To: Clients of Judicial Title Insurance Agency Re: Real Property Transfer Tax Increases The 2019/2020 New York State Budget Bill includes amendments to Section 1402 of the Tax Law, the changes include provisions that will increase the New York State Transfer Tax and Mansion Tax on some properties that are located within the five boroughs […]

Update: 2/21/19 On July 5, 2018, Supreme Court Justice Eileen Rakower annulled Insurance Regulation 208 in full, finding that portions of it conflicted with Insurance Law § 6409(d) and that other provisions regulating title insurance closers and ancillary fees were arbitrary and capricious. DFS subsequently appealed and on January 15, 2019, the Appellate Division affirmed in […]

On December 14, 2018, County Executive George Latimer signed the Cooperative Transparency Bill. Chapter 700 of the Laws of Westchester County has been amended to include a new section–section 700-21a. The complete law, committee comments, and text can be found at: https://bit.ly/2FsPbVf. The law shall become effective immediately. Under the new legislation the following timelines […]

The Financial Crimes Enforcement Network (FinCEN), a bureau of The United States Treasury Department, has issued a new Geographic Targeting Order (GTO) issued under United States Code Title 31 Section 5326. This order, effective as of November 17, 2018 and running through May 15, 2019, authorizes the Treasury Department to collect information about certain transactions […]