Bulletin: NY000196

Dear Associates:

Underwriting Bulletin No. NY 000193 dated August 30, 2002 first addressed the law requiring the submission of State Board of Real Property Services Form RP 5217 (commonly known as the "Equalization and Assessment" Form) for all deeds to be recorded in the City of New York beginning on January 2, 2003. As that date is fast approaching, further information has been made available.

Any deed submitted for recording, including those that may have been previously submitted and rejected by the recording officer in any of the five counties comprising the City of New York must be accompanied by Form RP5217NYC. While it may fulfill essentially the same function, it is not the same Equalization and Assessment form used throughout the rest of New York State. The form and its instructions are available on the Internet at http://www.nyc.gov/htm1/dof/html/taxfrm02.htm1#5217 . At that site you have the option of using a form that may be completed "on line" and then printed or printing a blank form to be completed later.

This new requirement does not replace the requirement to file the NYCRPT form. The fee for filing the RP5217NYC is $25.00, however, where both the RP5217NYC and the NYCRPT are required to be filed, the $25.00 fee associated with the filing of NYCRPT will not be collected.

It is not required to file RP5217NYC in those cases where the conveyance is of a controlling interest, an easement, development rights or a cooperative apartment. Be advised though that the NYCRPT form will still be required in these transactions and that the $25.00 fee for filing it will continue to be collected. It is required to file RP5217NYC where the conveyance is of a "Qualified Leasehold Condominium".

Lastly, although not part of the City Register system, conveyances to be recorded with the Richmond County Clerk will require submission of the same form as outlined above.

For further information, please contact Company Counsel or any Stewart Title representative.