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: NJ2016001
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Bulletin: NJ2016001
Dear Associates:
The State of New Jersey updated the GIT/REP-1, GIT/REP-2 and GIT/REP-3 forms in 2015; the GIT/REP-4 and GIT/REP-4a forms are unchanged. Please make sure you are using the most current version of each form.
The NONRESIDENT SELLER’S TAX DECLARATION, GIT/REP-1, revised 12-2015 must be used with deed filings. There are grammatical and technical changes to this form. Additionally, the revised form includes language that requires a Power of Attorney or Attorney in Fact signing on behalf of the seller to certify that the Power of Attorney document, granting the authority, is being or has already been recorded. The Nonresident Seller's Tax Declaration Instructions reiterate the Power of Attorney requirement but also still provide for "a letter signed by the seller granting authority to the representative to sign" the form. The instructions also provide a more detailed explanation than the instructions on the prior version. Here is a link to the current form.
The NONRESIDENT SELLER'S TAX PREPAYMENT RECEIPT, GIT/REP-2, revised 4-2015 must be used with deed filings. The previous version of this form stated that photocopies were not acceptable. The new version continues this requirement and additionally requires a raised seal for submission to the County Clerk. Here is a link to the current form.
The SELLER'S RESIDENCY CERTIFICATION/EXEMPTION, GIT/REP-3, revised 9-2015 must be used with the deed filings. There are grammatical and technical changes to this form in addition to four new seller exemptions for Residents as well as Non-residents. The prior form contained 10 seller exemptions; the new form has 14 possible exemptions which now include the following:
11. The transfer is part of a relocation transaction where a trustee of the relocation company buys the property and then sells for the same price to a third party buyer.
12. Transfer between spouses or pursuant to divorce decree.
13. Transfer of a cemetery plot.
14. The seller receives no net proceeds from the sale.
Here is a link to the current form.
If you have any questions relating to this or other bulletins, please contact the Alabama State Office for assistance.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None