Bulletin: NY000141

Date:
June 27, 1997
To:
All New York State Office Counsel, Managers and Agents
RE:
2nd New York City Tax Lien Sale Held 5/21/97 - List of Affected Properties and Servicing Agents Handling Payments of Tax and Releases of Lien

Dear Associates:

The City of New York held its 2nd tax lien sale on May 21, 1997. This sale, unlike the first one, included Class 1 properties (1, 2 and 3 family houses) where taxes of $1,000 or more were delinquent for more than 3 years. It also included Class 2, 3 and 4 (apartment house, commercial and industrial) properties where taxes of $1,000 or more were delinquent for over one year.

The Department of Finance has provided the Title Industry with a schedule of the parcels included in the 2nd sale, together with the names of the two companies which will act as servicing agents for the purposes of issuing payoff letters, processing the payment of the delinquent tax items and executing releases of lien. They happen to be the same companies which serviced the first lien sale. A copy of the schedule is available from the New York City Office.

The names of the servicers are as follows:

(1) J.E. Roberts Co. (JER)
Tel. No. - 888-783-8250

(2) Capital Asset Research Corp. (CARC)
Tel. No. 561-689-9700

The schedule lists the properties by borough, block and lot, respectively. The City of New York has a numerical code for each borough shown on the schedule. The code is as follows:


1 - Manhattan
2 - Bronx
3 - Kings
4 - Queens
5 - Richmond

To give you an example of how to identify the properties in the schedule, note that at the top of the first page, the handwritten letters "JER" appear. That means that all of the properties listed below those letters are being serviced by J.E. Roberts Co. and you would have to contact that Company to get a payoff letter. The numbers which identify the first property listed on Page 1 of the schedule are listed in Borough, Block and Lot order (1 00065 0018). For example, the first property is in Borough 1 (Manhattan), Block 65, Lot 13. Those properties which are listed below the letters "CARC" would be administered by Capital Asset Research Corp. You would contact Capital to obtain the required payoff figures on those properties.

The servicing agents described above will provide not only payoff figures, but will also indicate the name of the entity to whom payment is to be made (it will probably be NYCTL-1997-1) and the place where payment is to be made. This schedule should make your job in disposing of a sold tax lien a little easier.

For your information, representatives of the N.Y.C. Department of Finance indicated that there will probably be two more tax lien sales this year, one in July and one in November.

Should you have any questions, please contact the New York City Office.

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:
None
Exceptions Manual:
None
Forms:
None