Bulletin: NJ2010002

Date:
June 23, 2010
To:
All New Jersey Issuing Offices
RE:
NJ Recording Fees - $3.00 Surcharge for "County Homelessness Trust Fund"

Dear Associates:

It is critically important that insured instruments be recorded immediately upon closing. Instruments presented for recording without the correct recording fees may be returned by the County Clerk resulting in recording delays that can extend our liability. Under a recently amended NJ Law [P.L. 2009,c. 123 being N.J.S.A 22A:4-17(b)(1)], the creation of County Homelessness Trust Funds has been authorized for the purpose of funding affordable housing for the homeless and formerly homeless. Upon the proper establishment of a Homelessness Trust Fund, County Clerks shall be collecting a surcharge of three dollars ($3.00) for certain documents presented for recording.

Presently there are seven NJ counties that have established such a trust fund:

Bergen County
Hudson County
Mercer County
Middlesex County
Passaic County
Somerset County
Union County

All are actively collecting the $3.00 per instrument surcharge except Mercer County where the surcharge shall commence on July 1, 2010. The surcharge applies to recordings and re-recordings of deeds, mortgages, including releases, cancellations, extensions, modifications, subordinations and partial releases as well as powers of attorney. The $3.00 fee is in addition to the regular deed recording fee of $40 for the first page plus $10 for each additional page; and the mortgage and related recording fee of $30 for the first page plus $10 for each additional page. A full list of NJ recording fees can be found on the NJ State website: www.stgnewjersey.com.

If the additional $3.00 fee is due but not paid, the instrument will be returned. If there is any question as to whether the fee applies to a particular document, please check the County website or contact the County Clerk's office directly.

If you have questions related to this bulletin, please contact your local underwriting personnel or Stewart Legal Services.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

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