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In addition to the cost of your title insurance, part of the cost of your real estate transaction is the cost to record and file documents. The information below shows the current costs of these fees in New York
| Item | Customary Practices |
|---|---|
| Endorsements | See attached list of endorsements. |
| Short Form Loan Residential Policy | Please see attached bulletin for instructions and search/examination requirements for the issuance of short form residential loan policies. |
| Statute of Limitations | Judgments - effective 20 years, but only a lien on the property for 10 tears, unless a lien was filed on the property. NY State Warrants - 10 years. |
| Tenants in Foreclosure | For rental properties foreclosed on or after 05/20/09, a "bona fide" tenant shall receive at least 90 days notice before they may be evicted. Please see attached bulletin for more information. |
| Use of Starters for Title Searches | Please see attached bulletin for regulations in regard to the use of starters or prior searches/title policies to begin a title search. |
| Billing | Invoice issued with title report |
| Closing Entity | Varies by county as well as by custom and practice.
Upstate (Zone 1); while the title company/agent may employ an attorney as a closer, most title companies use employee closers. Downstate ( Zone 2); title closers commonly close loans. The buyer traditionally pays a "gratuity" to the title closer. Closing requires simultaneous transfer of documents and consideration by parties. Recording is done post closing. |
| Closing Fees | Most paid by buyer |
| Community Property State | Yes |
| Conveyance Instruments | Bargain and sale deed with covenant |
| Deed Transfer Tax | "Paid by seller. Certain exemptions apply. If applicable, the Affidavit of Consideration for use by seller must be completed and attached to the deed. Click on the link below to view the form and see complete instructions. |
| Dower & Curtesy | Abolished |
| Duration of Commitment | N/A |
| Foreclosure | Usually judicial; minimum 180 days |
| Forms | American Land Title Association (ALTA 2006) |
| Homestead Laws | None |
| Leasehold Tax | Yes, depends on transaction type |
| Lien Theory State | Yes |
| Mortgage Tax | Yes |
| Policy Premiums | Both Loan and Owner's Policy Premiums paid by buyer |
| Power of Attorney | May be used at closing, statutory form preferred. |
| Property Taxes | Varies by city and township |
| Recording Fees | Simultaneous transfer at closing; recording takes place after closing |
| Redemption Period after Sale | None |
| Special Statutes for Non-resident Sellers | None |
| State Encumbrance Forms | Mortgage |
| Survey Charges | Paid by buyer |
| Title Search & Examination | Paid by buyer. Look back period is 40 years; downstate only fees are included in title rate |
Coming Soon
Rivky Lebovits Phone:732.333.2393 Email:rlebovits@madisontitle.com
For additional contact information, see Contact Us
Note: The information in this section is drawn from several sources, including:
We will update it periodically. But please bear in mind there will always be some lag time between an announced change and a programming update. In addition, individual transactions may vary due to circumstances such as special risks or services required for your particular transaction.
