Bulletin: PA2016003

Date:
December 16, 2016
To:
All Pennsylvania Issuing Offices
RE:
UNDERWRITING - Philadelphia Realty Transfer Tax Increase Effective January 1, 2017

Dear Associates:

Beginning January 1, 2017, the City of Philadelphia’s real estate transfer tax will increase from 3.0 percent to 3.1 percent. Bill 160471 amends Chapter 19-1400 of The Philadelphia Code; a copy of the code is attached here:

CertifiedCopy16047101.pdf

The Philadelphia realty transfer tax is in addition to the Pennsylvania realty transfer tax of 1 percent. Consequently, a sale of property in Philadelphia will now be subject to a total realty transfer tax rate of 4.1 percent.   

All deeds presented for recording after January 1, 2017, must be accompanied by a 4.1 percent tax payment (3.1 percent for the City of Philadelphia’s realty transfer tax and 1 percent for the Commonwealth of Pennsylvania’s realty transfer tax).

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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