The Cornerstone Blog

New IT-2663 (2012)

For any transactions in the year 2012 the new IT-2663 form MUST be used. The new form has a box in the upper right hand corner showing 12/11 (December 2011) inside to help identify the new form. Due to recent legislative changes, the new Nonresident Real Property Estimated Income Tax Payment forms have been changed to reflect a revision in the applicable personal income tax rate at which the taxpayer must pay. The highest effective rate of income tax was changed to 8.82%. The revised form...

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Created By: Cornerstone Land Abstract

Mortgage Forgiveness Debt Relief Act of 2007

Passed by Congress in 2007, the Mortgage Forgiveness Debt Relief Act of 2007 (MFDRA) , is set to expire at the end of the year; this is bad news for over 11 million borrowers that are underwater. If not renewed, any forgiven debt could be considered taxable income. Receipt of borrowed money from a bank is not a taxable event because the loan must be paid back. If you are unable to pay your mortgage and the bank forgives the debt in either a short sale or foreclosure, the forgiven amount may be...

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Created By: Cornerstone Land Abstract

Affidavit in Lieu of Registration

At a meeting held in June 2011 the assistant Commissioner of Finance and City Register met with members of the Land Records Committee. It was confirmed that an Affidavit in Lieu of Registration Statement is REQUIRED to accompany all deeds that transfer real property NOT improved by a multiple dwelling (i.e. three families or more). This form is used when recording a deed with NYC's Department of Finance if the property classification does not require that a property registration be filed with...

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Created By: Cornerstone Land Abstract

Changes to RP-5217 in Upstate New York: The RP-5217 PDF Pilot Program

The new RP-5217-PDF is a web-based downloadable, bar coded, pdf document that replaces the old carbon copy RP-5217 paper form. The new electronic form is currently being accepted for transfers of real property located in Cortland, Erie, Essex, Onondaga, Orange and Tompkins Counties. Form preparers enter the appropriate information into the form and save the document to their PC until the transfer has been completed and the deed filed with the County Clerk. Creating a folder and naming each...

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Created By: Cornerstone Land Abstract

Suffolk County Verification Fees increase to $60.00 per parcel

As of April 2, 2012 the fee for recording documents in Suffolk County will go from $30.00 to $60.00 per parcel. Suffolk County passed Resolution 122-2100 increasing the fees and removing the maximum fee cap of $1400.00. The $60.00 per lot verification fee applies regardless of the number of lots being indexed. The documents to be recorded that will be affected include deeds, mortgages, satisfaction of mortgages, mortgage assignments, consolidation and extension agreements, notice of pendency,...

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Created By: Cornerstone Land Abstract






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