Bulletin: NY000047

Date:
July 14, 1994
To:
New York State Counsel, Managers, Underwriter & Agents
RE:
New York City Real Property Transfer Tax (NYC-RPT) New Schedule M - Mere Change of Form Transfers

Dear Associates:

Section 308 of the State Budget Bill (Chapter 170 of the Laws of 1994) provides for the addition of a new subdivision 8 to New York City Administrative Code §11-2106. This provision exempts, from the New York City Real Property Transfer Tax ("RPT"), transfers taking place on or after June 9, 1994, which effect a mere change of identity or form of ownership, to the extent that the beneficial interest remains the same. This provision does not apply to transfer of title from a sponsor to a cooperative corporation.

The department of finance has promulgated a new Schedule M to be appended to the RPT form, where the circumstances warrant.

Note: Other aspects of the budget bill, including the special transfer and gains taxation treatment of REITs and other matters involving transfer and gains taxes are reviewed in General Counsel Michael P. Miglino''s Legal Department Correspondence dated July 8, 1994.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
4.36 Documentary Transfer Tax
Exceptions Manual:
None
Forms:
None