March 3, 2020
Advantage Title: Industry Bulletin 2020-02
New TP-584 and
Amendment to Real Property Law §291
1. New TP-584
Governor Cuomo recently signed a law requiring that the County Clerks use a revised TP-584 form. Effectively immediately, documents submitted for recording with the old form TP-584 will be rejected by all County Clerks.
The following real estate transfer tax forms and instructions have been revised and can be found on our website:
- Form TP-584 (9/19): Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax
- Form TP-584-I (9/19): Instructions for Form TP-584
- Form TP-584-NYC (9/19): Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax for the Conveyance of Real Property Located in New York City
- Form TP-584-NYC-I (9/19): Instructions for Form TP-584-NYC
2. Amendment to Real Property Law §291
On March 11, 2020, an amendment to Real Property Law §291 will take effect. The amendment only affects residential property and is designed to give notice to homeowners when a conveyance document is recorded against the homeowner’s real property.
The amendment will require the County Clerk, upon a recording of conveyance, to mail a written notice of such conveyance to the owner of record. The law allows the County Clerk to charge a reasonable fee to cover the costs of providing such notice. The NY State Association of County Clerks has advised its members to establish a new $10 fee in all counties to cover the cost of mailing the notice on residential conveyance deeds (and possibly others, like mortgages or leases) submitted on or after March 11, 2020.
Please contact Drew Steigler, Chief Underwriting Counsel, at
631.424.6100 or email@example.com
with any questions.