, and the New York City Council has adopted nearly identical provisions which amends Tax Law Section 1409(a) and adds a new subdivision to Section 11-205 of the New York City’s Administrative Code, respectively. The provisions require that for the purchase or sale of residential real property containing 1 to 4 family dwelling units by an LLC to now include information on the ownership of the LLC for all deeds recorded on or after September 23, 2019.  If any such member, manager or authorized person is also a business entity, then the...

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2019 Women in Real Estate: Jean Partridge, Benchmark Title Agency, LLC

Name: Jean Partridge Title: Chief Counsel and Managing Member Company Name: Benchmark Title Agency, LLC Association/Organization Affiliations (REAL ESTATE ONLY): New York State Land Title Association, New York State Bar Association, Real Property Section, Westchester County Bar Association How do you hold your own in a negotiation? With over 30 years of experience in the title insurance industry, I have learned that a key component to successful negotiation is to be fully versed in all sides of the argument. An essential skill of a good negotiator is the ability to listen and comprehend, and then to campaign vigorously for your position while simultaneously respecting the...

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NYS Tax Department: Summary of amendments to New York’s real estate transfer taxes.

Summary of amendments to New York's real estate transfer taxes This TSB-M explains 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. To view the entire document, visit TSB-M-19(1)R, Summary of Amendments to New York’s Real Estate Transfer Taxes. ...

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