Help Save Many New Yorker's Livelihoods
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MORTGAGE TAX! STATE TRANSFER TAX! MARIO CUOMO'S MANSION TAX! PROPOSED NYC MANSION TAX! EXCESSIVE RECORDING FEES IN NASSAU & SUFFOLK COUNTIES! AND YES EVEN NYS SALES TAXES!
If you have ever been involved in a Real Estate Transaction as a buyer or seller, you have surely dug deep into your saved earnings or lost expected equity in the sale of your home to pay the above-mentioned costly NYS and NYC Taxes. The downstate real estate market generates BILLIONS of revenue for the City and State of New York.
Now under attack by Governor Andrew Cuomo and the Dept. of Financial Services (hereafter, "the DFS") (Insurance Regulation 206 & 208), it is unfairly being claimed the Title Insurance business is corrupt and unscrupulous in the charging of unnecessary fees to applicants to a title insurance premium which is for the protection against title fraud and/or claims to title to their property. The DFS is regulating that all title insurance companies/agents must make difficult financial cut backs on ancillary fees necessary to complete a proper title insurance examination for a final closing.
Included in this Regulation, is the livelihood of thousands of self-employed Title Closers who attend closings to facilitate clearance of title and the delivery of title insurance policies on behalf of companies/agents.
TITLE CLOSERS ARE SELF-EMPLOYED PEOPLE WITH NO BENEFITS OF MEDICAL INSURANCE, BENEFIT OF GROUP RATES FOR HEALTH COVERAGE, NO COMPANY PENSIONS, NO SICK DAYS, NO VACATION DAYS, NO MATERNITY LEAVE, NO PERSONAL DAYS. They are required to travel to multiple locations where closings take place, spend hours at each closing and additional time at home to complete packages to be returned to each company for processing. Title Closers are not employed by title companies/agents AND the DFS should have no jurisdiction to regulate Title Closers.
Governor Andrew Cuomo and the DFS will effectively discontinue a practice that has been around for over sixty (60) years without contemplation of how Title Closers will be properly compensated to attend title closings. The Title Closer's fee is approved only by the attorney for a buyer or seller, the practice that has been around for the aforementioned years.
GOVERNOR ANDREW CUOMO AND THE DFS IS INTENDING TO REGULATE THAT WE ARE NO LONGER TO ACCEPT FEES AT CLOSINGS WITH NO TIME TO ADJUST OR FIGURE OUT OUT HOW THIS BUSINESS WILL CONTINUE. ATTORNEYS RELY ON GOOD, EFFICIENT AND EXPERIENCED TITLE CLOSERS. MOST OF WHICH MAY BE PUSHED OUT DUE TO THE ABOVE REGULATION.
Title Closers are asking for all of the support that we can get from all in New York, Governor Andrew Cuomo's CONSTITUENTS, to stop the Regulation which will destroy the livelihoods of thousands of Independent Title Closers. The Regulation will also put out of business many small business owners most of which employ thousands in the Title Insurance Industry. This will surely have a negative effect in many towns and neighborhoods where people working in this industry live.
TIME IS RUNNING OUT , THIS REGULATION IS SCHEDULED TO START DECEMBER 18TH, RIGHT BEFORE THE HOLIDAYS. WE NEED AND THANK YOU FOR YOUR SUPPORT.
LINDA HALL, Independent Title Closer since 1976.
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