Real Estate Customs by State First American Title National Commercial Services

Your Guide to Real Estate Customs by State First American Title National Commercial Services

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

Alabama Filed Rate Warranty Deed Deed of Trust\Mortgage Commitment Only Recordation Tax

Alaska Filed Rate Warranty Deed Deed of Trust Commitment Only

Deed of Trust Filed Rate Warranty Deed Commitment Only Arizona Mortgage Deed of Trust Based on full consideration set forth Not Filed Warranty Deed Commitment Only Arkansas Mortgage in Affidavit of Value Preliminary Report; County Documentary Transfer Tax Filed Rate Grant Deed Deed of Trust California Commitment upon request City Tax (in some cities)

Deed of Trust/Public Filed Rate Warranty Deed, Special Warranty Deed, Commitment Only Documentary Fee Colorado Bargain and Sale Deed (rare), or Quitclaim Deed Trustee for each County City Transfer Fee (in some cities)

City Conveyance Tax Filed Rate Warranty Deed Mortgage Commitment Only Connecticut Quitclaim Deed State Conveyance Tax State Transfer Tax Filed Rate Special Warranty Deed Mortgage Commitment Only Delaware Local Transfer Tax Deed of Trust with District of Filed Rate Special Warranty Deed Commitment Only Transfer Tax Columbia Private Power of Sale Recordation Tax Promulgated Rate by Special Warranty Deed Documentary Stamp Tax plus surtax (in Mortgage Commitment Only Florida State Insurance Department or Warranty Deed Miami-Dade County)

Deed to Secure Debt Real Estate Transfer Tax must be accompanied Georgia Published Rate Warranty Deed Mortgage (rare) Commitment Only by Real Estate Transfer Tax Declaration Form

Commitment; Preliminary Report for State Conveyance Tax Certificate Form must Posted Rate Warranty Deed Mortgage accompany Deeds, Leases & Assignments thereof, Hawaii informational reports and Agreements of Sale Deed of Trust Filed Rate Warranty Deed Commitment Only Idaho Mortgage Warranty Deed, Special Warranty Deed, Not Filed Mortgage Varies by location Commitment Only State, County and in some cases, a Illinois Quit-Claim Deed Municipal Transfer Tax

Indiana Filed Rate Warranty Deed Mortgage Commitment Only

Real Estate Transfer Tax. A Real Estate Transfer Declaration No title insurance companies are licensed within Warranty Deed, Special Warranty Deed, Mortgage Commitment Only of Value and a Ground Water Hazard Statement must Iowa the state. Title policies written outside state. Quit-Claim Deed accompany all Deeds to be recorded.

Sales Validation Questionnaire must Kansas Filed Rate up to $500,000 Warranty Deed Mortgage Commitment Only accompany all Deeds to be recorded

Kentucky Filed Rate Warranty Deed Mortgage Commitment Only

Warranty Deed Licensed LA attorney must examine title & render written Filed Rate Mortgage title opinion. All commitments & policies must be signed Commitment Only Orleans Parish Only Louisiana or Act of Sale by LA Licensed Producer

A Declaration of Value must accompany Maine Filed Rate up to $1 million Warranty Deed Mortgage Commitment Only Deeds to be recorded

Mortgage (rare) Filed Rate Special Warranty Deed (preferred) Yes; most documents must be approved by a Commitment Only Recordation Tax, State Transfer Tax Maryland and Deed of Trust Maryland attorney prior to recordation and Country Transfer Tax Quitclaim Deed Deed stamps based on consideration in Deed. Not Filed Mortgage Commitment Only Extra county taxes in Barnstable. Land Bank fee Massachusetts Warranty Deed in Dukes & Nantucket Counties

Based on full consideration set forth on Filed Rate Warranty Deed Mortgage Commitment Only face of Deed or on a Real Estate Transfer Michigan Tax Valuation Affidavit

