Bulletin: NY000199

Dear Associates:

As you know, for all documents submitted for recording to the New York City Register on or after January 2, 2003, the process must be initiated by the preparation of document cover pages using the Automated City Register Information System ("ACRIS"). ACRIS is an internet based system which not only can be used to create cover sheets for documents, it will also calculate transfer and mortgage taxes, and will allow the user to search indexes and view documents affecting real property in Manhattan, Brooklyn, Queens and the Bronx. Initially, indexes and documents back to 1966 will be available in Manhattan and indexes only will be available in Brooklyn, Queens and the Bronx back to 1982. Once the system is fully functional in 2004, indexes and documents for all four of these boroughs back to 1966 will be available.

The system will not be available prior to January 1, 2003. Therefore, it will not be possible to prepare in any significant way for the actual submission of documents in days leading up to year end.

As a result, the following is suggested for your consideration:

The City Register has hired additional personnel and will endeavor to clear recording backlog as well as prepare documents for submission through ACRIS during the latter days of December to minimize instances of document rejection. In return, it is requested that we cooperate with that effort by not creating a flood of documents to be recorded prior to year end and only submitting essential recordings from December 26 through December 31.

Undoubtedly there will be problems occasioned by the sheer volume of documents that are offered for recording even under the best of circumstances and rejection of some documents is inevitable. Hopefully, patience and cooperation will enable us to get past the growing pains associated with the implementation of the new system, and the long term benefits will far outweigh the short term burdens.

Questions regarding the system may be sent to acrisinfo@finance.nyc.gov . For further information, please contact Company Counsel or any Stewart Title representative.