Bulletin: NY000235

Date:
October 14, 2004
To:
Special Counsel
RE:
Mortgage Tax Increases

The mortgage tax has increased inDelaware, Sullivan and Columbia counties on any mortgage recorded after November 1, 2004, as follows:

Old Rate New Rate
   
Delaware County .75% 1.00%
Sullivan County .75% 1.00%
Columbia County .75% 1.25%

These rates are the total rate. For 1 or 2 family residential, .25% is paid by the lender.

Additionally, legislation has been passed authorizing Genesee County to increase its mortgage tax from 1.00% to 1.25%. This will become effective after the Genesee County legislature passes a local law.

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