June 27, 2019
Advantage Title: Industry Bulletin 2019-03
Increases to the Real Estate Transfer Tax:
Reminder and Update
On April 10, 2019, Advantage Title distributed Industry Bulletin 2019-02 (the “Bulletin 2019-02”) which can be accessed here. All terms not defined herein shall have the meaning set forth in Bulletin 2019-02. As stated in Bulletin 2019-02, the Act applies to conveyances of real property, or interests therein, located within the five boroughs of New York City on or after July 1, 2019.
The Department issued guidance on June 11, 2019 via TSB-M-19(1)R (the “Memo”) which can be accessed here. The Memo provides clarification regarding the Act along with examples.
As noted in the Memo, there is a new form TP-584-NYC to be used for conveyances of real property, or interests therein, located in New York City. Form TP-584-NYC can be accessed here and instructions can be accessed here. For the conveyance of multiple real properties, some or all of which are located in New York City, new form TP-584.6-NYC, which is accessible here, must be completed. Both form TP-584-NYC and TP-584.6-NYC, when applicable, are required to be created through New York City’s Automated City Register Information System (“ACRIS”). ACRIS has been updated to allow for generation of form TP-584-NYC and TP-584.6-NYC for conveyances occurring on or after July 1, 2019.
Please note, the existing Form TP-584 will continue to be utilized for conveyances of real property, or interests therein, located outside of New York City.
Please contact Drew Steigler, Chief Underwriting Counsel, at
631.424.6100 or email@example.com
with any questions concerning this Bulletin.