Lexis Nexis Transfer and Mortgage Recording Taxes in New York Title Closings
Select a format
International Order Inquiry
Select subscription type
Terms & conditions
Subscribers receive the product(s) listed on the Order Form and any Updates made available during the annual subscription period. Shipping and handling fees are not included in the annual price.
Subscribers are advised of the number of Updates that were made to the particular publication the prior year. The number of Updates may vary due to developments in the law and other publishing issues, but subscribers may use this as a rough estimate of future shipments. Subscribers may call Customer Support at 800-833-9844 for additional information.
Subscribers may cancel this subscription by: calling Customer Support at 800-833-9844; emailing customer.support@lexisnexis.com; or returning the invoice marked "CANCEL".
If subscribers cancel within 30 days after the product is ordered or received and return the product at their expense, then they will receive a full credit of the price for the annual subscription.
If subscribers cancel between 31 and 60 days after the invoice date and return the product at their expense, then they will receive a 5/6th credit of the price for the annual subscription. No credit will be given for cancellations more than 60 days after the invoice date. To receive any credit, subscriber must return all product(s) shipped during the year at their expense within the applicable cancellation period listed above.
The total price includes the product(s) listed in the Order Form and any Updates for a limited period (minimum period of 30 days) after the order is placed ("Order Window"). Shipping and handling fees are not included in the grand total price.
All shipments may be returned, at subscribers' expense, for full credit of the Price within 30 days of receipt.
Shipments may not be returned, and no credits will be issued, more than 30 days after receipt.
After the Order Window, subscribers will receive notice of Updates along with the then-current grand total price and order process as Updates become available. Subscribers will only be shipped those Updates they specifically request.
Product description
View a sample of this title using the ReadNow feature
Transfer and Mortgage Recording Taxes in New York Title Closings is a one-volume guide that describes the taxes applicable to transfers and mortgages of interest in realty in New York state. It unravels the complexity of these taxes and analyzes statutes, regulations, and decisions. Authored by an expert in New York real estate law, this convenient guide covers topics such as:
• New York State real estate transfer tax.
• Mortgage recording tax.
• New York City real property transfer tax, plus local taxes for nine additional jurisdictions.
• Work-outs.
• Penalties.
• Exemptions.
• Filing of returns and payment of taxes.
• Tax traps.
The 2023 edition ISBN is 9781663340603.
eBooks, CDs, downloadable content, and software purchases are noncancelable, nonrefundable and nonreturnable. Click here for more information about LexisNexis eBooks. The eBook versions of this title may feature links to Lexis+® for further legal research options. A valid subscription to Lexis+® is required to access this content.
Table of contents
CHAPTER 1 NEW YORK CITY REAL PROPERTY TRANSFER TAX—TAXABLE TRANSACTIONS "DEED" TAX
§ 1.01 Introduction
§ 1.02 Rates and Consideration
§ 1.03 Examples of Taxable Transfers
§ 1.04 Foreclosure
§ 1.05 Cooperative Sales
§ 1.06 Condominium Units and 1-, 2- or 3-Family Houses
§ 1.06A Three-Family Houses
§ 1.07 Mere Change of Identity
§ 1.08 Voided Conveyances, Including Preferences and Fraudulent Transfers
§ 1.09 Examples of Conveyances Not Subject to Tax
§ 1.10 Controlling Interest
§ 1.11 Gifts
§ 1.12 Bankruptcy
§ 1.13 Conversion of Mitchell-Lama
CHAPTER 2 FILING OF RETURNS AND PAYMENT OF TAX
§ 2.01 Return
§ 2.02 Records to Be Kept
§ 2.03 Warrants
CHAPTER 3 PENALTIES AND INTEREST
§ 3.01 Interest
§ 3.02 Penalties
§ 3.03 Amnesty
CHAPTER 4 NEW YORK CITY REAL PROPERTY TRANSFER TAX CONTESTING CLAIMS STATUTES OF LIMITATION
§ 4.01 Overpayments
§ 4.02 Tax Refund Procedure
§ 4.03 Tax Contest
§ 4.04 Waiver by City
CHAPTER 5 REAL ESTATE TRANSFER TAX AND MANSION TAX
