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.
Bulletin: NY000172
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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 items must be stressed:
If you download the forms from the Nassau County website, the NC-584 Nassau County Transfer Tax Return and the NC-6-5 Affidavit must be printed on 8-1/2 x 14 paper, at full size .
The NC-584 and the NC-6-5 Affidavit must be signed in black ink . The notary stamp must also be in black ink. In fact, it is good practice to insist on the use of black ink on all instruments.
Unlike the TP-584, which can be signed by "a" seller and "a" buyer, the NC-584 must be signed by all sellers and all buyers. A query has been forwarded to the Clerk about referees in foreclosures, but until clarification is made of the Clerk's letter requirement, you are advised to require the signature of all parties to the conveyance, including referees, sheriffs, etc.
The NC-6-5 Affidavit must be signed by all parties and their attorneys. If a party is unrepresented, that fact should be noted in order to avoid rejection of the instruments.
In an earlier letter dated August 12th, the Clerk indicated that there is a $3 per page charge for the recording of the NC-6-5 Affidavit , which will be recorded as part of the conveyance. However, please do not collect for any recording of the NC-584 itself as that is a tax return and is not to be recorded. We have also confirmed that you do not need to present a copy of the contract to the Clerk with the Affidavit.
If you are dealing with a co-op apartment or a case in which a prepayment is to be made (as in where the documents have been rejected and a penalty is to be avoided), the Nassau County Transfer Tax must be paid to the Nassau County Treasurer and not the Nassau County Clerk
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.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None