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* -...

Attack on title insurers was out of line

Vullo overreached, but legislators will do right by homebuyers. Read full article on crainsnewyork.com...

Press Release (July 2018): UPDATE ON LITIGATION – NEW YORK STATE LAND TITLE ASSOCIATION VS. THE DEPARTMENT OF FINANCIAL SERVICES

We are please to advise you that Insurance Regulation 208 has been annulled in its entirety. The decision and order of Judge Rakower can be viewed here. NYSLTA - Decision . The Department of Financial Services has filed a Notice of Appeal and we expect the appeal to be heard in October. As a result of the annulment of the Regulations, the memo issued by Benchmark Title Agency in December of 2017 is no longer applicable. What does this mean to the transactional real estate attorney? ANCILLARY FEES OR OTHER DISCRETIONARY FEES are no longer...

Press Release (April 2018): Revised TIRSA Rate Manual

On January 10, 2018, the NYS Department of Financial Services approved a Revised TIRSA rate manual. The new rates are effective as of today, April 9, 2018. The revised rate manual is essentially a restated rate manual. Although premium rates per thousand have not changed, the manner in which we calculate certain policies has changed (e.g. cooperative leasehold policies, condominium units and certain finance transactions). In addition, charges for certain standard endorsements increased from $25 to $50 (e.g. waiver of arbitration, environmental protection lien and residential 1-4 family). If you have any questions regarding these changes please contact a member of...

Suspension of 421a Tax Exemption Benefit

On March 9, 2018, the New York City Department of Finance (DOF) and Housing Preservation and Development (HPD) announced that they have suspended 421a benefits to more than 1,700 properties across the City for failure to comply with the 421a requirement to file HPD's Final Certificate of Eligibility with DOF. There is still time to take action! The DOF will reverse the suspension IF the property owner submits HPD's Final Certificate of Eligibility to DOF by May 1, 2018.  Click below to view the DOF website which contains the list of properties currently on the suspension list: http://www1.nyc.gov/site/finance/benefits/benefits-421a.page. From this page you can navigate to...