State Deed Tax. A Certificate of Real Estate Filed Rate up to $1 million Warranty Deed Mortgage Commitment Only Value and Well Disclosure Certificate must accompany Minnesota all Deeds to be recorded

Mississippi Not Filed Warranty Deed Deed of Trust Commitment Only

Missouri Filed Rate Warranty Deed Deed of Trust Commitment Only

UCC Status: Nearly all states are authorized for UCC Insurance. UCC Designation: Property & Casualty States: Alabama, Arizona, Arkansas, Colorado, Connecticut, Georgia, Idaho, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee. Title Insurance States: Alaska, California, Delaware, District of Columbia, Florida, Hawaii, Illinois, Iowa, Louisiana, Maine, Maryland, Massachusetts, Montana, Nevada, New York, North Dakota, Oklahoma, Pennsylvania, Rhode Island, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming. Source for eClosing RON status: https://www.firstam.com/title/eclosing/ First American Title National Commercial Services

Real Estate Customs by State Yes No

State Mortgage Tax Leasehold Tax UCC Designation UCC Status eClosing: RON status

Legislation proposed, Alabama Yes Yes P&C Authorized not passed

Alaska Title Authorized Law Passed

Arizona P&C Authorized Law Passed

Arkansas P&C Authorized No Legislation

Yes: Applies to all leases of 35 years or more; whether options to extend are counted for lease Title Authorized Legislation Pending California term varies by County

Colorado P&C Authorized Law Passed

Unless duration is tantamount to P&C Authorized Legislation Pending Connecticut a conveyance, e.g., 99 years

Delaware Unless lease exceeds 5 years Title Authorized No Legislation

Recordation Tax on Money loaned subject to Excludes leases with terms of less than 30 years District of Title Authorized Legislation Pending Columbia any applicable exemptions including options to renew Both Documentary Stamp Tax & No: Unless there is a determinable consideration other than the future duty to pay rent (for example, assignment Title Authorized Law Passed Florida Non-Recurring Intangible Tax of leasehold)

Georgia Intangible Recording Tax P&C Authorized Legislation Pending

Applied where unexpired term is for 5 years Title Authorized Law passed and awaiting required rules Hawaii or more – See Deed Transfer Tax

Idaho P&C Authorized Law Passed

Assignments of lessee’s interest in a lease with a term of 30 years or more. Affects state, county, Chicago and other municipalities. Title Authorized Legislation Pending Illinois Chicago also taxes creation of long-term ground leases

Indiana P&C Authorized Law Passed

Iowa Title Authorized Law Passed

Mortgage Registration Tax No mortgage tax. P&C Authorized Legislation Pending Kansas It was phased out January 1, 2019

Kentucky P&C Authorized Law Passed

Documentary transfer tax in Orleans Parish Only Title Authorized Law Passed Louisiana Orleans Parish Only

Maine Title Authorized No Legislation

Counties vary; may haveDocument Stamp, Yes: State Transfer and State Recording Tax do not apply to leases of 7 years or less with renewals of 7 years or less; Title Authorized Law Passed Maryland Recording Tax and County Transfer Tax County Transfer Tax varies Unless duration is tantamount to Title Authorized Legislation Pending Massachusetts a conveyance, e.g., 99 years

Michigan P&C Authorized Law Passed

Minnesota Mortgage Registry Tax P&C Authorized Law Passed

Mississippi P&C Authorized No Legislation

Missouri P&C Authorized Legislation Pending

Customary Standard Fee Splits Buyer Seller

Search: Exam, Attorney, State Owner’s Policy Loan Policy Abstract Fees Transfer Taxes Escrow Fees Recording/Filing Fees

Alabama Negotiable, usually Seller Negotiable Negotiable Negotiable

Alaska Included in premium N/A Divided Equally Divided Equally

N/A Affidavit of Real Property Value must be Buyer pays to record Deed & Mortgage Included in premium submitted with deed for recording. Seller pays Divided Equally Arizona for filing Seller pays for recording docs to remove encumbrances

Arkansas Negotiable, usually Seller Customarily Split Divided Equally Negotiable, usually Buyer

Seller pays County tax Seller pays recording fees on Varies Included in premium Varies by County California City tax varies documents needed to clear title Included in premium for most counties except for multi-chains of title or special services. Divided Equally Colorado Third-party vendor charges may also apply.

