Bulletin: MA2012001

Dear Associates:

As a clarification to the premium calculations contained in our Rate Schedule effective 8/1/2011 (MA Rate Book - August 1, 2011), please note that the rates set forth in the Rate Schedule apply to all 1-4 family residential transactions up to $2 million and are the rates that all Issuing Offices are required to charge the consumer.  Rates over $2 million are negotiable.  Please contact our Legal Department for premium rates over $2 million.

The Rate Schedule may also be used and is preferable for commercial transactions.  However, in the event a negotiated rate is necessary, please contact our Legal Department. 

First-Time Homebuyer Discount:  

A first-time homebuyer discount in the amount of 10% is available and shall apply to the total premium for policies issued in connection with a 1-4 family residential purchase transaction by a first-time homebuyer only when issuing an Enhanced owner’s policy. 

A first-time homebuyer shall mean an individual or individuals who are purchasing a primary residence and have not owned a home during the last three years. 

The 10% discount will be collected from Stewart's portion of the premium and will not affect the premium retained by the agent. 

When remitting a policy where the first-time homebuyer discount was applied, the remitted policy must be accompanied by a copy of the First-Time Homebuyer Confirmation Form signed by the buyer(s).  For a copy of the First-Time Homebuyer Confirmation Form, click here.

 If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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