Bulletin: IL2020001

Dear Associates:

Due to government office closures related to COVID-19, you may be closing transactions in which you cannot obtain municipal transfer stamps. In those situations, please follow the procedures below:

1. If the municipality’s transfer stamp requirement is monetary only, please hold 1.25 times the amount of the tax in a title indemnity. If the monetary requirement also includes outstanding fees to the municipality, and you know the amount of the outstanding liens, you may hold the tax amount plus 1.5 times the amount of the outstanding liens in the title indemnity.
2. If the municipality’s transfer stamp requirements include non-monetary items, like inspections or zoning certifications, please contact your underwriter for approval.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.