New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter IV - Sales And Use And Other Miscellaneous Taxes
Subchapter D - Mortgage Recording Taxes
Part 645 - Supplemental Mortgages
Section 645.3 - Claiming exemption upon recording of a supplemental mortgage

Universal Citation: 20 NY Comp Codes Rules and Regs ยง 645.3

Current through Register Vol. 46, No. 12, March 20, 2024

Tax Law, § 255

(a) Where an exemption from the mortgage recording taxes is claimed upon the recording of a supplemental mortgage, an affidavit made in duplicate must be filed, at the time of recording the supplemental mortgage. The affidavit shall be made by the mortgagor, the mortgagee, or any other person who has knowledge of the facts, and such affidavit shall set forth the basis upon which the exemption is claimed. The affidavit must contain the following information:

(1) the names of the mortgagor(s) and mortgagee(s);

(2) the date that the prior recorded primary mortgage(s) was or were executed and recorded;

(3) the liber and the page number where such prior recorded primary mortgage(s) was or were recorded;

(4) the amount of the principal debt or obligation secured or which under any contingency could have been secured by the prior recorded primary mortgage(s) as of the date of its/their execution;

(5) the total amount of mortgage recording taxes paid when the prior recorded primary mortgage(s) was or were recorded;

(6) the remaining principal balance of the prior recorded primary mortgage(s) as of the date that the supplemental mortgage is executed;

(7) an adequate description of the supplemental mortgage including the reason(s) why such instrument constitutes a supplemental mortgage and the principal debt or obligation secured thereby;

(8) a statement setting forth the amount, if any, of further indebtedness or obligation other than the unpaid balance of the principal indebtedness or obligation secured by or which under any contingency may be secured by the prior recorded primary mortgage(s) as determined and described at subdivision (b) of section 645.2 of this Part;

(9) a statement setting forth the amount, if any, of any "new funds" advanced or readvanced as defined in section 641.9 of this Title; and

(10) a statement setting forth the maximum principal debt or obligation which is or which may be secured under any contingency by the supplemental mortgage.

(b) Where an exemption from the mortgage recording taxes is claimed with respect to the recording of a supplemental mortgage, after such supplemental mortgage is recorded and tax paid, the affidavit and information described in subdivision (a) of this section must be submitted to the department along with the application for refund. (See Part 654 of this Title for further information on refund procedures).

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