Bulletin: NY000193

Date:
August 30, 2002
To:
All New York State Office Counsel, Managers and Agents
RE:
NYC-RPT and RP-5217

Dear Associates:

Pursuant to Chapter 259 of the Laws of 2002, signed into law on July 30, 2002, effective January 1, 2003, the City of New York will require, the filing of both the NYC-RPT (New York City Real Property Transfer Tax Return) and the RP-5217 (Equalization and Assessment Form). The City will charge $25.00 for the filing of the RP-5217. However with the addition of RP-5217, the City will be prohibited from charging the $25.00 filing fee for the NYC-RPT. It is not clear if the City will require the filing of the RP-5217 were there is a conveyance of a leasehold or similar non-deed transfers.

It is recommended after January 1, 2003 or until further notice that the RP-5217 be required for all conveyances including non-deed conveyances and the $25.00 fee collected.

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