Introduction to ACRIS
New Yorkers use ACRIS, the Automated City Register Information System, for several reasons. The data from the system pertains to Real Property in Manhattan, Queens, Brooklyn, and the Bronx. This blog will highlight ACRIS’s uses, benefits, and challenges.
Why do Real Estate Investors in NYC use ACRIS?
Price, Ease, and Convenience
Investors can quickly register on NYC’s Department of Finance website. Once registered, property owners will receive notices if any of the following documents are recorded:
- Agreement
- Court Order
- Deed
- Judgment
Email notifications, postal mail notices, and overall use of the ACRIS platform are FREE of charge. Rates may apply for printing copies of documents.
General Data
Real estate investors spend the most energy finding and negotiating deals. Once the acquisition is complete, preserving and maximizing the investment becomes paramount.
ACRIS New York helps investors uncover essential information on properties pre-acquisition and helps track records post-acquisition.
Prevent Fraud on ACRIS via Record Tracking
With ACRIS, you can sign up for a program with the City Register called “the Notice of Recorded Document Program.” By signing up, property owners will be able to track mortgage and deed-related documents. If you’ve unfortunately been a victim of Deed Fraud, you can report it using an online form on ACRIS.
Tracking records consistently and systematically helps property owners defend against deed or mortgage fraud. Other methods to prevent fraud include purchasing title insurance, having someone pick up the mail at the property when you cannot, and drafting a will with clearly stated beneficiaries and executors.
ACRIS’ Pre-Acquisition benefits
Due diligence is a vital part of the acquisition process. Its main objectives are to identify and mitigate risks. Since there is so much information to gather on a property, the due diligence period begins before negotiations and continues until closing.
Before closing on a property, ACRIS can help investors and homebuyers in NYC:
- Confirm ownership history – investors can benefit from knowing exactly who has (and doesn’t have) ownership rights to avoid future litigation. Probate and estate sales in New York can be especially problematic for homebuyers and investors. If a previous owner is deceased, ACRIS New York can help you get ahead of any probate/estate issues that can arise with family members and other potential beneficiaries of the deceased.
- Find outstanding liens & judgments
- View mortgage-related documents
- Compute property taxes
- Compute transfer taxes – this is especially important for house flippers in New York. Transfer taxes are paid for by the seller and are an important data point when calculated net proceeds from the sale of a house flip.
ACRIS’ Post-Acquisition benefits
Property owners can conveniently use ACRIS to:
- Access and view deed, mortgage, lease, and other documents related to their property
- Pay their property taxes
- Create cover letters and tax forms
- Pay transfer taxes
- Prevent Fraud – As mentioned towards the beginning of this blog, ACRIS allows property owners to prevent fraud via Record Tracking.
How to access ACRIS New York information
ACRIS online
By using block and lot number, you can gain access to the documents mentioned above. If you do not have the block and lot number, you can search for it using the property address.
In-person data
For Manhattan, Brooklyn, Queens, and The Bronx, ACRIS visitors can find property data by going to the Borough’s Register Office. For Staten Island records, investors and homeowners can go to the Richmond County Clerk’s office.
Other methods of getting ACRIS information
For assistance over the phone, call the ACRIS help line: 212-487-6300.
You can also use your NYC login to email the ACRIS help desk.
ACRIS New York Challenges
- ACRIS data is limited to NYC: Manhattan, Queens, Brooklyn, and The Bronx. Our neighbors in the Long Island, Westchester, and Rockland County suburbs use different online resources for property records.
- If you are searching on ACRIS using a specific Document ID or Clerk’s file number, you may only be able to see documents dating back to 2003. To find documents from before 2003, you’ll need to search by Reel & Page or File numbers.
- Property records only date back to around 1966. Since many properties in NYC were built before 1966, not all data will be available on the site.
Although public online records via ACRIS and other sites, like Zola, are limited, you can still obtain information (and peace of mind) with Title Searches. Investors and homebuyers are required to purchase title insurance when obtaining financing. Title searches and title insurance aim to uncover any issues associated with the property and protect ownership rights.
Outro
Due diligence will make or break your next NYC property purchase so maximize your tax advantages as much as possible. ACRIS New York can help save investors and homebuyers time, money, and headache. Obtain as much information on your target property as possible to avoid unpleasant surprises, have peace of mind, and increase negotiation power.
You don’t have to do it all alone, lean on your Real Estate team of attorneys, agents/realtors, and title company to be sure you have safely reviewed the property’s past history and current standing.
Not Legal or Financial Advice!
This and all other REbuild blogs are shared for informational purposes only. When considering or drafting a will, please consult an estate-planning attorney, accountant, or other professional.
