Bulletin: NY000220

Date:
December 30, 2003
To:
All New York State Office Counsel, Managers and Agents
RE:
1) Form IT 2663 for 2004; 2) Increase in Schuyler County

Dear Associates:

1. The New York State Department of Taxation and Finance will require the use of an updated Form IT 2663 on sales or transfers taking place after December 31,2003 but before January 1, 2005. The form is available at the Department website at

http://www.tax.state.ny.us/pdf/2004/inc/it2663_2004.pdf

The existing Form IT 2663 will continue to be accepted after December 31, 2003 for those deeds executed and delivered on or before that date.

2. Effective January 1, 2004, Schuyler County will impose the additional mortgage tax at the rate of $.25 per $100.00 secured by the mortgage. If the mortgage creates a lien on real property principally improved or to be improved by a one or two family residence or dwelling, the first $10,000.00 of principal secured by the mortgage is not subject to the additional mortgage recording tax.

Therefore, as of January 1, 2004, the rate for mortgage recording tax in Schuyler County will be $1.00 for each $100.00 secured by the mortgage, less a credit of $25.00 for mortgages secured by property improved or to be improved by a one or two family dwelling.

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