- September 03, 2004
- All Issuing Offices in New York
- Mortgage Tax Changes and IT 2663 Change
All of the following are effective on November 18, 2004.
Co op sales are now included within the ambit of the IT-2663 provision. Within 15 days of the sale, as evidenced by the date of transfer or issuance of shares, the tax is due, along with the IT-2663 form. (Part H, Chapter 60, laws of 2004)
2. Spreader Agreements and Additional Mortgages
Applies to any spreader agreement or additional mortgage recorded in
Mortgage tax is due on the recording of a spreader agreement or additional mortgage on property not originally covered with a primary mortgage.
The exception is when the property in
3. Wrap Around Mortgages
Applies to mortgages recorded on or after 11/18/2004.
A wrap around mortgage in
The law defines the word “mortgage” to include an agreement to wrap. (Part Q, Chapter 60, laws of 2004)
A wrap around mortgage is a mortgage in the amount equal to the difference between the total amount secured and the principal of the existing mortgage. The new mortgage is “wrapped” around the existing mortgage, and the payment to the mortgagee is the total of the two mortgages. The agreement/mortgage obligates the 2nd mortgagee to make the first mortgage payments.
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