MadisonAbstract.com is designed to assist real estate professionals in all aspects of real estate transactions. Equipped with useful Online Tools such as a mortgage calculator, research materials, online forms, and helpful links to industry resources, it operates as a resource center, providing you with a wealth of information to facilitate your needs.

We hope that as you explore the site, you will gain insight into who we are and how we operate. But more than this, we hope that you will gain confidence in us…the kind that seals deals and secures long-term business relationships. Thank you for visiting our site, and we look forward to working with you in the very near future!

Comments and questions should be directed to info@madisonabstract.com. Learn more About Madison Abstract.

On July 21, 2008, Governor Paterson signed Chapter 349 into law. Effective immediately, the new legislation creates an exemption from the Peconic Bay Region Community Preservation Fund transfer tax in the towns of Southampton, East Hampton and Shelter Island (Southold and Riverhead not included) for qualifying first-time buyers and for certain not-for-profit corporation. The exemption applies to individual purchasers of primary residences (i.e. real property) where the purchase price and income of the first time homebuyer falls within certain limits. If the purchaser is a qualifying not-for-profit corporation, the exemption applies to any real property that will provide affordable housing opportunities under the conditions stated in the legislation.

To take advantage of the exemption, the purchaser must submit an application to his/her town prior to closing along with his/her most recent income tax return and a copy of the contract of sale. The town will then sign the application/form, as well as Part II of the amended Peconic Bay Region Community Preservation Fund transfer tax return , thereby granting the tax exemption.

Please note that the transfer tax form must be printed on 8 ½ by 14 paper and both forms submitted to the County Clerk’s office in order for the deed to be recorded and the tax exemption recognized. Exemption application forms and procedures are currently being prepared by the towns previously highlighted since all are required to use the new Peconic Bay forms for recording purposes regardless of whether they qualify for the exemption.