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Guide to Real Estate Customs by State

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Guide to Real Estate Customs by State Real Estate Customs Your State–by–State Guide Title Alliance Infinity Agency 2450 South Arizona Avenue, Suite 5 Chandler AZ, 85286 O: 480-256-0109 | F: 888-389-3604 tainfinity.com [email protected] First American Title Insurance Company makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions. First American, the eagle logo, First American Title, and fi rstam.com are registered trademarks or trademarks of First American Financial Corporation and/or its affi liates. AN INDEPENDENT POLICY-ISSUING AGENT OF FIRST AMERICAN TITLE INSURANCE COMPANY AMD: 02/2015 ©2015 First American Financial Corporation and/or its affiliates. All rights reserved. NYSE: FAF Real Estate First American Title Customs by State First American Title Real Estate Customs by State Yes No Yes No Real Estate Customs by State Yes No Preliminary Report State Title Insurance Rates Form of Conveyance State Encumbrance Forms Attorney State or Commitment Deed Transfer Tax Mortgage Tax Leasehold Tax State Title Insurance Rates Form of Conveyance State Encumbrance Forms Attorney State Preliminary Report Deed Transfer Tax Mortgage Tax Leasehold Tax Alabama Filed Rate Warranty Deed Mortgage or Commitment Recordation Tax Alabama Filed Rate Warranty Deed Mortgage Commitment Recordation Tax Alaska Filed Rate Warranty Deed Deed of Trust Commitment Filed Rate Warranty Deed DeedDeed ofof TrustTrust Commitment Alaska Filed Rate Warranty Deed Commitment Arizona Mortgage Deed of Trust Arizona Filed Rate Warranty Deed Deed of Trust Commitment Not Filed Warranty Deed Mortgage Commitment Real property tax transfer Arkansas Mortgage (more common) Deed of Trust Arkansas Not Filed Warranty Deed PreliminaryCommitment Report CountyReal Documentary property tax Transfer transfer Tax Applies to all leases of 35 years or more; Filed Rate Grant Deed MortgageDeed (more of Trust common) whether options to extend are counted for California and Commitment upon request City Tax (in some cities) lease term, varies by County Preliminary Report County Documentary Transfer Tax Applies to all leases of 35 years or more; California Filed Rate Bargain and SaleGrant Deed, Deed Quitclaim Deed DeedDeed of Trust/Public of Trust Documentary Fee whether options to extend are counted for Filed Rate and CommitmentCommitment upon request City Tax (in some cities) lease term, varies by County Colorado Special Warranty Deed, Warranty Deed Trustee for each County City Transfer Fee (in some cities) Bargain and Sale Deed, Quitclaim Deed Deed of Trust/Public Documentary Fee Colorado Filed Rate Commitment City Conveyance Tax Unless duration is tantamount Filed Rate Special WarrantyWarranty Deed, Deed Warranty Deed TrusteeMortgage for each County Commitment City Transfer Fee (in some cities) Connecticut Quitclaim Deed State Conveyance Tax to a conveyance, e.g., 99 years Warranty Deed City Conveyance Tax Unless duration is tantamount Connecticut Filed Rate Mortgage Commitment State Transfer Tax Filed Rate SpecialQuitclaim Warranty Deed Deed Mortgage Commitment State Conveyance Tax toUnless a conveyance, lease exceeds e.g., 995 years years Delaware Warranty Deed Local Transfer Tax Special Warranty Deed State Transfer Tax Delaware Filed Rate Deed Mortgageof Trust with Commitment Transfer Tax Recordation Tax on Money loaned ExcludesUnless leases lease with exceeds terms of5 years30 years District of Filed Rate SpecialWarranty Warranty Deed Deed Commitment Local Transfer Tax subject Columbia Private Power of Sale Recordation Tax to any applicable exemptions or less, including options to renew District of Deed of Trust with Transfer Tax Recordation Tax on Money loaned Excludes leases with terms of 30 years PromulgatedFiled Rate Rate by SpecialSpecial WarrantyWarranty DeedDeed Commitment Documentary Stamp Tax plus Both Documentarysubject Stamp Tax & Unless there is a determinable consideration other Columbia PrivateMortgage Power of Sale Commitment Recordation Tax to any applicable exemptions thanor less,the future including duty to payoptions rent (for to example,renew Florida State Insurance Department Warranty Deed surtax (Dade County) Non-Recurring Intangible Tax assignment of leasehold) Promulgated Rate by Special Warranty Deed Documentary Stamp Tax plus Both Documentary Stamp Tax & Unless there is a determinable consideration other Florida Limited Warranty Deed Deed toMortgage Secure Debt Commitment Real Estate Transfer Tax must be than the future duty to pay rent (for example, State InsurancePublished DepartmentRate Warranty Deed Commitment accompaniedsurtax by (Dade Real Estate County) Transfer Tax Non-RecurringIntangible Recording Intangible Tax Tax assignment of leasehold) Georgia Warranty Deed Mortgage (rare) Declaration Form Limited Warranty Deed Deed to Secure Debt Real Estate Transfer Tax must be Georgia Published Rate PreliminaryCommitment Report; accompaniedState Conveyance by Real Tax Estate Certificate Transfer Form Tax Intangible Recording Tax Applied where unexpired term is for 5 Posted Rate WarrantyWarranty DeedDeed MortgageMortgage (rare) must be accompaniedDeclaration by Form Deeds, Leases & Hawaii Commitment upon Request Assignments thereof, and Agreements of Sale years or more–See Deed Transfer Tax Preliminary Report; State Conveyance Tax Certificate Form Applied where unexpired term is for 5 Hawaii Posted Rate QuitclaimWarranty Deed DeedMortgage of Trust must be accompanied by Deeds, Leases & Filed Rate CommitmentCommitment upon Request Assignments thereof, and Agreements of Sale years or more–See Deed Transfer Tax Idaho Warranty Deed Mortgage Quitclaim Deed Deed of Trust Idaho Filed Rate Quit-Claim Deed, Special Mortgage Commitment Real Estate Transfer Tax Assignments of the lessee’s interest in a lease that Illinois Not Filed Warranty Deed Mortgage Commitment State, County and in some cases, has a term of 30 years or more. This is for state Warranty Deed, Warranty Deed Deed of Trust (rare) a Municipal Transfer Tax and county, and some municipalities. Quit-Claim Deed, Special Mortgage Real Estate Transfer Tax Assignments of the lessee’s interest in a lease that Illinois Not Filed Commitment State, County and in some cases, has a term of 30 years or more. This is for state Indiana Filed WarrantyWarranty Deed, Warranty Deed Deed DeedMortgage of Trust (rare) Commitment a Municipal Transfer Tax and county, and some municipalities. Indiana No title insurance companiesFiled are licensed Warranty Deed Mortgage Commitment Real Estate Transfer Tax. A Real Estate Transfer within the state. Title policies written Warranty Deed Mortgage Commitment Declaration of Value and a Ground Water Affidavit Iowa outside state. must accompany all Deeds to be recorded. No title insurance companies are licensed Real Estate Transfer Tax. A Real Estate Transfer within the state. Title policies written Warranty Deed Mortgage Commitment Declaration of Value and a Ground Water Affidavit Iowa outside state. Special Warranty Deed No;must Sales accompany Validation all Deeds Questionnaire to be recorded. must Kansas Filed Rate Warranty Deed Mortgage Commitment accompany all Deeds to be recorded Mortgage Registration Tax Special Warranty Deed No; Sales Validation Questionnaire must Kansas Filed Rate Mortgage Commitment accompany all Deeds to be recorded Mortgage Registration Tax Kentucky Filed Rate WarrantyWarranty DeedDeed Mortgage Commitment Real Estate Transfer Fee Kentucky Filed Rate WarrantyAct of Sale Deed Mortgage Commitment Real Estate Transfer Fee Documentary transfer tax in Louisiana Filed Rate Warranty Deed Mortgage Yes; attorney must examine title Commitment No; Orleans Parish Only Orleans Parish Only Orleans Parish Only Act of Sale Documentary transfer tax in Louisiana Filed Rate Mortgage Yes; attorney must examine title Commitment No;Real Orleans Estate Transfer Parish TaxOnly Orleans Parish Only Maine Filed Rate up to $1 million WarrantyWarranty DeedDeed Mortgage Commitment A Declaration of Value must Orleans Parish Only accompany Deeds to be recorded Real Estate Transfer Tax Maine Filed Rate up to $1 million Warranty Deed DeedMortgage of Trust Yes; most documents must be approved Commitment RecordationA Declaration Tax, of State Value Transfer must Counties vary; may have Yes: State Transfer and State Recording Tax do not Maryland Filed Rate Special Warranty Deed (preferred) by a Maryland attorney prior to Commitment accompany Deeds to be recorded Document Stamp, Recording Tax apply to leases of 7 years or less with renewals of Mortgage (rare) recordation Tax and County Transfer Tax and County Transfer Tax 7 years or less; County Transfer Tax varies Yes; most documents must be approved Counties vary; may have Yes: State Transfer and State Recording Tax do not Deed of Trust Recordation ExciseTax, Tax State Transfer Maryland Filed Rate Special WarrantyQuitclaim Deed Deed (preferred) by a Maryland attorney prior to Commitment Document Stamp, Recording Tax applyUnless to leases duration of 7 years is or tantamountless with renewals to of Not Filed MortgageMortgage (rare) recordation Commitment DeedTax stamps and based County on consideration Transfer in Deed. Tax Extra and County Transfer Tax 7 years or less; County Transfer Tax varies Massachusetts Warranty Deed county taxes in Barnstable. Land Bank fee in Dukes a conveyance, e.g., 99 years and NantucketExcise Tax Counties Quitclaim Deed Deed stamps based on consideration in Deed. Extra Unless duration is tantamount to Massachusetts Not Filed Mortgage Commitment Realcounty Estate taxes Transfer
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