Bulletin: NY000208

Date:
June 27, 2003
To:
All New York State Office Counsel, Managers and Agents
RE:
Rockland County Mortgage Tax

Dear Associates:

The New York State Legislature has passed a home rule bill authorizing Rockland County to pass a law increasing its mortgage tax by ¼%. The bill is awaiting signature by the governor.

Once the bill is signed, it is likely the tax will increase very quickly.

To prevent being short on a mortgage that closes before, but records after the increase, a sum equal to the ¼ % increase must be taken on all closings in Rockland County starting July 1.

This sum will be refunded if the mortgage is recorded before the increase.

The Stewart escrow form can be used. Fill in paragraph 2, to hold until January 1, 2004. State the escrow will be release upon recording of the mortgage prior to the increase in mortgage tax, or upon the legislature failing to increase the 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:
None
Exceptions Manual:
None
Forms:
None