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: FL2008008
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Bulletin: FL2008008
Dear Associates:
There has been some uncertainty regarding the proper computation of documentary stamp tax when the transaction involves a "short sale." Consequently, Stewart Title Guaranty Company sought an unofficial opinion from The Department of Revenue. Attached is a copy of a letter from Myra P. McKown, Tax Specialist II, in response to our inquiry.
Although Stewart Title may not necessarily agree with the Department's interpretation of Section 201.02(1), Florida Statutes, we suggest that you follow the guidelines set forth in the Department's letter.
Please contact a Stewart Florida underwriter if you have any questions concerning this topic.
Letter from Myra P. McKown Regarding Short Sale Transactions (Click to View)
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References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None