Mortgage Consolidation: Minimizing Mortgage Recording Taxes (NY) | Practical Law
A Practice Note discussing mortgage consolidation as a way to minimize New York mortgage recording taxes. This Note discusses the eligibility requirements for claiming a partial exemption of New York's mortgage recording taxes and gives guidance on customizing loan documentation to achieve loan consolidation, including by mortgage assignment and consolidation. This Note also describes the additional documents needed for a loan consolidation, including the tax affidavits that must be filed with the mortgage claiming a mortgage recording tax exemption.