The Seaport Title Agency Blogs

Keep up-to-date on Title Industry and Real Estate news, read about notable transactions we recently completed, and be the first to know about updates to our extensive on-line real estate forms library.


I recently sold my house to move to the west coast. By Seaport Title’s prompt action what could have been a time consuming situation was resolved quickly. Their professionalism allowed me to keep to my schedule. The companies’ best assets are its competent employees. Maria Morris

Recordings Costs for Accommodation Recordings

High Cost to Record Documents in Nassau and Suffolk County Posted: 02/21/2017

Due to the high cost to record documents in Nassau and Suffolk County, payment for all accommodation recordings must be made when documents are submitted to this office.

The recording charges are as follows:

Nassau County:

-Filing UCC-1 and UCC-3:        $380.00

-Deeds (Residential):               $920.00

            (Commercial):              $1,065.00

-Power of Attorney:                  $420.00

-Satisfactions:                          $785.00

-CEMA:                                    $1,005.00

-Subordination Agreement:       $785.00

-Assignment of Mortgage:         $785.00

-Mortgage:                                $880.00

-Modification Agreement:           $955.00

 

These are the charges when the document is to be recorded against only one block and one tax lot. Please include an additional $300 for each additional block the document must be recorded against and an additional $355 for each additional tax lot the document must be recorded against.

 

Suffolk County:

-Filing UCC-1 and UCC-3:       $80.00

-Deeds (Residential):              $515.00

            (Commercial):             $610.00

-Power of Attorney:                 $320.00

-Satisfactions:                         $610.00

-CEMA:                                   $650.00

-Subordination Agreement:      $610.00

-Assignment of Mortgage:        $610.00

-Mortgage:                               $695.00

-Modification Agreement:          $790.00

 

These are the charges when the document is to be recorded against only one tax lot. Please include an additional $200 for each additional tax lot the document must be recorded against.

If you have any questions, please feel free to contact this office.

Increase in Nassau County Tax Map Verification Charge

Nassau County to Increase Tax Map Verification Charge Posted: 12/20/2016

Effective January 1, 2017, the Nassau County Department of Assessment will be increasing the charge for Tax Map verification from $225.00 to $355.00.

The Department will be assessing the charge to verify the tax lot on documents to be recorded in the Nassau County Clerk’s Office.  The charge will be $355.00 per document per tax lot grouping.

Documents that contain a description and will be recorded against a tax lot will require this charge.

If you have any questions, please feel free to contact this office.

Increase in Suffolk County Mortgage Recording Charges

Suffolk County to Increase Charges on Mortgage Related Documents Posted: 11/29/2016

 

We have been advised that Suffolk County has increased recording charges for mortgages and related documents.

 

Suffolk County has created a new Mortgage Verification Fee of $300.00 to be collected as an additional recording charge on each mortgage, assignment of mortgage, mortgage modification, mortgage consolidation and satisfaction of mortgage presented on or after January 1, 2017.

 

Because of the extensive delays in recording documents in Suffolk County, this Company will begin to collect the additional fee for all closings on or after December 1, 2016.  If the fee is not required at the time of recording, it will be refunded to the borrower.

 

If you have any questions, please feel free to contact this office.

 

 

 

New Searches and C/O Requirement

New Searches to Be Performed in New Rochelle and Babylon Posted: 04/13/2016

In order to ensure that potential purchasers are protected against new local requirements, we will be ordering new searches to include with our title report for properties located in New Rochelle and Babylon.

 New Rochelle:

New Rochelle imposes a fine for every false fire alarm after the first false alarm.  The town is setting up a mechanism allowing service companies to check for these fines before they are added to the tax bills. We will be performing searches to determine whether there are any fines to be collected.

Babylon:

-We will begin performing fire searches on residential properties as well as commercial properties to determine if there are any Fire Code issues.

-We will begin performing a sanitation search to determine if there are any outstanding bills for sanitation, commercial garbage, demolitions, lot clean-ups, and board ups.

