Section 275 Affidavit
(Mortgage Assignment Confirmation) (NY)

Summary

This template is a Section 275 affidavit, which is used to confirm that a mortgage can be assigned pursuant to N.Y. Real Prop. Law § 275 and is therefore exempt from the payment of New York mortgage recording tax. This template includes practical guidance and drafting notes. Under Section 275, a mortgage that is assigned continues to secure a bona fide obligation and an enforceable lien, rather than becoming a "dormant" mortgage and is thus exempt from the payment of New York mortgage recording tax. This Section 275 affidavit can be used for the assignment of a commercial or residential mortgage and must be submitted with the assignment of mortgage when it is recorded. For a template assignment of mortgage, see Assignment of Mortgage (NY).