News

May 25, 2017
Industry Bulletin 2017-03

Insuring the Lien of the Mezzanine Loan

We are pleased to share with you a recently published piece co-authored by Advantage Title’s Executive Vice President and National Transaction Counsel, Christine Favara Monti, entitled “Insuring the Lien of the Mezzanine Loan.” (read more)

February 23, 2017
Industry Bulletin 2017-02

Geographic Targeting Order - Effective February 24, 2017

As detailed in Industry Bulletin 2016-01 and Industry Bulletin 2016-02, the United States Treasury Department’s Financial Crimes Enforcement Network issued Geographic Targeting Orders (“GTO”) requiring “…U.S. title… (read more)

February 08, 2017
Industry Bulletin 2017-01

Update: Elimination of Industrial Development Agency Exemption from Payment of the Additional Mortgage Tax

As previously detailed in Advantage Title Industry Bulletin 2016-06 (“Bulletin 2016-06”), as of September 30, 2016, Chapter 394 of the Laws of 2016 eliminated the exemption from the additional tax (“AT”) component of the… (read more)

December 19, 2016
Industry Bulletin 2016-08

Nassau County Tax Map Verification Letter Fee Increase Effective January 1, 2017

On December 14, 2016, the Nassau County Legislature approved an increase of the Tax Map Verification Letter (“TMVL”) fee from $225.00 to $355.00 (“TMVL Fee”) per document. The TMVL is a prerequisite to recording an instrument… (read more)

December 06, 2016
Industry Bulletin 2016-07

Collection of Charges by the Suffolk County Water Authority and Water Authority of Great Neck

Effective September 29, 2016, Chapter 363 of the Laws of 2016 amended the Public Authorities Law to add Section 1078-f (the “SCWA Law”). The Legislation enhances the method of collection of charges due to the Suffolk County Water… (read more)

December 05, 2016
Industry Bulletin 2016-06

Elimination of Industrial Development Agency Exemption from Payment of the Additional Mortgage Tax

Effective September 30, 2016, Chapter 394 of the Laws of 2016 amended, amongst other sections of the laws of New York, Sections 252 and 253 of the Tax Law (collectively, the “Legislation”). The Legislation eliminates the exemption from… (read more)

December 02, 2016
Industry Bulletin 2016-05

Suffolk County Recording Fees - Increase of Verification Fee for Mortgage Instruments

The Suffolk County Clerk (the “Clerk”) requires that all documents presented for recording or filing must have the District, Section, Block and Lot verified by the Real Property Tax Service Agency (the “Agency”) prior to the… (read more)

October 05, 2016
Industry Bulletin 2016-04

Update to Bulletin 2016-02: Additional Geographic Targeting Order

Advantage Title issued Industry Bulletin 2016-02 (“Bulletin”) on August 30, 2016. Please note, capitalized terms not otherwise defined herein shall have the respective meanings assigned to such terms in the Bulletin. Advantage has… (read more)

September 26, 2016
Industry Bulletin 2016-03

New York City Amnesty Program

The City of New York is reducing penalties and interest for many violations issued by the Department of Sanitation, Department of Buildings, and other city agencies. Violations must have gone to judgment. This means the City of New York has taken the… (read more)

August 30, 2016
Industry Bulletin 2016-02

Additional Geographic Targeting Order

On January 13, 2016, the United States Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued two Geographic Targeting Orders (collectively, the “Original GTO”) requiring “certain U.S. title… (read more)

February 26, 2016
Industry Bulletin 2016-01

Geographic Targeting Order of the Director of the Financial Crimes Enforcement Network, United States Department of Treasury

On January 13, 2016, the United States Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued two Geographic Targeting Orders (“GTOs”) requiring “certain U.S. title insurance companies to… (read more)

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