News & Insights

Buying or Selling Real Estate on Long Island? Expect More Fees in 2017

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).

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Beware of Zoning Changes: Protecting Your Non-conforming Use

ZoningLocal zoning codes established by a town, village, or city control and establish what you can do with your property, as well as the size and boundaries of structures. Those codes can change over time, resulting in potential problems for property owners. This is increasingly an issue for many owners as localities look to prohibit certain uses of property because of growing concerns of conservation, exposure risks, etc. However, owners are often protected from a change that makes a pre-existing use illegal because they are considered to have a “prior non-conforming use.”

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How a Conservation Easement Can Benefit Your Estate Planning

Could your estate benefit from a conservation easement? A conservation easement limits the amount of development that can be done on land. For the property owner, gifting or selling an easement can provide certain financial and business advantages. An easement can also benefit the larger community by conserving the property’s scenic and natural attributes, and ensuring that the property is preserved for open space, agricultural or passive recreational uses.

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