All deeds must be accompanied by a Conveyance Buyer pays for recording Deed & Mortgage documents Tax Return even if transfer is exempt Negotiable Connecticut Seller pays for recording of releases

Delaware Divided Equally Negotiable Negotiable

Buyer pays Recordation Tax District of Negotiable Negotiable Negotiable Negotiable Negotiable Columbia Seller pays Transfer Tax

There is no regulation regarding who typically pays premium however, customarily, Buyer pays for per page cost of deed recording seller pays in Florida with the exception of Miami-Dade, Broward and Palm Beach Florida counties. Orange County was once typically seller but we are now seeing that Negotiable, usually Seller Negotiable, usually Seller Negotiable county as negotiable Seller pays transfer tax

Georgia Negotiable Negotiable Negotiable Varies

Commerical - negotiable Typical residential split - Included in premium unless extra chain charges Negotiable, usually Seller Divided Equally Hawaii Buyer 40% and Seller 60% or a long/historical search

Negotiable, usually Buyer pays for extended coverage portion of premium Buyer pays for Deed of Trust or Mortgage Negotiable, usually Buyer Included in premium N/A Negotiable, usually Idaho Seller pays for standard coverage of premium Divided Equally Seller pays to record conveyance Deed and release docs

Buyer pays loan policy charges Local transfer tax determined by municipal ordinance Buyer pays for recording Deed and Mortgage docs Negotiable, usually Seller Divided Equally Illinois Seller pays any abstract charges – fees vary Seller pays State and County Seller pays for recording of releases

Negotiable, usually Buyer pays for instruments Negotiable, usually Seller Negotiable, usually Buyer May be charged as Additional Fees N/A Negotiable, usually of conveyance and financing Indiana Divided Equally Seller pays for instruments to clear title

Buyer pays post-closing charges Buyer pays post-closing charges Buyer pays all other recording fees Negotiable Iowa Seller pays pre-closing and abstract charges Seller pays pre-closing exam and abstracting Seller pays for recording release of encumbrances

Negotiable, Divided Equally if Kansas Negotiable N/A purchase contract silent Buyer pays for recording of Deed

Kentucky Negotiable

Buyer pays all other recording fees Negotiable, usually Buyer Negotiable, usually Buyer Negotiable, usually Buyer Varies Generally Buyer pays Louisiana but negotiable Seller pays release of encumbrances

Buyer pays recording fees Divided Equally Maine Seller pays release recording fees

Maryland Negotiable, usually Buyer Negotiable, usually Buyer Negotiable, usually Buyer Negotiable, usually Divided Equally Negotiable, usually Buyer Negotiable, usually Buyer

Buyer pays recording fees Negotiable Massachusetts Seller pays release recording fees Negotiable. Divided Equally unless Michigan Negotiable, usually paid by Seller otherwise negotiated Buyer pays for recording of Deed

Buyer pays to record Deed & Mortgage Negotiable, usually Buyer Negotiable, usually paid by Seller Negotiable, usually Minnesota shared by parties Seller pays for recording docs to remove encumbrances Negotiable, usually Buyer for Mississippi Negotiable, usually Buyer Negotiable, usually Buyer Negotiable, usually Buyer N/A Negotiable recording fees || Seller pays for removing encumbrances

Varies by County - Negotiable Varies by County - Negotiable N/A Negotiable Varies by County - Negotiable, Missouri normally Buyer

