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Madison Abstract
Madison Direct
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Madison Toolbox
670 White Plains Road
Scarsdale, NY 10583

Tel: (914) 725-7200
Fax: (914) 725-7724
info@madisonabstract.com
February 06, 2012

Looking for something on our website? Browse the site directory below for an overview of our website contents.

General Information
About Us - About our company and website.
Staff - Get to know the Madison team.
Title Services - Overview of our services and experience.
Online Services - Learn About Madison Direct Online Services.
News & Events - Latest deals, industry news, upcoming events.
Newsletter Archive - Archive of links to our monthly newsletter.
FAQ - Questions & Answers regarding our website and business.
Contact - Contact information and Email Form.
Online Tools
Title Online - Title reports available online for Madison Direct customers.
Forms Online - Download forms and documents in .PDF format.
Helpful Links - Collection of government and industry resources.
Calculators - Online rate calculator and mortgage calculator.
Madison Abstractions
Top Deals
$2.5M purchase of a Bronx apartment building

$2.0M purchase of a manhattan condo

$1.8M purchase of a Nassau residence
Tip of the Month
A religious corporation cannot sell, mortgage or lease for a term exceeding five years, any of its real property without applying for and obtaining leave of the Court. A court order is also necessary for mortgages with terms less than five years. Religious entities are subject to the same Not-for-Profit laws as not-for-profit corporations so in addition to court approval, the consent of two-thirds of the directors to the sale must be obtained. Strict compliance with the order approving the transaction is required, so if there is an amendment to the terms of the mortgage, the court order must also be amended. Since not-for-profit corporations are exempt from paying a transfer tax, the purchasers of said properties may have to pay the transfer tax by default.