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Maintain Lower Tax Assessment by Purchasing Membership Interests or Stock vs. Real Estate
When a person or entity purchases real estate in New York State a deed is recorded in the county clerk’s office of the county in which the property is located evidencing the conveyance of the real estate. In order to record the deed the purchaser must also submit a New York State Real Estate Transfer…
Read moreIndustrial Development Agencies Located In The Central New York Regional Transportation District No Longer Exempt From The Additional Mortgage Recording Tax
In 1969, New York State enacted the New York State Industrial Development Agency Act which created industrial development agencies (“IDAs”). New York State created IDAs to promote the economic welfare, recreation opportunities and prosperity of the inhabitants of New York State. IDAs have traditionally provided financial assistance by offering exemptions from sales and use taxes,…
Read moreNYS Real Estate Transfer Tax on Conveyances of Real Property
In New York State, sellers who convey an interest in real property are required to pay New York State real estate transfer tax. In the usual sale of real property, the real estate transfer tax is computed at a rate of $2 for each $500 of consideration or fractional part thereof. For example, in a…
Read moreBeware of Preserving Lien Priority When Modifying Mortgages
When lenders modify the terms of a mortgage loan they should be careful to obtain the necessary consents from any junior lien holders and to record the necessary documents memorializing the modification. In general, under New York law successive mortgages on the same property are entitled to priority in the order in which their respective…
Read moreHotel Syracuse Litigation Illustrates the Requirement that Lenders Must File Building Loan Contracts
The historic Hotel Syracuse in downtown Syracuse was recently the subject of a mortgage foreclosure action which led to litigation involving the priority of the liens against the property. The New York State Court of Appeals case of Altshuler Shaham Provident Funds, Ltd. v. GML Tower LLC (21 N.Y.3d 352), decided in June 2013, illustrates…
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