Eastern Abstract Corp.

Phone - (718) 654-2000
Fax - (718) 654-2221

News and Important Announcements

Decisions and changes are made on a frequent basis which affect our industry, and we will do our best to have them posted here as quickly as possible so you are not left at a closing with an outdated form, inaccurate transfer or recording rates, or crucial information concerning the validity of checks (for instance). If you have any comments or suggestions, please let us know!
There have been a few notable changes to elements of the Real Estate industry involving transactions: the first are changes in the FIRPTA withholding rates, and the other involves a directive from FinCEN (Financial Crimes Enforcement Network) aimed now at all counties in New York City (Bronx - $1.5 million, Kings - $1.5 million, New York - $3 million, Queens - $1.5 million, and Richmond - $1.5 million) Counties.  Other counties around the country included in this directive are: Los Angeles, San Diego, San Francisco, San Mateo, and Santa Clara (all in California), Broward, Miami-Dade, and Palm Beach (Florida) and San Antonio (Bexar County), Texas.  The press release issued by FinCEN can be found here.

One of the documents the CFPB has prepared for all consumers entering in to a mortgage is a "Tool Kit" which walks consumers through a wide variety of information, including how paying points up front will affect their monthly payment.  There are various charts, diagrams, and interactive elements to this took kit brochure.  Please click here in order to browse through this yourself, or to forward to one of your clients.

Additionally, we have updated and I hope clarified recording charges for most counties in the downstate area.  They can be found here, by county.  One of the clarifications the Title Industry has been called on to make is the separation of the recording fee and the service fee to record said document.  The numbers listed for each document is exclusive of the service fee.  There is a service fee to record each document.  As always, if you have any questions, please feel free to contact our office!

Eastern Abstract is an Agent for three major underwriters: First American, Commonwealth, and Fidelity. We have the ability to handle any size project you and your clients are undertaking.  
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