Bulletin: NY000172
Dear Associates:
The Nassau County Clerk has issued a letter dated September 1, 1999, regarding the forms to be used and the procedures to be followed with respect to the recently enacted Nassau County Transfer Tax. A copy of the letter is annexed to this bulletin for your reference.
Several i...
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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.
Exhibit 1
Note for Nassau County Transactions:
FOR INFORMATION ONLY : Nassau County now imposes a transfer tax of $5 per $500 or part thereof of consideration for all conveyances of real property and transfers of cooperative apartments. A form NC-584 must be completed and executed by all parties to the transaction. The statute exempts conveyances made after the August 15, 1999 effective date which are made pursuant to binding contracts made prior to that date. To obtain an exemption, a form NC-6-5 affidavit must be signed by all parties and their attorneys, and all parties and their attorneys must maintain the required evidence (copy of the contract and proof of the contract deposit made prior to August 15, 1999) for a period of three years from the date of the affidavit.