Bulletin: NY000346

Date:
March 14, 2008
To:
All New York State Office Counsel, Managers and Agents
RE:
Proposed increase in filing fee of EA-5217

The Budget Bill now being considered in Albany contains an amendment to Section 333 (3) of the Real Property Law. 

The new fees will, as of now, be effective for any recording on or after April 1, 2008.  It is suggested this fee be picked up on any closing which will be recorded after April 1, 2008.  If the effective date is changed, the fee can be refunded.

The new fees are as follows:

Outside of New York City, qualifying residential or farm property

Purchase Price                                                                  Fee

Not more than $175,000                                                   $75

More than $175,000 but not more than $250,000                $125

More than $250,000 but not more than $350,000                $175

More than $350,000 but not more than $500,000                $250

More than $500,000 but not more than $1,000,000              $325

More than $1,000,000                                                       $400 

Outside of New York City, not qualifying residential or farm property

Purchase Price                                                                  Fee

Not more than $175,000                                                   $165

More than $175,000 but not more than $250,000                $225

More than $250,000 but not more than $350,000                $300

More than $350,000 but not more than $500,000                $375

More than $500,000 but not more than $1,000,000              $475

More than $1,000,000                                                       $575

Within New York City, qualifying residential or farm property

Purchase Price                                                                  Fee

Not more than $175,000                                                   $75

More than $175,000 but not more than $250,000                $125

More than $250,000 but not more than $350,000                $175

More than $350,000 but not more than $500,000                $250

More than $500,000 but not more than $1,000,000              $325

More than $1,000,000                                                       $400

Within New York City, not qualifying residential or farm property

Purchase Price                                                                  Fee

Not more than $175,000                                                   $165

More than $175,000 but not more than $250,000                $225

More than $250,000 but not more than $350,000                $300

More than $350,000 but not more than $500,000                $375

More than $500,000 but not more than $1,000,000              $475

More than $1,000,000                                                       $575 

"Qualifying farm property" means property for which the property classification code on the latest final assessment roll, as reported on the transfer report form, is in the agricultural category.

"Qualifying residential property" means property which satisfies at least one of the following conditions:

(a) The property classification code assigned to the property on the latest final assessment roll, as reported on the transfer report form, indicates that the property is a one, two or three family home or a rural residence, or

(b) The transfer report form indicates that the property is one, two or three family residential property that has been newly constructed on vacant land, or

(c) The transfer report form indicates that the property is a residential condominium.

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.