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Spano Abstract Service Corp.

A Lifetime In the Title Insurance Industry.

Items of Interest: NEW Suffolk County Recording Charge; NASSAU County Fee Increase

Items of Interest: NEW Suffolk County Recording Charge; NASSAU County Fee Increase

On December 6, 2016, the Suffolk County Legislature passed Local Law 26-2016. This law now requires that all mortgage-related instruments submitted for recording in Suffolk County be subject to a Real Property Tax Service Agency, Mortgage Verification Fee of $300 per instrument. The fee is the same regardless of the number of lots.

Effective December 7, 2016, Spano Abstract will start collecting these fees in anticipation of Suffolk County imposing its new policy. This fee will be reflected on your closing invoice as Mortgage Document Verification Fee.

This new fee is in addition to the current Lot Verification Fee of $200 which is charged per lot on all instruments. This Lot Verification Fee was put into effect on December 18, 2015.

Effective January 1, 2017, Nassau County's Tax Map Verification Fee is being raised to $355 per letter.

If you have any questions regarding the new fees or your closing invoice, please don’t hesitate to call.

Changes & Developments: New Financial Crimes Enforcement Order

Changes & Developments: New Financial Crimes Enforcement Order

On July 17th, 2016, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U. S. Department of Treasury, issued Geographic Targeting Orders to all title companies. The orders impose temporary new data collection and reporting requirements for all cash purchases of residential real estate by corporate entities in certain counties. Under the Order, title companies, including any subsidiaries and agents of (“Covered Business”), must report the names of all natural persons with 25% or greater ownership interest in a legal entity, or the names of all members of an LLC. This reporting requirement runs from August 28, 2016 through February 23, 2017. Follow the link below for further information.

FinCEN FACT SHEET

Special Events

Special Events

Join us, March 4, 2017, 7:30 PM, at The Madison Theatre at Molloy College, Rockville Centre, NY for a great evening of Jazz with saxophonists Vincent Ingala and Grace Kelly.

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