Yonkers New York State Combined Transfer Tax Return and Credit Line Mortgage Certificate is a legal document required in Yonkers, New York, to report and pay transfer taxes associated with real estate transactions and credit line mortgages. This document ensures compliance with local laws and regulations while facilitating the transfer of property titles and registration of credit line mortgages. The Yonkers New York State Combined Transfer Tax Return and Credit Line Mortgage Certificate is used for both residential and commercial property transactions, allowing the city of Yonkers to collect taxes on the transfer of real estate ownership and the establishment of credit line mortgages. There are two distinct types of Yonkers New York State Combined Transfer Tax Return and Credit Line Mortgage Certificates: 1. Yonkers New York State Combined Transfer Tax Return: This portion of the document is completed by both the buyer and seller of the property, providing essential information such as property addresses, legal descriptions, purchase prices, and names of the parties involved. It also calculates the transfer tax owed based on the purchase price of the property. This tax varies based on the property type, with residential and commercial properties having different tax rates. 2. Credit Line Mortgage Certificate: This section of the document is completed by the lending institution providing the credit line mortgage to the property buyer. It certifies the details of the mortgage, such as the mortgage amount, interest rates, and the borrower's information. This certificate is necessary to record the credit line mortgage against the property's title and to determine the appropriate amount of mortgage tax to be paid. Completing the Yonkers New York State Combined Transfer Tax Return and Credit Line Mortgage Certificate accurately and submitting it within the specified timeframe is essential to avoid penalties or delays in property transactions. It is typically prepared by the buyer's attorney or the title company handling the transaction. In summary, the Yonkers New York State Combined Transfer Tax Return and Credit Line Mortgage Certificate is a comprehensive legal document that helps the city of Yonkers collect transfer taxes and record credit line mortgages. Its accurate completion is crucial to ensure compliance with local laws and regulations and facilitate smooth property transfers in Yonkers, New York.