- February 17, 1995
- All Stewart Title Offices and Agents in Florida
- Change in Documentary Stamp Tax
The Florida Department of Revenue in September 1994 revised Rule 12 B-4 which governs Documentary Stamp Tax. Among the changes are the following:
1. Agreements or Contracts for Deed:
Agreements or Contracts for Deed are to be taxed as deeds. The tax is the full amount of the contract price and stamps are affixed to the contract when it is executed. No stamp tax is due on the recorded deed when the proper amounts of stamps have been affixed to the contract.
In addition, the Agreement or Contract for Deed is also taxed as a mortgage.
2. Personal Representative Deed:
Personal Representative Deeds are exempt from Documentary Stamp Tax if given to devisees in accordance with the terms of a will. However, if a devisee takes a greater share in the realty than that to which the devisee is entitled under the will, the Personal Representative Deed is subject to a tax upon the amount of any consideration given for the greater share.
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.
- Bulletins Replaced:
- Related Bulletins:
- Underwriting Manual:
- 5.16 Escrow Closings
- Exceptions Manual: