Virtual Underwriter

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Bulletin: NY000519

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Bulletin: NY000519

Note: This Bulletin has been replaced by NY000682 - UNDERWRITING- Prepayment of Transfer Tax. Use it for reference only.

Bulletin Document
V 1
Date: January 23, 2013
To: All New York State Agents, Office Counsel and Managers
RE: Prepaying Transfer Tax

Stewart Title Insurance Company in its continuing effort to provide exceptional service to its policy-issuing offices would like to alert you to a potential recording issue.  Recent cutbacks in County clerks’ staffs have resulted in increased recording delays. One method to ensure the timely payment of transfer taxes is to pay the transfer tax directly to NYS or NYC.

 

To prepay the New York State tax, forward the completed TP-584 and check together with a letter requesting a copy of the TP-584 be marked “Paid” and returned in the self-addressed postage paid envelope to:

NYS Tax Department
RETT Return Processing
WA Harriman Campus
Building B- Room 7
Albany, NY 12227

When prepaying New York City tax, ACRIS has an option labeled “Prepay Tax”.  Checking this will create a cover sheet and control number to be sent with the check.

In the event you have any questions, kindly contact Stewart Title Legal Services for guidance at 212-922-0050.

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