-The Long Island Green Homes program offers certain energy bill savings in exchange for utility upgrades. Participants in the program can upgrade their utilities with the Town paying the contractor for the work. The town will then bill the homeowner on a monthly basis for the costs. If there is an outstanding balance, the requirement to pay this fee continues to the new homeowner after the home is sold.  We will begin performing a search with Long Island Green Homes to determine if the property is subject to a benefit assessment agreement.

These additional searches will alert the buyer of the property to additional potential costs that should be considered in the transaction.

Islandia:

Islandia has been requiring that search companies provide a copy of a survey along with requests for certificates of occupancy. The New York State Land Title Association is attempting to set up a meeting with the town in order to discuss this requirement.

If you have any questions, please feel free to contact this office.

FinCEN Geographic Targeting Order

New Reporting Requirement for Certain Manhattan Properties Posted: 02/12/2016

 

On January 13, 2016 the Financial Crimes Enforcement Network (FinCEN) issued two Geographic Targeting Orders (GTO) to several national and regional title underwriters, including Stewart Title. One GTO affects residential real property in New York County, NY and the other affects residential real property in Miami-Dade County, Florida. The GTO places a reporting requirement on all covered businesses to report to FinCEN a form 8300 on all covered transactions.

 

 

FinCEN was established in 1990 by the United States Department of Treasury “to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis and dissemination of financial intelligence and strategic use of financial authorities.”  FinCEN is authorized by the Currency and Financial Transaction Reporting Act of 1970 as amended by the USA Patriot Act of 2001. FinCEN can issue orders to institutions like title insurers to assist them in gathering information about transactions.  The GTO places a reporting requirement on the covered business.

 

 

The New York County GTO has defined Stewart Title Insurance Company, its employees and its authorized title agents as a covered business.  The GTO defines a covered transaction as any transaction that will close from March 1, 2016 to August 27, 2016 involving:

 

 

  1. Residential real property located in the Borough of Manhattan, County of New York, N.Y.;
  2. A buyer that is a Legal Entity as defined under the GTO as a corporation, limited liability company, partnership or other similar business entity whether formed under the laws of New York, any other state, the United States or a foreign jurisdiction;
  3. Consideration of more than $3 million;
  4. No loan or similar form of external financing from a financial institution. The reporting exclusion is only triggered by loans financed by a financial institution,  if financing is provided by a private lender, seller or other business the transaction is reportable;
  5. Any portion of the purchase price being paid using currency, cashier’s check, certified check, traveler’s check or money order. There is no de minimus amount below which the reporting is not triggered.
    1. A personal or business check does not trigger the reporting requirement.
    2. Payment of settlement services by any of the listed methods does not trigger the reporting requirement.

 

 

In the event a transaction meets the above criteria, the following must be reported to the FinCEN on a form IRS/FinCEN 8300:

 

 

  1. Identity of the individual primarily responsible for representing the Legal Entity;
    1. A description of the identification (driver’s license, passport or other similar identifying document) obtained from the individual primarily responsible for representing the Purchaser with a copy retained in the file;
  2. Identity of the Purchaser and any Beneficial Owner(s) of the Purchaser’s;
    1. A description of the type of identification (driver’s license, passport or other similar identifying document) obtained from the Beneficial Owner with a copy retained in the file;
    2. Any person or entity owning 25% or more of the purchasing entity is a “beneficial owner” and must be reported. If an entity is a member of the purchasing entity, members of that entity must be reported.
  3. Date of closing of the Covered Transaction;
  4. Total amount transferred in the form of a Monetary Instrument;
  5. Total purchase price of the Covered Transaction; and
  6. Address of the real property involved in the Covered Transaction;
    1. Also include the term “REGTONYC” as a unique identifier for this GTO in the Comments section.

 

 

Failure to report can subject the company or any of its employees to a fine and/or penalty. Penalties can be assessed any time within six years from the date of the Covered Transaction. Civil actions may be commenced within two years of the date of the penalty or criminal conviction.