§ 5.01 Taxable Transfers and Rates
§ 5.02 Leases
§ 5.03 Rates
§ 5.04 Credits
§ 5.05 Transfers of 1-, 2- or 3-Family Houses
§ 5.06 Conveyances Where Consideration Is Less than $500,000
§ 5.07 Individual Condominium Units
§ 5.08 Cooperative Apartments
§ 5.09 Transfer of Controlling Interests
§ 5.10 Exemptions
§ 5.11 Examples of Taxable Transfers
§ 5.12 Mansion Tax
§ 5.13 Bulk Up or Gross Up
§ 5.14 Penalties and Interest
§ 5.15 Filing
§ 5.16 Collection and Refund
§ 5.17 Amnesty
CHAPTER 6 MORTGAGE RECORDING TAX AS IT PERTAINS TO TITLE CLOSINGS
§ 6.01 Introduction
§ 6.02 Mortgages
§ 6.03 Tax Traps
§ 6.04 Tax Rates
§ 6.05 Recording
§ 6.06 Saving Mortgage Recording Taxes—Perpetuating Old Mortgages
§ 6.07 Supplemental Mortgages
§ 6.08 Executory Contracts with a Right of Possession
§ 6.09 Multi-County Recording
§ 6.10 Reducing the Mortgage Recording Tax by Limiting the Amount of the Debt Secured
§ 6.11 Revolving Credit Loans
§ 6.12 Wraparound Mortgage
§ 6.13 Indefinite Mortgages
§ 6.14 Construction Loan Mortgages
§ 6.15 Credit in Condominium Development
§ 6.16 Trust Mortgages
§ 6.17 Exemptions
§ 6.18 Collection and Refund
§ 6.19 Defeasance
§ 6.20 Overpayment
§ 6.21 Bail Bond Mortgage
§ 6.22 Interest Rate Swaps
CHAPTER 7 WORK-OUTS—THE DISTRESSED BORROWER
§ 7.01 Alternatives
§ 7.02 Bulk Up
§ 7.03 Foreclosure; Deed in Lieu of Foreclosure
§ 7.04 Sale to Third Party
§ 7.05 Consensual Bankruptcy
§ 7.06 Cram Down
§ 7.07 Personal Liability
§ 7.08 Chapter 11
CHAPTER 8 MT. VERNON; ERIE COUNTY; YONKERS; BROOME COUNTY; EAST HAMPTON; RIVERHEAD; SHELTER ISLAND; SOUTHAMPTON; SOUTHOLD; WARWICK; TOMPKINS; RED HOOK AND ESSEX
§ 8.01 City of Mount Vernon Real Estate Transfer Tax
§ 8.02 Erie County Transfer Tax
§ 8.03 Yonkers Real Property Transfer Tax
§ 8.04 Broome County Real Estate Transfer Tax
§ 8.05 East Hampton, Riverhead, Shelter Island, Southampton and Southold Real Estate Transfer Tax
§ 8.06 Town of Warwick Real Estate Transfer Tax
§ 8.07 Tompkins County Real Estate Transfer Tax
§ 8.08 Red Hook Real Estate Transfer Tax
§ 8.09 Essex County Real Estate Transfer Tax
§ 8.10 City of Peekskill Real Estate Transfer Tax
§ 8.11 Columbia County Real Estate Tax
§ 8.12 Principles Applicable to All Taxes
CHAPTER 9 PRESUMPTIONS AND CANONS OF CONSTRUCTION—GENERAL PRINCIPLES
§ 9.01 Tax Statutes to Be Construed in Favor of the Taxpayer, but Exemptions Are to Be Construed Against the Taxpayer
§ 9.02 Standard of Review of Agency Determinations: Unreasonableness
§ 9.03 Form over Substance
§ 9.04 Relevance of Federal Tax Law
§ 9.05 New York City Real Property Transfer Tax
§ 9.06 Real Estate Transfer Tax
§ 9.07 Retroactive Application of Regulations and Statutes
§ 9.08 Gains Tax
§ 9.09 Real Estate Transfer Tax; Administrative Law Judge Determinations
§ 9.10 Estoppel
CHAPTER 10 TAX TRAPS
§ 10.01 Introduction
§ 10.02 Gifts
§ 10.03 Entity Transfers
§ 10.04 Sales by Exempt Organizations
§ 10.05 Principal and Agent
§ 10.06 Long-Term Leases
§ 10.07 Mortgage Recording Tax: Executory Contracts with Right of Purchase
§ 10.08 Changes
§ 10.09 Interpretations
§ 10.10 Retroactive Taxes
§ 10.11 Contract Provisions as to Which Party Pays the Tax
§ 10.12 New Taxes
§ 10.13 Retroactive Statutes and Regulations
Appendix A: TRANSFER GAINS TAX
I. Transfer Gains Tax and Consideration
A1.01 Basic Terms
A1.02 Consideration
A1.03 Consideration for a Controlling Interest in an Entity and Apportionment Between Real and Personal Property
A1.04 Consideration of One Million Dollars or More
II. Changes in Ownership
A2.01 Transfers
A2.02 Contracts and Options
A2.03 Look Through Principle
A2.04 Family Relationships
III. Responsibility for Payment of Transfer Gains Tax
A3.01 Entity Transfers
A3.02 Aggregation of Transfers of Entity Interests
A3.03 Personal Residence Exemption
A3.04 Other Exemptions
A3.05 Preemption
IV. Penalties, Interest, Warrants, Deficiency Notice and Appeal Process
A4.01 Abatement
V. Transfer Gains Tax Contesting Claims
A5.01 Claim for Deficiency—Notice of Determination
A5.02 Courses of Action
A5.03 Forum to Contest Service
A5.04 Petition and Procedure
A5.05 Appeals
A5.06 Bankruptcy
Appendix B: SOURCES OF INFORMATION
Appendix C: ADDITIONAL SOURCES FOR RESEARCH
Table of Cases
Table of Statutes
Index
