Stewart Title Guaranty Company : Bulletin

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410/789.8400

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Stewart Title Guaranty Company
609 Global Way - Suite 122
Linthicum Heights, MD 21090
410/789.8400
410/789.8407 fax

Inter-Office Correspondence

TO: All Maryland Policy Issuing Agents
FROM: The Maryland District Office
DATE: June 5, 2005
RE: Increase to Non-Resident Withholding for Individuals

Please note that this year's Budget Bill (HB147 - Chapter 444) has the effect of increasing the amount of withholding due upon the sale of Maryland property by a non-resident individual from 4.75 percent to six percent. (The seven percent rate for non-resident entities has not changed). Also note that the relevant provisions become effective on July 1, 2005, which means any Deed crossing the Clerk's desk on or after July 1"will be subject to the higher withholding rate, even if the closing took place prior to July 1, 2005.