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...

BTA is proud to sponsor a CLE for our local attorneys at Port Chester/Rye Bar Association presented by Jean Partridge, Benchmark Tile Agency, Chief Counsel & Managing Director.

Benchmark Title is proud to support the Wish Upon a Star gift drive, which provides toys to kids in need and the great work performed by the Salvation Army.

Memo to clients – REGULATION 208 Summary (effective December 18, 2017)

REGULATION 208 Summary 11 NYCRR 228 (Effective December 18, 2017) In an effort to provide further consumer protections, the New York State Department of Financial Services (“DFS”) has enacted regulation 208, which becomes effective on December 18, 2017. All title insurance providers (TIPS) must comply with the regulations. Below you will find a list of the regulations we believe will have the greatest impact on the transactional real estate attorney. MARKETING EXPENSES AND ACTIVITIES: Most marketing expenses will be prohibited pursuant to Section 228.2. As a result, TIPS will be prohibited from providing items such as: Entertainment – including tickets concerts, Broadway shows and sporting...

Press Release (June 2017)

The New York State Department of Financial Services ("DFS") has proposed regulations which, if enacted, will have a lasting devastating effect on the title insurance industry and impair the closing of real estate transactions. To read the proposed regulations (proposed 11 NYCRR 228; INSURANCE REGULATION 208) CLICK HERE. The proposed regulations prohibit all title industry marketing expenses, limits and substantially reduces the amount we can charge for ancillary fees (such as municipal department searches, survey inspections and the like), prohibits gratuities and pick-up fees to Title Closers. The prohibition on marketing expenses specifically eliminates our ability to provide valuable items such as Continuing...

Legislation to Clarify Real Property Tax Exemptions for Certain NYC Affordable Housing Projects

PRESS RELEASE: September 2016 Recently, the NY State Legislature enacted, and Governor Cuomo signed into law, an amendment to Section 11-2106 of the Administrative Code of The City of New a new Section 9 to Subdivision (b). Section 11-2106 grants exemptions to various transactions from the imposition and payment of the New York City Real Property Transfer Tax ("RPTT"). The driving force behind this legislation was the fact the NYC Department of Finance ("DOF'") was disallowing exemptions for certain projects where there was a Nominee Agreement in place between the Beneficial Owner and the Housing Development Fund Company ("HDFC") Nominee. The City believed...

Spring 2012

Spring 2012 May 1, 2012 Building Loan Mortgages: Two significant cases relating to Building Loans have been decided recently. Both cases reinforce the proposition that when in doubt, file a building loan agreement! A) In Altschuler Shaham Provident Funds Ltd v GML Tower LLC, an existing first mortgage was taken by assignment, at which time the parties entered into an agreement, not filed, by which additional funds were to be advanced for construction on the premises. Almost a year later the lender recorded a mortgage increase and modification agreement reflecting the total amount of the existing mortgage and the amounts subsequently advanced. In...