Bulletin: NY000604

Date:
March 28, 2017
To:
All New York State Agents, Office Counsel, and Managers
RE:
Nassau and Suffolk County Recording Fees

As we have advised in previous bulletins, the recording fees for Nassau and Suffolk Counties have increased. Nassau County currently charges a Tax Map Verification Letter fee of $355.00 and a Block Recording Fee of $300.00.  Suffolk County has instituted a Mortgage Verification Fee of $300.00 and a Lot Verification fee of $200.00.

Often a lender will include a nominal recording fee for a satisfaction in the payoff letter.  In order to make sure there are sufficient funds to record satisfactions in these counties, Stewart Title has established the following procedures:

  • If you receive a payoff letter prior to closing and the lender has not included sufficient funds to record the satisfaction with the various fees listed above, please contact the parties for a corrected payoff letter.
  • If it is impossible to get a corrected payoff letter prior to closing, the policy- issuing agent should pick up for the full amount of the recording fees, including the fees referenced above.  The payoff transmittal letter should direct the lender to send the satisfaction to your office.

We suggest raising the following exception:

Nassau and Suffolk Counties require additional recording fees. In Nassau County there is a Tax Map Verification Letter fee of $355.00 and a Block Recording Fee of $300.00.  In Suffolk County there is a Mortgage Verification Fee of $300.00 and a Lot Verification fee of $200.00

If the payoff letter does not contain adequate funds to pay these fees, then Company reserves the right to pick up said fees at closing.

If you have any questions regarding this bulletin please contact Stewart Title Insurance Company Legal Services at 212-922-0050.

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:
NY000595 New “Mortgage Verification Fee” In Suffolk County
 
NY000596 Nassau County Tax Map Verification Fee
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None