With regard to the NY Type of Property data fields, and related language there are three options available in the data entry.
Description
This language relates to NY Mortgage Tax Recording Laws. Previously, the appropriate language has been added by title companies as a coversheet. However, in an effort to ensure this isn't missed prior to recording, we've begun hardcoding it into our documents. Unlike most states where InvestorDocs are limited to 1-4 units, New York has a limit of 1 – 6 units. The first option is selected when there are 1 – 2 family dwelling units. If there are more than 2 family dwelling units, but not more than 6 residential units with their own cooking facilities, then you select the second option. The third option is typically used if there is also a commercial building on the property or if there are more than 6 units. However, Lender's rarely select that option for InvestorDocs. If you need additional information as to which choice is appropriate for a specific transaction, the title company should be able to assist.
User Interface
GoDocs Software Output Sample
For NY Investor Docs (selection option with output example):
This Mortgage covers real property improved, or to be improved, by a one (1) or two (2) family dwelling only.
This Mortgage covers real property improved, or to be improved, by a one (1) or two (2) family dwelling only.
TYPE OF PROPERTY: Borrower represents and warrants that this Mortgage covers real property improved, or to be improved, by a one (1) or two (2) family dwelling only.
This Mortgage covers real property principally improved, or to be improved, by one (1) or more structures containing, in the aggregate, not more than six (6) residential dwelling units with each dwelling unit having its own separate cooking facilities.
TYPE OF PROPERTY: Borrower represents and warrants that this Mortgage covers real property principally improved, or to be improved, by one (1) or more structures containing, in the aggregate, not more than six (6) residential dwelling units with each dwelling unit having its own separate cooking facilities.
This Mortgage does not cover real property improved as described above.
TYPE OF PROPERTY: Borrower represents and warrants that this Mortgage does not cover (A) real property improved, or to be improved, by a one (1) or two (2) family dwelling only OR (B) real property principally improved, or to be improved, by one (1) or more structures containing, in the aggregate, not more than six (6) residential dwelling units with each dwelling unit having its own separate cooking facilities.