Bulletin: NY000110

Date:
January 11, 1996
To:
New York State Counsel, Managers and Agents
RE:
HPD Preliminary Residential Property Transfer Form

Dear Associates:

The City of New York has promulgated a new form (OHP Form 515 (Rev. 11/95) Preliminary Residential Property Transfer Form), which is to be submitted at the time a deed is recorded, where the premises conveyed is either:

  • a multiple dwelling, or
  • a one or two family dwelling and the grantee does not live in New York City.

After the form is received, HPD will generate a computerized "Property Registration Form", which will be sent to the property owner to complete the registration process.

A copy of the Preliminary Residential Property Transfer Form is available through our New York offices.

The registration requirement has been expanded to include one and two family dwellings where the owner does not live in New York City. The registration requirement will also apply where the owner who has previously occupied an otherwise exempt residential property moves out of New York City, and rents it to others.

A sample revised form for non-multiple dwelling affidavit, to be submitted with the recording of other types of property (commercial, vacant, owner occupied 1-2 family, or non-owner occupied 1-2 family where the owner lives in New York City) can be found in the reference section at the end of this bulletin.

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:
NY000059 HPD Multiple Dwelling Registration
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None