Nassau and Suffolk counties are again attempting to raise revenue, this time targeting real estate transactions. Those buying or selling real estate on Long Island or looking to borrow funds should be aware of the following new and increased fees:
- Suffolk County Mortgage Verification Fee. Effective January 1, 2017, there is a $300.00 charge at the time of filing of any “mortgage related documents.” It appears that this fee, which would be paid by the Borrower, would apply to mortgages, assignments of mortgage, subordination agreements, home-equity line of credit documents, satisfactions of mortgage and consolidation, extension and modification agreements (CEMAs), all of which are recorded in mortgage books of record (Libers).