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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...
Continue readingName: Jean Partridge Title: Chief Counsel and Managing Member Company Name: Benchmark Title Agency, LLC Years in real estate: 33 What real estate associations or organizations are you a member of? New York State Land Title Association, NYS Bar Association - Real Property Section, Westchester County Bar Association, Women’s Bar Association of Westchester County, National Association of Realtors, Real Estate Law Institute at Pace University School of Law. How have you navigated obstacles to achieve success in your career? The most significant obstacle I encountered was trying to achieve the perfect balance between family and career. I am...
Continue readingThe 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...
Continue readingWe are pleased to announce that Benchmark Title Agency, LLC has been certified as a Women-owned Business Enterprise (WBE) by the NYC Department of Small Business Services. Combined with the designation we received last year from NYS, we are now a certified WBE at both the city and state level. Jean Partridge, Benchmark's co-founder and managing member, said, "This designation affirms my belief in the importance of expanding opportunities to those groups who traditionally have encountered obstacles in the business world. It will also help our firm to grow while providing great service to new and existing clients." In the past 18...
Continue readingPRESS 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...
Continue readingSpring 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...
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