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...

Benchmark is proud to be the insurer for Park Haven

Benchmark is proud to be the insurer for Park Haven, a 178-unit affordable housing development in the Mott Haven section of the Bronx. We are also proud supporters of Bronxworks and The Community Builders, the two not-for-profits that joined together to develop it....

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...

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...

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. ...

Decrease in Mortgage Verification Fee

Phyllis Gitter has been promoted and is now a Vice President of Benchmark

To All, Jean and I are pleased to announce that Phyllis Gitter has been promoted and is now a Vice President of Benchmark. Phyllis is a title person who has the passion, salesmanship and professionalism that has always been noticed, but for too long not officially acknowledged. With a career that spans from underwriter to agent, from title closer to maintaining and generating commercial business, Phyllis has excelled at whatever task she has taken on. She has always had the ability to pass her knowledge on to others. But her real specialty is her presence at our most high profile closings after preparing...

New Transfer Taxes Passed in NYS Budget

The NYS budget was passed earlier this week and it contains two new tax provisions that will impact real estate transactions. The changes will take effect on July 1, 2019 and will apply to conveyances occurring on or after such date. (see footnote 1) Both taxes only pertain to cities in NYS with populations of one million or more (presently only NYC). An INCREASE in the NYS TRANSFER TAX RATES; Tax continues to be paid by the Seller/Grantor - the existing rate is $4.00 PER thousand of the consideration (or fraction thereof). The changes are as follows: For residential properties* -...