Vintage News

NYC Real Property Transfer Tax and Late Penalties

Vintage — Tue, 24 Apr 2012 15:18:50 +0000

In recent months, New York City RPTT Billing Unit has been sending out notices regarding late penalties due. There have been two main reasons for these notices being sent. First, Richmond County had issues when a deed was rejected; the RPT form was not being stamped at intake, but stamped when the document was recorded. This caused the City’s servers to automatically issue the Penalty Letter. The second reason is when the RPTT was paid in a timely manner, notices were still being sent based on the recorded date of the deed. New York City has recently corrected their error and Richmond has also corrected their issue of stamping the forms at intake. Notices may still be sent as these corrections were recently enacted. If you receive a notice on a document that Vintage filed, please contact our Post Closing Dept immediately and we will have it corrected.

Suffolk County Recording Fee Increase

Vintage — Thu, 08 Mar 2012 15:06:01 +0000

On March 7th 2012, Suffolk County announced they will be increasing the Real Property Tax Service Agency verification fee to $60 per lot with no maximum fee charge. This means if a parcel being conveyed has two lots, additional charges will be collected regardless of how the town and villages tax the properties. Vintage is in the process of revising our recording fees and will be sending out the updated charges. Please contact us if you have any questions.

Department of Finance and DEP Payment Address Change

Vintage — Fri, 03 Feb 2012 15:01:41 +0000

The NYC Dept. of Finance and Dept. of Environmental Protection have change the address where payments get sent.
To make payments to the NYC Dept. of Finance for Taxes, Pest Control, etc. mail payments to the following address:
NYC Department of Finance
PO Box 680
Newark, NJ 07101-0680
For payments to the NYC Dept. of Environmental Protection for water and sewer charges, mail payments to the following address:
NYC Water Board
PO Box 371488
Pittsburgh, PA 15250-7488

Updated Schenectady County Recording Fees for Deeds Increasing

Vintage — Tue, 17 Jan 2012 20:51:50 +0000

Schenectady announced today that starting February 1st, 2012 they will be charging an additional fifteen dollars ($15.00) per deed sent in for recording. The fee is for a real property tax service agency to designate a tax map endorsement number on the deed, listing the section-block-lot. No other information has been provided by Schenectady County. Until further notice Vintage will not be increasing our fees in Schenectady County due to this change.
**Update** Notice was just sent out yesterday by Schenectady County that this plan is being suspended indefinitely.

Nassau County Recordings

Vintage — Mon, 09 Jan 2012 18:33:46 +0000

Due to recent layoffs at the Nassau County, recording of documents have been significantly affected. Recording times are being estimated at 15-20 business days. The County Clerk will only allow examiners to hand in 10 documents per day for recording. To avoid penalties and interest Vintage will be paying the Transfer Tax with the State of New York and then sending the documents for recording.

Changes to the Nonresident Real Property Estimated Income Tax Payment Form

Vintage — Wed, 28 Dec 2011 18:15:03 +0000

With the start of 2012, New York has revised the Nonresident Real Property Estimated Income Tax Payment Form also known as IT2663 and IT2664 for Cooperatives. Initially when the new 2012 forms were released they stated the old tax amount of 8.97%. Since then legislation was inacted changing this amount to 8.82%.
We have the current form under our Forms link.
Click here to see notice from our underwriter.
Advisory Form IT-2663

Update: Kings County Register Moving

Vintage — Wed, 30 Nov 2011 15:09:50 +0000

On November 21st, we posted that the Kings County Register will move it’s Back Chain and C&R Books to the Queens County Register. The City has confirmed the move for December 5th to December 9th and we will only have limited access to the books starting December 12th. They also announced that the Kings Register will be moving to the 6th Floor on the December 16th and the Kings Register will be closed on that day. It is still unclear when they will be returning the books back to Kings. We will keep you posted.

Delay in Kings Titles

Vintage — Mon, 21 Nov 2011 15:29:21 +0000

On 12/5/2011 the Kings County Register’s Office will be moving their back chain and C&R books to the Queens County Register’s Office. This will delay our abstracts at least a week due to the examiner having to travel to Queens to get the information and returning to Brooklyn to get the copies. We are unclear if this is permanent or just a temporary move. We will keep you informed as changes arise.

Electronic Recording of Digital Documents

Vintage — Tue, 25 Oct 2011 16:46:43 +0000

On September 25, 2011 Governor Cuomo signed into law an ACT that will amend the State Technology Law and Real Property Law regarding the recording of electronic documents. This Bill authorizes County Clerks to require that conveyances of real property presented for recording be submitted as digitized paper documents or digital images of the original paper document. It is unclear as of yet on how title companies such as Vintage will present the documents for recording and verify that they are a true digital copy of the original, but according to the bill this type of filing will not go into effect for 365 days from the date of signing.

We will keep you up to date with any new information that comes in on this matter.

We have also attached a copy of the bill for you to take a look at.

Electronic Documents Bill

Putnam County

Vintage — Tue, 25 Oct 2011 16:32:31 +0000

Starting January 1, 2012 Putnam County will require any documents submitted for recording to have and Electronic Cover Page generated. This is similar to the system that Richmond County has in place. We have already setup an account, ran through … Continue reading →