Courts and Law Bay Ridge

Past president Tafuri lectures Bay Ridge Lawyers on transfer and mortgage tax

February 26, 2016 By Rob Abruzzese Brooklyn Daily Eagle

The Bay Ridge Lawyers Association (BRLA) welcomed back past President Thomas P. Tafuri for a CLE lecture titled "Update of Transfer Tax and Mortgage Tax” at this month’s meeting. Pictured from left: BRLA Vice President Stephen A. Spinelli, Tommy Tafuri and Rosa Pannitto. Eagle photos by Rob Abruzzese

The Bay Ridge Lawyers Association (BRLA) welcomed back past President Thomas P. Tafuri for a CLE lecture titled "Update of Transfer Tax and Mortgage Tax” at this month’s meeting. Pictured from left: BRLA Vice President Stephen A. Spinelli, Tommy Tafuri and Rosa Pannitto. Eagle photos by Rob Abruzzese

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The Bay Ridge Lawyers Association (BRLA) welcomed back past President Thomas P. Tafuri for a Continuing Legal Education (CLE) lecture titled “Update of Transfer and Mortgage Tax” during its monthly meeting at Hunter’s Steak House in Bay Ridge on Wednesday night.

Tafuri is a graduate of Brooklyn College and Brooklyn Law School. He is counsel and co-founder of Regal Title Agency and is the chairman of the New York State Land Title Association and member of its executive committee. He also has more than 30 years of experience working in the title industry.

Past President Rosa Pannitto was thrilled at the opportunity to introduce Tafuri during the meeting because he was president when she joined the BRLA and said that he couldn’t have been more welcoming.

“Tommy [Tafuri] and his brother Peter took me under their wings and were so nice to me when I didn’t know anybody,” Pannitto said. “They answered any questions we had and introduced us to everyone.

“Tommy is what this organization is all about — the networking and the friendship and the comradery that we have. I just want to thank Tommy for all the work he’s done for this organization.”

During his lecture, Tafuri covered the recent transfer and mortgage tax law changes by reviewing the recent letter rulings and advisory opinions.

“Most attorneys are familiar with transfer tax and mortgage tax, but simply, transfer tax is basically a sales tax when a piece of real property is sold,” Tafuri said. “There’s a tax for the city and there are two taxes for the state. The city has a transfer tax, the state has a transfer tax and it also has a mansion tax which is slang for an additional tax.

“In addition, there is a mortgage tax, which is basically a tax on the mortgage similar to a sales tax. That’s the basics. I talk about recent developments with regards to letter rulings that the city issues or advisory opinions that the state carries.”

The BRLA is set to host a Brooklyn Supreme Court justice for each of its next three monthly meetings. On March 27, Hon. Lara Genovesi will give a CLE lecture; on April 27, Hon. Bernard Graham is scheduled to speak; and on May 25, the administrative judge of the Criminal Term, Hon. Matthew D’Emic, will speak.

BAR ENVY

As the Brooklyn Bar Association jets off to Cuba for its educational tour, members of the BRLA have taken notice and have created an Exploratory Committee to see if its own members are interested in a similar trip next year.

“We’re going to reach out to the organizers [at the Brooklyn Bar Association] to see if they can give us some guidance,” said BRLA Vice President Stephen A. Spinelli. “The reason we’re doing this now is because if we do it, I’d like to do it when I’m the president, so we can’t wait to start this until September. I’d like to see if it’s feasible [and] if people are interested.”

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