N.Y. Comp. Codes R. & Regs. tit. 20 § 647.6

Current through Register Vol. 46, No. 25, June 18, 2024

Section 647.6 - Sale or transfer of real property not subject to the lien of a credit line mortgage

(a) In the case of the sale or transfer of real property not subject to the lien of a credit line mortgage or where the lien of such a mortgage is not to remain outstanding, all instruments evidencing such sale or transfer may be recorded, provided a statement is made that:

(1) a certificate of discharge of the credit line mortgage is being offered at the time of recording of the deed;

(2) a check has been drawn payable for transmission to the credit line mortgagee or his agent for the balance due and a satisfaction of such mortgage will be recorded as soon as it is available; or

(3) there is no existing credit line mortgage.

(b) Such statement shall be made in accordance with procedures and on a form prescribed by the commissioner.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 647.6