Notice dated September 19, 2012
Historically Federal National Mortgage Association (FNMA/Fannie Mae) and Federal Home Loan Mortgage Corporation (FHLMC/Freddie Mac) have claimed an exemption from the Realty Transfer Fee (RTF) under NJSA 46:15-10(b)("..By or to the United States of America, this State, or any instrumentality, agency, or subdivision thereof..") when recording deeds wherein either entity is the grantor. Last month, the Cape May County Clerk filed an action challenging their entitlement to that exemption.
It has come to our attention that Cape May and Camden Counties are refusing to record deeds from Fannie Mae and Freddie Mac where the governmental instrumentality exemption from the RTF is claimed. It is unknown at this time how other Counties will react.
Accordingly, in any transaction involving property in Cape May and Camden Counties (and any other County where the Recording Officer denies the governmental instrumentality exemption for Fannie Mae and/or Freddie Mac) wherein Fannie Mae or Freddie Mac is the grantor, the appropriate Realty Transfer Fee must be paid when the deed is sent in for recording. For FNMA/FHLMC transactions in other counties, the appropriate Realty Transfer Fee should be escrowed. Once the deed has been recorded, the escrow may be released.
NOTICE dated April 30, 2012
Notices of Settlement Changes Effective May 1, 2012
Notices of Settlement filed before May 1, 2012 have a duration of 45 days. Notices of Settlement filed after May 1, 2012 will have a duration of 60 days.
In addition to extending their effectiveness to 60 days, effect of the Notice may be extended for one additional 60 day period by the filing of a second Notice of Settlement before the expiration of the original Notice of Settlement.
Click here to see our special edition news letter "Changes to Recording Act"
NOTICE updated February 1, 2012
Pursuant to the provisions of P.L. 2009, c. 123 (the “County Homelessness Trust Fund Act”), N.J.S.A. 22A:4-17 is amended to permit counties to impose a recording surcharge of $3.00 per document for any instrument submitted for recording (except Assignments of Mortgage). The following counties impose the surcharge:
Bergen County; Camden County; Hudson County; Mercer County; Middlesex County; Passaic County; Somerset County; Union County.
Bergen County imposes this surcharge on all documents, including Assignments of Mortgage.
Please be guided accordingly when collecting funds at closing for recordings.
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