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 As a result of the annulment of the Regulations, the memo issued by Benchmark Title Agency in December of 2017 is no longer applicable.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

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...