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 Customary (non-statutory) forms are Warranty Land Sales Contract Filed Rate Deed of Trust Commitment Only Montana Deed and Quitclaim Deed Mortgage (not to exceed 40 acres) Deed of Trust Filed Rate Warranty Deed Commitment Only $2.25 per thousand: Documentary Stamp Act Nebraska Mortgage Real Estate Transfer Statement filed with Deed Grant Deed Filed Rate Bargain and Sale Deed Deed of Trust Commitment Only Real Property Transfer Tax Nevada Quitclaim Deed Warranty Deed Filed Rate up to $1 million Mortgage Commitment Only Real Property Transfer Tax New Hampshire Quitclaim Deed

New Jersey Filed Rate Bargain and Sale Deed Mortgage Varies per location Commitment Only Realty Transfer Fee and Mansion Tax

Promulgated Rate by Warranty Deed Deed of Trust Commitment Only New Mexico State Insurance Department New Mexico Real Estate Contract Mortgage

Warranty Deed (Zone 1) N.Y. State Transfer Tax. Local Transfer Tax New York Filed Rate Bargain and Sale Deed (Zone 2) Mortgage Certificate of Title depends on location of property Excise tax on conveyances North Carolina Filed Rate Warranty Deed Deed of Trust Commitment Only (plus additional transfer tax in some coastal counties)

Abstracts and Attorneys’ opinions are required No tax required, but deed must be recorded North Dakota Filed Rate Warranty Deed Mortgage o issue any title insurance commitment Commitment Only with a Statement of Full Consideration

Warranty Deed Amount varies by County from $1 - $4/$1000. Filed Rate Quitclaim Deed Mortgage Commitment Only $0.50 per parcel transfer tax Ohio Limited Warranty Deed

Abstracts and Attorneys’ opinions are required Oklahoma Not Filed Warranty Deed Mortgage to issue any title insurance policy Commitment Only Documentary Stamp Tax

Statutory: Warranty Deed, Special Warranty Deed, Deed of Trust Preliminary Report; Real Property Transfer Tax Filed Rate Oregon Bargain and Sale Deed and Quitclaim Deed (rare) Mortgage (rare) Commitment upon request assessed in Washington County only

Filed Rate through the Title Insurance Rating Pennsylvania Bureau of Pennsylvania (TIRBOP) Special Warranty Deed Mortgage Commitment Only Realty Transfer Tax

Warranty Deed Filed to $2MM Quitclaim Deed Mortgage Commitment Only Real Estate Conveyance Tax Rhode Island Bargain and Sale Deed

South Carolina Filed Rate Warranty Deed Mortgage Yes Commitment Only Documentary Stamp Tax

Certificate of Real Estate Value must be Policy must be signed by a licensed abstractor South Dakota Filed Rate Warranty Deed Mortgage for a fee in county where property is located Commitment Only filed with deed. Transfer tax is $.50/$500.00 or fraction thereof Warranty Deed Deed of Trust Warranty Deed: tax on greater of consideration paid or Tennessee Filed Rate Quitclaim Deed Commitment Only property value Quitclaim Deed: tax on consideration paid Special Warranty Deed Mortgage (rare) Promulgated Rate by Deed of Trust Warranty Deed Commitment Only Texas State Insurance Department Special Warranty Deed Mortgage (rare) Deed of Trust Filed Rate Warranty Deed Commitment Only Utah Mortgage Warranty Deed Property Transfer Tax— Filed Rate up to $1 million Quitclaim Deed Mortgage Commitment Only Vermont Fiduciary Deed Declaration required Warranty Deed Recordation Tax and Grantor Tax. Local Not Filed Deed of Trust Deeds must be prepared by a Commitment Only Virginia Special Warranty Deed non-title company attorney recording taxes as authorized by the State Filed Rate Statutory Warranty Deed, Deed of Trust Real Estate Excise Tax based on graduated percentages Commitment Only of selling price, and Local Excise Tax percentage Washington (Subject to State sales tax) Bargain and Sale Deed Mortgage of selling price Transfer Tax and Non Resident Filed Rate Warranty Deed Deed of Trust Attorney must certify title, prepare Deeds and Commitment Only West Virginia Deeds of Trust and conduct settlement Withholding Tax

