- July 09, 1992
- All Florida Offices and Agents
- Documentary Stamp Tax Increase; Tangible Tax Increase
Effective August 1, 1992, the documentary stamp tax will increase from $.60 to $.70 per $100 or fraction in order to fund the new Affordable Housing law about which you have no doubt heard. Dade County is exempt from this increase in the tax.
Effective August 1, 1992, there is an increase from $.32 to $.35 per $100 or fraction on evidence of indebtedness such as mortgages and promissory notes.
Also, the Legislature has passed the new proposed Insurance Code. This will be effective October 1, 1992, and is a 194 page revision of the law as it relates to title insurance. We do not know precisely what it says because there were some late amendments and we have not yet received a full copy. We will advise you further as to pertinent aspects when details become available.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.