NYS Department of Finance Proposed Regulation 208

The New York State Department of Financial Services (DFS) has proposed legislation that, if enacted, will have a major impact on services provided by The New York State title industry. Proposed Insurance Regulation 208 includes the elimination of title company marketing expenditures, substantially reduces ancillary fees associated with the production and processing of title applications, […]

A Contemporary Guide for Buyers & Sellers

by Louis Petralia Choosing the right guides is key to a successful real estate transaction. Guides include a licensed real estate agent, real estate attorney, as well as a loan officer and a licensed home inspector for a buyer. Select competent, experienced professionals familiar with local practice and neighborhoods. Choose a person, not a company […]

Nassau County Tax Map Verification Fee Increase

The Nassau County Legislature has approved an increase to the Tax Map Verification Fee Letter (TMVL) from its current sum of $225 per letter to $355 per letter. The fee for the TMVL is paid to the county assessors office and is required on all instruments filed with the Nassau county Clerks office pertaining to […]

Suffolk County Mortgage Verification Fee

Effective January 1, 2017, the Suffolk County Clerk’s office will begin to assess a Mortgage Verification fee on all mortgage related documents submitted for recording. The assessment will be charged at a rate of $300 per document and will affect documents such as, but not limited to Mortgages, Assignments, CEMAs and Satisfaction of Mortgages. At […]

1031 Exchanges and the Importance of “Intend To Hold For Investment”

By: Pamela A. Michaels, Esq. With prices in New York once again hitting records highs, investors are selling properties at an unsurpassed pace. In addition, with most Northeast investors being subject to capital gain tax rates in excess of 30%, more investors are turning to Section 1031 exchanges to defer capital gain taxes on the sale […]

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