Wisconsin Filed Rate Warranty Deed Mortgage Commitment Only Real Estate Transfer Tax

Statement of Consideration must Filed Rate Warranty Deed Mortgage Commitment Only Wyoming be completed to record a Deed

Real Estate Customs by State Yes No

State Mortgage Tax Leasehold Tax UCC Designation UCC Status eClosing: RON status

Montana Title Authorized Law Passed

Nebraska N/A N/A P&C Authorized Law Passed

Nevada Title Authorized Law Passed

Unless duration is tantamount Authorized No Legislation New Hampshire to a conveyance, e.g., 99 years P&C Not applicable if lease is less than 99 years Authorized Legislation Pending New Jersey including renewals P&C Legislation proposed, New Mexico P&C Authorized not passed

New York Varies by County N.Y. State Transfer Tax Title Authorized Legislation Pending

Only in Currituck P&C Authorized No Legislation North Carolina and Dare County

North Dakota Title Authorized Law Passed

None, except for leaseholds, P&C Authorized Law Passed Ohio which are renewable forever

Oklahoma Buyer usually pays Title Authorized Law Passed

Oregon P&C Pending No Legislation

Possible Tax - consult with No P&C Authorized Law passed Pennsylvania local office

Rhode Island Title Authorized No Legislation

South Carolina No P&C Authorized Legislation Pending

South Dakota No Title Authorized No legislation

Tennessee P&C Authorized No legislation (RIN available)

Texas Title Authorized Law Passed

Utah Title Authorized Law Passed

Vermont Unless lease is 50 years or more Title Authorized Law Passed

Virginia State, City, and County may apply State, City, and County may apply Title Authorized Law Passed

Washington Title Authorized Law Passed

Real Estate Excise Tax applies to value of any Authorized No Legislation West Virginia None improvements transferred. Title

Wisconsin Unless lease is 99 years or more Title Authorized Law Passed

Wyoming N/A N/A Title Authorized No Legislation

Customary Standard Fee Splits Buyer Seller

Search: Exam, Attorney, State Owner’s Policy Loan Policy Abstract Fees Transfer Taxes Escrow Fees Recording/Filing Fees Negotiable, usually Buyer pays for extended coverage Negotiable, usually Buyer: Realty Transfer Certificate must be portion of premium. Seller pays for standard coverage Negotiable, usually buyer Included in premium N/A Montana of premium Divided Equally completed to record a Deed

Buyer pays to record Deed & Mortgage Divided Equally Negotiable Seller pays; $2.25 per thousand Divided Equally Nebraska Seller pays for recording docs to remove encumbrances

Seller pays standard coverage portion buyer Buyer pays to record Deed & Mortgage Included in premium Seller pays but can be negotiated Divided Equally Nevada pays additional for extended Seller pays for recording docs to remove encumbrances

Buyer pays recording fees Divided Equally New Hampshire Seller pays release recording fees

Typically Buyer pays Mansion Tax Buyer pays to record Deed & Mortgage Varies New Jersey Seller pays Realty Transfer Fee Seller pays for recording docs to remove encumbrances Negotiable. Typically Seller pays standard Negotiable. Typically, Buyer pays for Negotiable - customarily Parties pay their own attorneys coverage portion and Buyer pays additional Included in premium N/A for doc preparation fees. Seller pays Deed; New Mexico for extended. loan policy/endorsements Divided Equally Buyer pays Mortgage Fully Negotiated (Zone 1) Payable by Seller except for the additional Buyer pays to record Deed & Mortgage (“Mansion”) tax, which if applicable, is New York N/A Seller pays for recording docs to remove encumbrances Included in Premium (Zone 2) payable by Buyer Buyer pays to record all other documents North Carolina Negotiable Seller pays to record Deed and release of any encumbrances Buyer pays to record Deed & Mortgage Negotiable, usually Buyer Borrower Seller pays for abstract only N/A Negotiable North Dakota Seller pays for recording docs to remove encumbrances

