January Title Tidbit by Thomas Tafuri – Regal Title Agency
Beware to anyone transferring real property from a foreign diplomatic mission. This is more common in NYC and its surrounding counties, because of the presence of the United Nations.
Rule 23-03(j) (Rules of New York City) lists examples of situations in which the NYC Real Property Transfer Tax(NYC-RPTT) does not apply. Formerly the list included sub-paragraph (9) that read as follows:
“A conveyance of premises owned by a foreign diplomatic Mission or consular post, as used for diplomatic or consular purposes, including premises used as the residence for diplomatic or consular personnel.”
THE ABOVE SUB-PARAGRAPH HAS BEEN REPEALED!
Unfortunately, many members of our Association use a certain reference book that still continues to include the above sub-paragraph when listing the exemptions from the NYC-RPTT.
Therefore, BE CAREFUL!