December 7, 2016
Please be advised that Local Law 26-2016 is expected to be amended which will create a new Real Property Tax Service Agency Mortgage Verification Fee of $300.00 for each mortgage related DOCUMENT verified (the fee is the same regardless of the number of lots).
A mortgage related document is one that is recorded in the mortgage libers including Assignments of Mortgage, Satisfaction of Mortgage, Subordination, Consolidation, Extension and Modification Agreement.
This new fee is in addition to the current verification fee of $200 per Lot. (e.g. A two lot mortgage will be assessed the new $300 mortgage fee as well as the existing $400 verification fee ($200 per lot)). Additionally, there will now be a $5,000.00 cap on the $200 per lot verification fee.
All mortgage related documents presented or re-presented for verification to the Real Property Tax Service Agency on or after January 1, 2017 must be assessed the new mortgage verification fee of $300.00 per document. Documents verified prior to January 1, 2017 must be recorded within 30 days of the verification date, otherwise it is required they be re-verified and assessed the new fee.
Please note we will begin collecting the new $300 verification fee immediately and we will return the overage should the mortgage document be recorded prior to 1/1/17.