Negotiable, usually Buyer pays to record Deed & Mortgage Negotiable Ohio Divided Equally Seller pays for recording docs to remove encumbrances Attorneys’ opinions vary by local practice; Buyer pays to record Mortgage Oklahoma Negotiable Negotiable abstract fees are various rates filed by Negotiable Negotiable Seller pays recording for any docs each abstract company to convey or disencumber the property

Buyer pays for extended coverage portion of premium Included in premium Only in Washington County — Divided Equally Oregon Seller pays for standard coverage premium Negotiable, but customarily divided equally

Buyer to pay for both their owners Buyer to pay for both their owners Buyer pays to record Deed & Mortgage Included in premium Divided Equally Included in premium Pennsylvania policy and the lender’s loan policy. policy and the lender’s loan policy. Seller pays to record release documents

Buyer pays to record Deed, Mortgage & Assignment Rhode Island Seller pays for recording docs to remove encumbrances

Search, etc. are NOT included in premium, Value may be required; South Carolina fees established by attorney-agent $3.70/$1000 Negotiable Buyer pays to record Deed & Mortgage Seller pays to record release documents Split is required only when licensed Split is required only when licensed Buyer pays to record Deed & Mortgage Varies by County Varies by County South Dakota abstractor must sign abstractor must sign Seller pays for recording docs to remove encumbrances

Negotiable except in those counties where search Buyer pays to record Deed & Deed of Trust Negotiable and exam fees are included in the premium Negotiable Tennessee Seller pays for recording releases

Buyer pays for endorsements Buyer pays to record Deed & Mortgage Included in premium N/A Negotiable Texas Seller pays base premium Seller pays for recording docs to remove encumbrances

Included in premium; may be Buyer pays to record Deed & Mortgage Negotiable, usually Seller N/A Varies by transaction. Usually split equally, Utah additional “Special Project” charge but the rates are not promulgated. Seller pays to record docs to remove encumbrances

Negotiable — Closing normally handled by Vermont attorney performing the title examination

Buyer normally pays State & Local Taxes Buyer pays to record Deed & Mortgage Negotiable, usually Buyer Negotiable, usually Buyer Negotiable, usually Buyer Negotiable Virginia Seller pays Grantor’s Tax Seller pays to record docs to remove encumbrances

Negotiable, usually Buyer pays for extended coverage portion of premium. Included in premium Seller pays Real Estate Excise Tax Divided Equally Washington Seller pays for standard coverage of premium Buyer; Exam fees not included in premium; Negotiable, usually Buyer Negotiable, usually Buyer fees established by Typically paid by Seller Negotiable. Typically paid by Buyer Typically paid by Buyer West Virginia examining attorney

Buyer pays to record Deed & Mortgage Negotiable Divided Equally Wisconsin Seller pays for recording docs to remove encumbrances

Negotiable, usually Buyer pays to record Deed & Mortgage Negotiable, usually Seller Negotiable, usually Buyer Included in premium N/A Wyoming Divided Equally Seller pays for recording docs to remove encumbrances

FATNCS-05/2021 Information at your fingertips

At First American Title National Commercial Services, we want to make your job easier.

That’s why we created this helpful state-by- state guide.

Containing valuable information, this guide provides a detailed look at local customs throughout the nation.

If you need more information, please reach out to your local First American Title National Commercial Services representative.

The content of this brochure is for informational purposes only and is not and may not be construed as legal advice. First American Financial Corporation is not a law firm and does not offer legal services of any kind. No third party entity may rely upon anything contained herein when making legal and/or other determinations regarding title practices. You should consult with an attorney prior to embarking upon any specific course of action.

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