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 have known Amy Kelly since 1996, when she was counsel at First American Title Insurance Company. In 2000, Amy started doing business as Seaport Title. We were among her first customers, and I still use Seaport Title to this day. Amy has a thorough and complete knowledge of real estate and land title law. Her business acumen and land title expertise have been a strong factor in her success as an abstract company. Her honesty and integrity are above reproach, and dealing with her company, one has the total feeling of confidence that the title work will be reliable and complete and the escrows processed without error. Samuel B. Freed

New TP-584

We have been advised by the New York State Department of Taxation and Finance that a revised TP-584 will be in effect commencing Posted: 04/04/2013

The new form contains the following changes:

  1. If the grantor or grantee is a single member LLC, there is now a specific box that must be checked, and the name and Social Security or Federal ID number for the member must be listed as well as that of the LLC.
  2. The grantor must include the SWIS (Statewide Information System Code) in the property information.
  3. Schedule D instructs referees in foreclosure actions to check the second box in Part II, and sign below it.
The form is not yet available in fill-in format on the New York State website, but the form and new instructions can be ordered by emailing nystaxforms@tax.ny.gov. For your convenience, both the form and the instructions are attached to this memo.

We anticipate that new tax searches will contain the SWIS, but in the interim, the SWIS can be found at http://orpts.tax.ny.gov/cfapps/MuniPro/swis/index.cfm?

The county clerks will continue to accept the old form for sixty days after April 15, 2013, but once the grace period has passed, the new form will be required. Since recording times can vary among the counties, we suggest that you use the new form for any closings on or after April 15.

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

Filing Amendments to Condominium Declarations in NYC

NYC Has changed the process for filing Amendments to Condominium Declarations effective 9/17/12 Posted: 10/04/2012

Online TP584 /RP5217 & E-Recording

Rockland County commenced online tax forms mandatory as of 10/1/12 and Westchester County offers E-Recording using the PREP Syst Posted: 10/04/2012

As I noted in my previous memo, Suffolk County is now accepting the online version of the RP5217 in place of the carbonized form. While Nassau County still is not accepting the pdf form, we have been advised that they are preparing to begin electronic recording of documents...

PROBLEMS AND PITFALLS IN SHORT SALES

As those of you who do transactional work are no doubt aware, a fair percentage of the residential deals currently taking place Posted: 08/02/2012

As those of you who do transactional work are no doubt aware, a fair percentage of the residential deals currently taking place involve so-called “short sales.” A short sale is a transaction where the property is under water – i.e., where the mortgages on the property exceed its fair market value – and the lender and the owner both agree to a sale where the proceeds will be insufficient to satisfy the mortgage or mortgages in full...

Rehabilitation Loan Mortgages

In recent months we have seen an increase in purchases with so-called “rehabilitation loan” mortgages. Posted: 05/03/2012

In recent months we have seen an increase in purchases with so-called “rehabilitation loan” mortgages. These mortgages are made pursuant to Section 203(k) of the National Housing Act. In general, the properties subject to the 203(k) loan are properties which need substantial improvements. The loans are available for the rehabilitation and repair of one-to-four family properties, some mixed-use properties and even condominium units provided certain conditions are met...