Mortgages

Recording a Mortgage

Mortgages cost $50.00 for the first page, and $5.00 for each page thereafter. 

The mortgage tax rate in Cattaraugus County is 1.25 percent.
Mortgages that are exempt from the mortgage tax need to be accompanied by a tax affidavit, which costs $5.00 to record. These affidavits must be signed and notarized. Examples of exempt mortgages include those held by credit unions or private parties.

Properties that are, or will be, improved by a one- or two-family dwelling are eligible for a $25 discount. 

As an example, here are the calcuations for a 10-page, non-exempt mortgage on a $100,000 home:

The per-page fee is $95.

The mortgage tax cost is $1,250.

Since it is improved by a one- or two-family dwelling and earns the $25 discount, the final cost to record the mortgage is $1,320 [$95 + $1,250 - $25].

Discharge of Mortgage [a.k.a. Satisfaction of Mortgage]

A Discharge or Satisfaction of Mortgage costs $50 for the first page and $5 for each additional page. Each reference costs fifty cents.

** As per New York State law § 1921 Real Prop. Acts: After the principal, interest and any other amounts due have been paid, a Mortgagee has 45 days to arrange for a Satisfaction of Mortgage to be presented for recording to the recording officer of the county where the mortgage is recorded. **

Assignment of Mortgage 

An Assignment of Mortgage costs $50 for the first page and $5 for each additional page. Each reference costs fifty cents.

Categorized under: