Upload
jerry-feeney
View
464
Download
0
Embed Size (px)
Citation preview
Closing CostsJerry M. Feeney, Esq.
Manhattan Office: Brooklyn Office:303 Fifth Avenue, Ste. 405 374 Court StreetNew York, New York 10016 Brooklyn, New York 11231(212) 842-0237 (718) 233 6560
DE Capital Mortgage
April 28, 2010
Understanding Closing Understanding Closing CostsCosts
Seller’s closing costsSeller’s closing costs New York State Real Property Transfer New York State Real Property Transfer
TaxTax Also known as the “deed tax”Also known as the “deed tax”
But applies to coops alsoBut applies to coops also
April 28, 2010
Understanding Closing Understanding Closing CostsCosts
Seller’s closing costsSeller’s closing costs New York State Real Property Transfer New York State Real Property Transfer
TaxTax Also known as the “deed tax”Also known as the “deed tax”
But applies to coops alsoBut applies to coops also $2 for every $500 of purchase price $2 for every $500 of purchase price or or
portion thereofportion thereof
April 28, 2010
Understanding Closing Understanding Closing CostsCosts
Seller’s closing costsSeller’s closing costs New York State Real Property Transfer New York State Real Property Transfer
TaxTax Also known as the “deed tax”Also known as the “deed tax”
But applies to coops alsoBut applies to coops also $2 for every $500 of purchase price $2 for every $500 of purchase price or or
portion thereofportion thereof ExampleExample
Purchase price of condo is $500,000Purchase price of condo is $500,000
April 28, 2010
Understanding Closing Understanding Closing CostsCosts
Seller’s closing costsSeller’s closing costs New York State Real Property Transfer New York State Real Property Transfer
TaxTax Also known as the “deed tax”Also known as the “deed tax”
But applies to coops alsoBut applies to coops also $2 for every $500 of purchase price $2 for every $500 of purchase price or or
portion thereofportion thereof ExampleExample
Purchase price of condo is $500,000Purchase price of condo is $500,000 $500,000 / 500 = 1,000$500,000 / 500 = 1,000
April 28, 2010
Understanding Closing Understanding Closing CostsCosts
Seller’s closing costsSeller’s closing costs New York State Real Property Transfer New York State Real Property Transfer
TaxTax Also known as the “deed tax”Also known as the “deed tax”
But applies to coops alsoBut applies to coops also $2 for every $500 of purchase price $2 for every $500 of purchase price or portion or portion
thereofthereof ExampleExample
Purchase price of condo is $500,000Purchase price of condo is $500,000 $500,000 / 500 = 1,000$500,000 / 500 = 1,000 $2 x 1,000 = $2,000$2 x 1,000 = $2,000
April 28, 2010
Understanding Closing Understanding Closing CostsCosts
Seller’s closing costsSeller’s closing costs New York City Real Property Transfer New York City Real Property Transfer
TaxTax 1% of sale price if $500,000 or less1% of sale price if $500,000 or less
April 28, 2010
Understanding Closing Understanding Closing CostsCosts
Seller’s closing costsSeller’s closing costs New York City Real Property Transfer TaxNew York City Real Property Transfer Tax
1% of sale price if $500,000 or less1% of sale price if $500,000 or less ExampleExample
Sale price $500,000Sale price $500,000
April 28, 2010
Understanding Closing Understanding Closing CostsCosts
Seller’s closing costsSeller’s closing costs New York City Real Property Transfer New York City Real Property Transfer
TaxTax 1% of sale price if $500,000 1% of sale price if $500,000 or lessor less ExampleExample
Sale price $500,000Sale price $500,000 $500,000 x .01 = $5,000 tax$500,000 x .01 = $5,000 tax
April 28, 2010
Understanding Closing Understanding Closing CostsCosts
Seller’s closing costsSeller’s closing costs New York City Real Property Transfer New York City Real Property Transfer
Tax Tax 1.425% of sale price if 1.425% of sale price if greater thangreater than
$500,000$500,000
April 28, 2010
Understanding Closing Understanding Closing CostsCosts
Seller’s closing costsSeller’s closing costs New York City Real Property New York City Real Property
Transfer TaxTransfer Tax1.425% of sale price if greater 1.425% of sale price if greater than $500,000than $500,000
ExampleExampleSale price $502,000 ($2,000 Sale price $502,000 ($2,000 higher)higher)
April 28, 2010
Understanding Closing Understanding Closing CostsCosts
Seller’s closing costsSeller’s closing costs New York City Real Property Transfer TaxNew York City Real Property Transfer Tax
1.425% of sale price if greater than $500,0001.425% of sale price if greater than $500,000 ExampleExample
Sale price $502,000 ($2,000 Sale price $502,000 ($2,000 higherhigher)) $502,000 x .01425 = $7,153.50 tax ($2,153.50 $502,000 x .01425 = $7,153.50 tax ($2,153.50 higherhigher))
April 28, 2010
Understanding Closing Understanding Closing CostsCosts
Seller’s closing costsSeller’s closing costs New York City Real Property Transfer Tax (individual New York City Real Property Transfer Tax (individual
sales)sales) 1.425% of sale price if greater than $500,0001.425% of sale price if greater than $500,000 ExampleExample
Sale price $502,000 ($2,000 Sale price $502,000 ($2,000 higherhigher)) $502,000 x .01425 = $7,153.50 tax ($2,153.50 $502,000 x .01425 = $7,153.50 tax ($2,153.50
higherhigher)) Seller Seller netsnets $153.50 less by selling for $2,000 $153.50 less by selling for $2,000
moremore
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Mansion taxMansion tax
Applies to transactions of $1,000,000 and overApplies to transactions of $1,000,000 and over
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Mansion taxMansion tax
Applies to transactions of $1,000,000 and overApplies to transactions of $1,000,000 and overFlat 1% of Flat 1% of entireentire purchase price purchase price
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Mansion taxMansion tax
Mixed use buildingsMixed use buildingsIf building is mixed use, and total purchase price is If building is mixed use, and total purchase price is $1,000,000 or over, pay on the amount allocated to $1,000,000 or over, pay on the amount allocated to residential (even if allocated amount is less than $1,000,000)residential (even if allocated amount is less than $1,000,000)
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Mansion taxMansion tax
Mixed use buildingsMixed use buildingsExampleExample
Purchase price is $1,200,000Purchase price is $1,200,000
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Mansion taxMansion tax
ExampleExample Purchase price is $1,200,000Purchase price is $1,200,000 Building is mixed use, 1/3 commercial, 2/3 residentialBuilding is mixed use, 1/3 commercial, 2/3 residential
Floor one is a grocery storeFloor one is a grocery storeFloors two and three are residential apartmentsFloors two and three are residential apartments
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Mansion taxMansion tax
ExampleExample Purchase price is $1,200,000Purchase price is $1,200,000 Building is mixed use, 1/3 commercial, 2/3 residentialBuilding is mixed use, 1/3 commercial, 2/3 residential Allocation is $400,000 commercial, $800,000 residentialAllocation is $400,000 commercial, $800,000 residential
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Mansion taxMansion tax
ExampleExample Purchase price is $1,200,000Purchase price is $1,200,000 Building is mixed use, 1/3 commercial, 2/3 residentialBuilding is mixed use, 1/3 commercial, 2/3 residential Allocation is $400,000 commercial, $800,000 residentialAllocation is $400,000 commercial, $800,000 residential Pay mansion tax on $800,000 only (Pay mansion tax on $800,000 only (e.g. e.g. $8,000)$8,000)
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Condos and houses onlyCondos and houses only
Mortgage recording taxMortgage recording tax
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Condos and houses onlyCondos and houses only
Mortgage recording taxMortgage recording tax 1.80% if 1.80% if less thanless than $500,000$500,000
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Condos and houses onlyCondos and houses only
Mortgage recording taxMortgage recording tax 1.80% if 1.80% if less thanless than $500,000$500,000 ExampleExample
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Condos and houses onlyCondos and houses only
Mortgage recording taxMortgage recording tax 1.80% if 1.80% if less thanless than $500,000$500,000 ExampleExample
Mortgage is $499,999Mortgage is $499,999
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Condos and houses onlyCondos and houses only
Mortgage recording taxMortgage recording tax 1.80% if 1.80% if less thanless than $500,000$500,000 ExampleExample
Mortgage is $499,999Mortgage is $499,999Purchaser pays 1.8% or $8,999.98Purchaser pays 1.8% or $8,999.98
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Condos and houses onlyCondos and houses only
Mortgage recording taxMortgage recording tax 1.80% if 1.80% if less thanless than $500,000$500,000 ExampleExample
Mortgage is $499,999Mortgage is $499,999Purchaser pays 1.8% or $8,999.98Purchaser pays 1.8% or $8,999.98
1.925% if $500,000 1.925% if $500,000 or moreor more
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Condos and houses onlyCondos and houses only
Mortgage recording taxMortgage recording tax 1.80% if 1.80% if less thanless than $500,000$500,000 ExampleExample
Mortgage is $499,999Mortgage is $499,999Purchaser pays 1.8% or $8,999.98Purchaser pays 1.8% or $8,999.98
1.925% if $500,000 1.925% if $500,000 or moreor more ExampleExample
Mortgage is $500,000Mortgage is $500,000
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Condos and houses onlyCondos and houses only
Mortgage recording taxMortgage recording tax 1.80% if 1.80% if less thanless than $500,000$500,000 ExampleExample
Mortgage is $499,999Mortgage is $499,999Purchaser pays 1.8% or $8,999.98Purchaser pays 1.8% or $8,999.98
1.925% if $500,000 1.925% if $500,000 or moreor more ExampleExample
Mortgage is $500,000Mortgage is $500,000Purchaser pays 1.925% or $9,625.00Purchaser pays 1.925% or $9,625.00
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing CostsPurchaser’s closing costsPurchaser’s closing costs
Condos and houses onlyCondos and houses onlyMortgage recording taxMortgage recording tax
1.80% if 1.80% if less thanless than $500,000$500,000 ExampleExample
Mortgage is $499,999Mortgage is $499,999Purchaser pays 1.8% or $8,999.98Purchaser pays 1.8% or $8,999.98
1.925% if $500,000 1.925% if $500,000 or moreor more ExampleExample
Mortgage is $500,000Mortgage is $500,000Purchaser pays 1.925% or $9,625.00Purchaser pays 1.925% or $9,625.00In other wordsIn other words, purchaser pays $625.02 more for the , purchaser pays $625.02 more for the opportunity to borrow $1 extra of mortgage moneyopportunity to borrow $1 extra of mortgage money
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing CostsPurchaser’s closing costsPurchaser’s closing costs
Condos and houses onlyCondos and houses onlyMortgage recording taxMortgage recording tax
On commercial “bulk rate” scenario, NYS takes the position that the On commercial “bulk rate” scenario, NYS takes the position that the commercial rate applies . . . commercial rate applies . . .
2.05% if loan is 2.05% if loan is less than less than $500,000$500,0002.80% if loan is $500,000 2.80% if loan is $500,000 or moreor moreLender pays 25 basis points it unit encumbered is 1-6 family Lender pays 25 basis points it unit encumbered is 1-6 family residenceresidence
But it But it alsoalso takes the position that the mansion tax applies! takes the position that the mansion tax applies!
April 28, 2010April 28, 2010April 21, 2008 (c) 2008 Jerry M. Feeney, Esq.
Understanding Closing CostsUnderstanding Closing CostsPurchaser’s closing costsPurchaser’s closing costs
Condos and houses onlyCondos and houses onlyMortgage recording taxMortgage recording tax
Some things to be aware ofSome things to be aware ofNegative amortization loans, the MRT is based on the Negative amortization loans, the MRT is based on the maximum maximum amount the loan could grow toamount the loan could grow toIf the maximum amount kicks over the $500,000 mark, If the maximum amount kicks over the $500,000 mark, then the MRT is based on 1.925%then the MRT is based on 1.925%
32
April 28, 2010April 28, 2010April 21, 2008 (c) 2008 Jerry M. Feeney, Esq.
Understanding Closing CostsUnderstanding Closing CostsPurchaser’s closing costsPurchaser’s closing costs
Condos and houses onlyCondos and houses onlyMortgage recording taxMortgage recording tax
Some things to be aware ofSome things to be aware ofAdding an unused HELOC that brings total mortgage Adding an unused HELOC that brings total mortgage amount above threshold of $500,000 forces the MRT on amount above threshold of $500,000 forces the MRT on both loans both loans to be 1.925%to be 1.925%
33
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Condos and houses onlyCondos and houses only
Title chargesTitle charges Policy rates regulated by statutePolicy rates regulated by statute Be careful:Be careful:
Bulk rate Bulk rate only applies only applies for new construction / for new construction / conversion with 10 or more unitsconversion with 10 or more units8 unit conversion, $1,000,000, $750,000 mortgage8 unit conversion, $1,000,000, $750,000 mortgageBulk rate is $3,156 and $617 but that is Bulk rate is $3,156 and $617 but that is wrongwrongCorrect quote is $4,508 and $881Correct quote is $4,508 and $881
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costsPurchaser’s closing costs Condos and houses onlyCondos and houses only
Title chargesTitle charges Policy rates regulated by statutePolicy rates regulated by statute Be careful:Be careful:
Some lawyers use leasehold insurance on a coop Some lawyers use leasehold insurance on a coop purchasepurchaseWhen buying from an estate, this is considered When buying from an estate, this is considered prudentprudent
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Seller’s transfer taxesSeller’s transfer taxes
Based on adjusted priceBased on adjusted price
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Seller’s transfer taxesSeller’s transfer taxes
Based on adjusted priceBased on adjusted price ExampleExample
Purchase price $600,000Purchase price $600,000
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Seller’s transfer taxesSeller’s transfer taxes
Based on adjusted priceBased on adjusted price ExampleExample
Purchase price $600,000Purchase price $600,000NYS deed tax would be $2,400 (600,000 / 500 x $2)NYS deed tax would be $2,400 (600,000 / 500 x $2)
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Seller’s transfer taxesSeller’s transfer taxes
Based on adjusted priceBased on adjusted price ExampleExample
Purchase price $600,000Purchase price $600,000NYS transfer tax would be $2,400 (600,000 / 500 x NYS transfer tax would be $2,400 (600,000 / 500 x 2)2)NYC transfer tax would be $8,550 (1.425% of NYC transfer tax would be $8,550 (1.425% of 600,000)600,000)
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Seller’s transfer taxesSeller’s transfer taxes
Based on adjusted priceBased on adjusted price ExampleExample
Purchase price $600,000Purchase price $600,000NYS transfer tax would be $2,400 (600,000 / 500 x 2)NYS transfer tax would be $2,400 (600,000 / 500 x 2)NYC transfer tax would be $8,550 (1.425% of 600,000)NYC transfer tax would be $8,550 (1.425% of 600,000)Adjusted purchase price is $610,950 (600,000 + 2,400 + Adjusted purchase price is $610,950 (600,000 + 2,400 + 8,550)8,550)
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Seller’s transfer taxesSeller’s transfer taxes
Based on adjusted priceBased on adjusted price ExampleExample
Purchase price $600,000Purchase price $600,000NYS transfer tax would be $2,400 (600,000 / 500 x 2)NYS transfer tax would be $2,400 (600,000 / 500 x 2)NYC transfer tax would be $8,550 (1.425% of 600,000)NYC transfer tax would be $8,550 (1.425% of 600,000)Adjusted purchase price is $610,950 (600,000 + 2,400 + Adjusted purchase price is $610,950 (600,000 + 2,400 + 8,550)8,550)NYS transfer tax payable is $2,444 (610,950 / 500 x 2)NYS transfer tax payable is $2,444 (610,950 / 500 x 2)
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing CostsPurchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Seller’s transfer taxesSeller’s transfer taxes
Based on adjusted priceBased on adjusted price ExampleExample
Purchase price $600,000Purchase price $600,000NYS transfer tax would be $2,400 (600,000 / 500 x 2)NYS transfer tax would be $2,400 (600,000 / 500 x 2)NYC transfer tax would be $8,550 (1.425% of 600,000)NYC transfer tax would be $8,550 (1.425% of 600,000)Adjusted purchase price is $610,950 (600,000 + 2,400 + Adjusted purchase price is $610,950 (600,000 + 2,400 + 8,550)8,550)NYS transfer tax payable is $2,444 (610,950 / 500 x 2)NYS transfer tax payable is $2,444 (610,950 / 500 x 2)NYC transfer tax payable is $8,706.04 (1.425% of 610,950)NYC transfer tax payable is $8,706.04 (1.425% of 610,950)
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing CostsPurchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Seller’s transfer taxesSeller’s transfer taxes
Based on adjusted priceBased on adjusted price ExampleExample
Purchase price $600,000, contract says buyer pays ½ of Purchase price $600,000, contract says buyer pays ½ of transfer taxestransfer taxesNYS transfer tax would be $2,400 (600,000 / 500 x 2)NYS transfer tax would be $2,400 (600,000 / 500 x 2)NYC transfer tax would be $8,550 (1.425% of 600,000)NYC transfer tax would be $8,550 (1.425% of 600,000)Adjusted purchase price is $606,675 (600,000 + ½ x Adjusted purchase price is $606,675 (600,000 + ½ x (2,400 + 8,550))(2,400 + 8,550))NYS transfer tax payable is $1,213.35 (1/2 x 606,675 / 500 NYS transfer tax payable is $1,213.35 (1/2 x 606,675 / 500 x 2)x 2)NYC transfer tax payable is $4,322.56 (1/2 x 1.425% of NYC transfer tax payable is $4,322.56 (1/2 x 1.425% of 606,675)606,675)
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing CostsPurchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Seller’s transfer taxesSeller’s transfer taxes
Based on adjusted priceBased on adjusted price ExampleExample
Purchase price $495,000, contract says buyer pays all of Purchase price $495,000, contract says buyer pays all of seller’s transfer taxesseller’s transfer taxesNYS transfer tax would be $1,980 (495,000 / 500 x 2)NYS transfer tax would be $1,980 (495,000 / 500 x 2)NYC transfer tax would be $4,950 (1.0% of 495,000)NYC transfer tax would be $4,950 (1.0% of 495,000)Adjusted purchase price is $501,930 (495,000 + 1,980 + Adjusted purchase price is $501,930 (495,000 + 1,980 + 4,950)4,950)Now the transaction is subject to 1.425% NYC taxNow the transaction is subject to 1.425% NYC taxNYS transfer tax payable is $2,007.72 (495,000 / 500 x 2)NYS transfer tax payable is $2,007.72 (495,000 / 500 x 2)NYC transfer tax payable is $7,152.50 (1.425% of 501,930)NYC transfer tax payable is $7,152.50 (1.425% of 501,930)
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Mansion tax based on adjusted priceMansion tax based on adjusted price
ExampleExample Purchase price $985,000Purchase price $985,000 NYS transfer tax would be $3,940 (985,000/500*2)NYS transfer tax would be $3,940 (985,000/500*2) NYC transfer tax would be $14,036.25 NYC transfer tax would be $14,036.25
(985,000*0.01425)(985,000*0.01425) Adjusted price is $1,002,976.25Adjusted price is $1,002,976.25 NowNow the transaction is subject to the mansion tax of 1% the transaction is subject to the mansion tax of 1%
or $10,029.76or $10,029.76
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Working capital fund contributionsWorking capital fund contributions
Can be as high as two months common Can be as high as two months common chargescharges
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Reserve fund contributionReserve fund contribution
Can be as high as three months common chargesCan be as high as three months common charges
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Security fund contributionSecurity fund contribution
Can be as $25,000 in some of the Battery Park Can be as $25,000 in some of the Battery Park projectsprojects
April 28, 2010April 28, 2010
Understanding Closing CostsUnderstanding Closing Costs
Purchaser’s closing costs – new constructionPurchaser’s closing costs – new construction Share of resident manager’s unitShare of resident manager’s unit
Two options:Two options: Option one: condominium association buys the unit Option one: condominium association buys the unit
outrightoutrightDownside: higher payment at closingDownside: higher payment at closing
Option two: condominium association gives a mortgage Option two: condominium association gives a mortgage to buy itto buy it
Downside: higher common chargesDownside: higher common charges Convert the decision into a sales positiveConvert the decision into a sales positive
April 28, 2010April 28, 2010