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Madison Abstract
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670 White Plains Road
Scarsdale, NY 10583

Tel: (914) 725-7200
Fax: (914) 725-7724
info@madisonabstract.com
March 10, 2010
Originally located on Madison Avenue in Manhattan, the company relocated to southern Westchester County in 1987. Our expansion and relocation placed us in an optimal position to serve clients in the tri-state area. As members of the American Land Title Association and the New York State Land Title Association, we offer you quality insurance, and guarantee you nothing less than peace of mind.
Contact Us
Madison Abstract, Inc. Phone: (914) 725-7200
670 White Plains Road, Suite 121 Toll Free: (800) 553-4277
Scarsdale, NY 10583 Fax: (914) 725-7724
  Email: info@madisonabstract.com
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Top Deals
$2.5M purchase of a Bronx apartment building

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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.