Update December 7, 2016: The new fee discussed below has been passed by the Suffolk County legislature per the County website…
|$300.00 per document||MORTGAGE VERIFICATION FEE effective January 1, 2017|
Suffolk County, New York has announced a new fee that will be required to record certain mortgage and mortgage-related documents!
To this observer, this seems to be nothing but an egregious money grab and as regressive a tax as has been seen in some time! And, by some time, that means last year.
For now this is only a preliminary notification that will require passage but, if this new $300 fee to record certain mortgage documents is enacted, the increase in cost would be quite large and breakdown this way to record a mortgage:
December 2, 2016: $200 Tax Lot Verification Letter + $45 Recording Fee + $5 Per Page (assume 15 pages) = $320
January 1, 2017: $300 Mortgage Verification Fee + $200 Tax Lot Verification Letter + $45 Recording Fee + $5 Per Page (assume 15 pages) = $620
If the math is correct then that would represent a 93% increase in the cost to record a mortgage in Suffolk County!
Now, imagine the financial impact to a County resident if there were multiple documents to record.
For the buyer of a multi-million dollar house out on the East End this cost increase is likely no big deal.
But, for a resident of the county for whom money is an object, this increase would be egregious and appears to be nothing but a regressive tax hidden under the title of fee!
Suffolk County Mortgage Verification Fee
IMPORTANT: THIS IS A PRELIMINARY NOTIFICATION
PRIOR TO THE PASSAGE OF THE RESOLUTION
The county legislature vote is scheduled for Tuesday, 12/06/2016
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