Bulletin: NY000288

Date:
August 30, 2006
To:
All New York State Office Counsel, Managers and Agents
RE:
NYC Recordings; Miscellaneous Mortgage and Transfer Tax Increases
New York City

Effective September 1, 2006, documents in Bronx, Kings, Queens, and Manhattan can be recorded in any of the 4 boroughs.

Annette Hill, NYC Register, has advised that all 4 boroughs are current to within 3 days.

Mortgage and Transfer Tax

The Governor has signed legislation authorizing the local legislatures of Essex, Hamilton and Schoharie Counties to increase their local mortgage recording taxes by an additional 0.25%.

The Tompkins County Legislature has been authorized by new Article 31-G of the State Tax Law to enact a local law imposing a transfer tax of $1.00 per $500 of consideration. Binding contracts executed prior to the effective date of the tax will be exempt. A new, local version of the TP-584 transfer tax return will be required.

These increases will be effective on the passage of local legislation.

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.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None