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: MU2008007
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Bulletin: MU2008007
Dear Associates:
The Supreme Court of Virginia issued an opinion February 29, 2008that the recording taxes imposed by the Northern Virginia Transportation Authority in compliance with the 2007 Amendment to §58.1-802 are unconstitutional. Therefore, effective immediately, DO NOT COLLECT any additional grantor's tax on any deed to be recorded in the Counties of Fairfax, Loudoun, Prince William, and Arlington, as well as the City of Alexandria.
The grantor's tax on deeds to be recorded anywhere in the Commonwealth will revert back to $0.50 per $500 as it had been previously.
The ruling of the Supreme Court also stated that any taxes collected to date were void. It is unclear how the Counties may choose to address this part of the opinion, but it is recommended that you segregate all files on which the tax was collected in preparation for the possibility that the tax may be refunded to you. If that does occur, you will need to refund the overpayment to the grantors from whom it was collected.
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References
- Bulletins Replaced:
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None