Bulletin: NY000044

Date:
May 26, 1994
To:
All Counsel, Underwritten Companies (For distribution to Closers and Recording Personnel)
RE:
Revised Equalization Form - (EA 5217 Rev 1/94)

Dear Associates:

The Real Property Transfer Report (commonly called the Equalization Form), promulgated by the New York State Board of Equalization and Assessment, is required to be submitted when recording a deed in the County Clerk's office in every county within the state, except the five counties comprising New York City.

This form has been revised, by a revision dated 1/94, copies of which will be available in County Clerk's offices throughout the state beginning on June 1, 1994. The revised form will be required for all transactions commencing July 1, 1994. The revision is pursuant to amendments to Real Property Law §333.1-e effectuated by Chapter 257 of the Laws of 1993, effective July 1, 1994.

There are a number of changes in the form. Here are some highlights:

  • The form must be signed by Buyer and Seller;

  • Question 4 requires additional information to be checked off (check off all that apply) if the premises transferred is part of a parcel, whether: (a) a planning board with subdivision authority exists; (b) subdivision approval was required for the transfer; and/or (c) parcel approved for subdivision with map provided.

  • New Questions 10A and 10B request information as to whether the property is located in an agricultural district, and whether buyer received a disclosure (required by §310 of the Agriculture and Markets Law) indicating that the property is in an agricultural district.

Fifty counties in the state presently have agricultural districts. Those that do not include the five New York City counties; Nassau, Westchester, Putnam, Rockland, Warren and Hamilton. Schuyler County is expected to designate a district some time this year.

If a tax search is provided as part of your title comments or preliminary certificates of title, it would be helpful to provide as much of the assessment information as practicable, as a service to the customer, who may know of no other way to ascertain this information. Tax assessment records in some counties may not have been updated to provide agricultural district information, although Town Clerks should have a detailed map of each district in town.

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:
19.04 Taxes And Assessments
Exceptions Manual:
None
Forms:
None