Bulletin: NY000224

Date:
June 11, 2004
To:
All Issuing Offices in New York
RE:
Implementation of ACRIS Version 2.1

The New York City Department of Finance has announced the scheduled implementation of ACRIS Version 2.1 beginning July 3, 2004. The system will be unavailable beginning at 5:00 PM Friday, July 2 through 8:00 AM Saturday July 3, for installation of system upgrades.

The implementation of ACRIS 2.1 will result in the required preparation of the following forms on-line, prior to the submission of documents for recording:

  • Real Property Transfer Tax Return (RPTT)
  • Affidavit of Compliance w/ Smoke Detector Requirement for One and Two Family Dwellings
  • Customer Registration Form for Water and Sewer Billing
  • NY State Real Property Transfer Report (RP-5217)
  • NY State Real Estate Transfer Tax Return (TP-584)

As a result, the foregoing forms will have to be prepared electronically in ACRIS prior to or at closing. Signature pages for the forms will then be printed so they may be executed prior to or at closing for submission with the electronically prepared forms. As you may know, ACRIS requires that users have an established account, a customer ID and customer keyword. Then, at the outset of the preparation of ACRIS forms, a transaction ID number is generated by the system. Once initiated, all of the foregoing information will be required in order to correct, amend or modify any ACRIS form. As a result, any form that is not fully and accurately completed and printed prior to closing, will have to be completed and printed at closing, in ACRIS. This will require Internet access at the closing location. Handwritten corrections to ACRIS forms will not be accepted by the City Register. Forms that are prepared in ACRIS but which are not complete, will not be accepted by the City Register.

It is suggested that all potential users of ACRIS, which will now include title closers, attorneys for buyer and sellers of real estate and attorneys for mortgage lenders, become familiar with ACRIS and the requirements for completing forms. The Department of Finance has a tutorial on the preparation of tax forms available on the ACRIS website at http://a836-acris.nyc.gov/references/EtaxTutorial/index.html

All interested parties are encouraged to become as familiar as possible with the process prior to its implementation. All of us involved in the closing of real estate transaction in the counties of New York, Kings, Queens and the Bronx will be affected and as such, Stewart Title will assist its agents and their customers in any way possible to navigate what may be a difficult period of transition.

If you have any questions, please call your Stewart Title representative.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
NY000199 Automated City Register Information System
 
NY000200 Implementation of ACRIS
 
NY000201 ACRIS - Recordings
 
NY000202 1) ACRIS; 2) Emergency Repair Searches
 
NY000223 ACRIS Tax Filings
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None