The $70 million automated New York City registery site for property transactions has gotten a $1 million upgrade that will allow many transactions to be conducted from home computers through a new e-filing system.
Title industry executives and transaction attorneys have been working with the Department of Finance to get to this milepost.
Still, there are typos that are getting through some of the examiners and creating bad data. Finance has asked that anyone noticing mistakes, such as co-op UCCs or condo transactions filed on the wrong block and lots to bring them to their attention.
The e-filings allow users to download forms from property registrations to mortgage taxes and smoke-detector compliance.
By obtaining the information electronically it allows the city to transmit filings to the state daily, rather than having it retyped for the State Taxation and Finance Department and the Office of Real Property Services.
Original documents with signatures still need to be filed, and the finance department is mere weeks away from centralizing its scanning. Since Queens has many more transactions than the Bronx, for instance, if Bronx personnel are not busy they will be able to help with the Queens transactions.
A UCC e-filing pilot is already underway because there are state standards for accepting such filings, and no signature is needed.
To check the new system, go to www.nyc.gov/acris and hit the tutorial button to learn how to file online.