Bulletin: IL2020001

Date:
March 25, 2020
To:
All Illinois Issuing Offices
RE:
UNDERWRITING - Municipal Transfer Stamps

Dear Associates:

Due to government office closures related to COVID-19, you may be closing transactions in which you cannot obtain municipal transfer stamps. In those situations, please follow the procedures below:

  1. If the municipality’s transfer stamp requirement is monetary only, please hold 1.25 times the amount of the tax in a title indemnity. If the monetary requirement also includes outstanding fees to the municipality, and you know the amount of the outstanding liens, you may hold the tax amount plus 1.5 times the amount of the outstanding liens in the title indemnity.
  2. If the municipality’s transfer stamp requirements include non-monetary items, like inspections or zoning certifications, please contact your underwriter for approval.

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