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Benchmark Title Agency LLC > News (Page 4)

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...

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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* -...

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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 As a result of the annulment of the Regulations, the memo issued by Benchmark Title Agency in December of 2017 is no longer applicable.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...

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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...

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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...

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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...

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