Bronx New York Mortgage Note

State:
Multi-State
County:
Bronx
Control #:
US-03108BG
Format:
Word; 
Rich Text
Instant download

Description

A mortgage note is a promissory note promising to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise. The collateral for the Note is a Mortgage. While the mortgage itself pledges the title to real property as security for a loan, the mortgage note states the amount of debt and the rate of interest, and obligates the borrower, who signs the note, personally to be responsible for repayment. In foreclosure proceedings in certain jurisdictions, borrowers may require the foreclosing party to produce the note as evidence that they are the true owners of the debt.
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FAQ

At the closing, the home-buyer/borrower pays the basic tax and the additional tax by delivering a check to the title company. The title company then submits payment of the mortgage recording tax together with the mortgage when the mortgage is submitted to the county clerk for recording. Section 253 1-a.

This is called "recording" the deed. When done properly, a deed is recorded anywhere from two weeks to three months after closing.

Real Property Recording Fees $49.00 + $10.00 per page for Cover Page. Minimum for 2 pages = $64.00 ($49.00 + 1 Cover Page + 1 document page). $2.00 for each additional block in excess of one. $3.00 for each additional lot in excess of one.

Although recording statutes vary between U.S. states, they virtually all require that an interest in real property be formally recorded in the appropriate county office in order to be valid. The purchaser (or transferee) named on the last deed of record is recognized as the legal title owner of that parcel of property.

You can record property-related documents in person or online. To register a document, you must create a cover page in ACRIS, and submit document, supporting documents, and pay fees and taxes (if necessary). Learn more about recording documents, including required documentation and fees online.

In order to fully protect the buyer's interest, the deed must be recorded at the office of the clerk of the county where the land is located. Recording the deed puts everyone on notice of the deed.

The Automated City Register Information System (ACRIS) allows you to search property records and view document images for Manhattan, Queens, Bronx, and Brooklyn from 1966 to the present.

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Bronx New York Mortgage Note