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: PA2016003
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Bulletin: PA2016003
Dear Associates:
Beginning January 1, 2017, the City of Philadelphia’s real estate transfer tax will increase from 3.0 percent to 3.1 percent. Bill 160471 amends Chapter 19-1400 of The Philadelphia Code; a copy of the code is attached here:
The Philadelphia realty transfer tax is in addition to the Pennsylvania realty transfer tax of 1 percent. Consequently, a sale of property in Philadelphia will now be subject to a total realty transfer tax rate of 4.1 percent.
All deeds presented for recording after January 1, 2017, must be accompanied by a 4.1 percent tax payment (3.1 percent for the City of Philadelphia’s realty transfer tax and 1 percent for the Commonwealth of Pennsylvania’s realty transfer tax).
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References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None