Bulletin: NY000053

Date:
September 09, 1994
To:
New York State Counsel, Managers, Underwriters and Agents
RE:
Additional Mortgage Recording Tax - Broome County

Dear Associates:

The New York State Department of Taxation and Finance, in Important Notice N-94-14, has announced that Broome County has elected to increase the mortgage recording tax, effective September 1, 1994, to $1.00 per $100.00 or major fraction of consideration, subject to the exemptions and limitations of the mortgage tax statute §§250 ff of the Tax Law).

The tax increase is the result of special legislation authorizing Broome County to impose an additional mortgage recording tax.

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:
4.36 Documentary Transfer Tax
Exceptions Manual:
None
Forms:
None