Bulletin: NY000224

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.