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 647 - Credit Line Mortgage
Section 647.6 - Sale or transfer of real property not subject to the lien of a credit line mortgage
Universal Citation: 20 NY Comp Codes Rules and Regs ยง 647.6
Current through Register Vol. 46, No. 12, March 20, 2024
(a) In the case of the sale or transfer of real property not subject to the lien of a credit line mortgage or where the lien of such a mortgage is not to remain outstanding, all instruments evidencing such sale or transfer may be recorded, provided a statement is made that:
(1) a
certificate of discharge of the credit line mortgage is being offered at the
time of recording of the deed;
(2)
a check has been drawn payable for transmission to the credit line mortgagee or
his agent for the balance due and a satisfaction of such mortgage will be
recorded as soon as it is available; or
(3) there is no existing credit line
mortgage.
(b) Such statement shall be made in accordance with procedures and on a form prescribed by the commissioner.
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