STATE LAWS AND Stewart State Laws and Rates State Encumbrance Customary Commitment Duration of When is Bill Transfer ? Mortgage Leasehold Owner’s Policy Loan Policy Title Search Survey Charges Deed Transfer Closing Recording Fees Customs Toolkit Forms Entity Issued? Commitment Issued? Tax? Tax? Premium Premium & Exam Tax NEVADA Filed Deed of Trust Title or escrow Upon request 6 months When policy issues Y, Real Transfer N N Negotiable ; Usually included, Negotiable Negotiable Divided equally, can be Negotiable; Seller usually NV company; Others Tax additional charges negotiated pays in the North for additional work, multiple parcels, etc. NEW HAMPSHIRE Filed Mortgage Title or escrow Upon request 6 months At closing Y, Deed Transfer Tax N N ; ; ; ; Divided equally ; K NH company; Attorney NEW JERSEY Filed Mortgage Attorney: North NJ; Title Y 6 months Invoice with commitment Y N N, If lease is less ; ; ; ; 1 million or less – Parties sometimes agree to split; ; NJ company: South NJ than 99 years paid by Seller; 1 Usually Buyer in North Jersey million or more – Seller pays Transfer Tax and Buyer pays Mansion Tax NEW MEXICO Promulgated rates set Mortgage; Deed of Trust Title company Y 6 months At closing N N N ; Negotiable ; Negotiable Included in premium; ; Negotiable N/A Residential: Seller usually pays. K NM biennially by superintendant (rare) (renewable for separate title Commercial: usually divided of insurance 3 successive commitment equally 6-mo. periods) usually paid by Seller NEW YORK Filed Mortgage Attorney N N/A Invoice with title report Y, Deed Tax Y Y, Subject New York-style closing requires simultaneous transfer of documents and consideration at meeting of parties. Recording takes place later. Most closing costs, including title NY to type of insurance, are paid by Buyer. NYC Transfer Tax usually paid by Seller; State Transfer Tax paid by Seller unless contractually negotiated to Buyer. transaction NORTH Filed Deed of Trust; Mortgage Attorney; Non-attorney Y 6 months Invoice with commitment Y, Deed Excise Tax N N ; ; ; ; u Negotiable ; NC CAROLINA (rare) closing/settlement office NORTH DAKOTA Filed Mortgage; Deed of Trust Title or escrow Y 6 months Invoice with commitment N N N ; ; Exam paid by Buyer; Typically paid by Seller, if N/A ; K ND (rare) company; Others Search is paid for by needed Seller OHIO Filed Mortgage Title or escrow Y 6 months Invoice with commitment Y, Conveyance Fee – N N Negotiable; Usually ; u ; Sometimes negotiable u Negotiable; Usually divided K OH company; Others Seller pays divided equally equally OKLAHOMA Not filed Mortgage Title or escrow Y 6 months Invoice with commitment Y, Documentary Stamp Y N ; ; u u Sometimes negotiable u Negotiable; Usually divided K OK company; Others or at closing Tax equally OREGON Filed Deed of Trust; Mortgage Title or escrow Upon request; 6 months At closing N, Except Washington N N u ; Included in premium ; Washington County Negotiable; Usually divided K OR (rare) company; Others Rarely issued County only; Divided equally equally PENNSYLVANIA Filed Mortgage; Deed of Trust Title or escrow Y 6 months Invoice with commitment Y, State and Municipal N Y, If lease term ; ; Included in premium ; Divided equally Included in premium K PA (rare) company; Attorney is 30 years or more RHODE ISLAND Filed Mortgage Title company; Attorney Y 6 months When policy issued Y, State Transfer Tax N N ; ; ; Not included in ; u ; Except Seller settlement fees ; RI premium SOUTH CAROLINA Filed Mortgage Attorney Y 6 months At closing Y, Transfer Fee N N ; ; ; ; Sometimes negotiable u ; ; SC SOUTH DAKOTA Filed Mortgage Title or escrow Y 6 months Invoice with commitment Y, Real Estate Transfer Tax N N Divided equally ; ; Not included in ; Sometimes negotiable u Divided equally ; SD company; Others premium TENNESSEE Filed Deed of Trust Title company; Attorney Y 6 months Invoice with commitment Y, Deed Transfer Tax Y N Varies ; Varies Negotiable ; Divided equally ; TN TEXAS Promulgated rate by state Deed of Trust and Title or escrow Y 90 days At closing N N N u ; Included in premium Free to lender; Optional on N/A Set by escrow agent K TX insurance department Vendor’s company; Lender; OTP (5% to 15%) Others UTAH Filed Deed of Trust Title company Y 6 months At closing; Sometimes N N N u ; Included in premium Negotiated N/A Divided equally ; UT when policy issues Stewart Title VERMONT Filed Mortgage Attorney Y 6 months At closing Y N N ; ; ; Not included in N/A ; ; Except Seller's attorney's Buyer, $10 per page, $10 VT 1980 Post Oak Blvd. premium fees, wire fee, Zoning flat fee to record Property Compliance letter and real estate Transfer Tax Returns Houston, TX 77056 professional commissions (800) STEWART VIRGINIA Not filed Deed of Trust; Mortgage Title or escrow Y 6 months At closing Y Y, State, Y, State, local ; ; ; ; Buyer pays grantee Buyer pays most closing fees Buyer: Pays everything VA (rare) company; Attorney; local may may apply (State and except Seller’s settlement fee else; Seller: Pays for stewart.com Others apply local); Seller usually releases and grantor’s tax pays grantor’s tax WASHINGTON Filed; Subject to Deed of Trust; Mortgage Title company or Y 6 months At closing Y, Real Estate Excise Tax N N u ; Included in premium ; Sometimes negotiable u Split evenly between the parties K WA independent escrow company that must employ limited practice officer to conduct closing; Attorney Cert no. SW-COC-002805 WEST VIRGINIA Filed Deed of Trust; Mortgage Attorney Y 6 months At closing Y, State and County N N ; ; ; ; u Buyer pays most closing fees K WV Excise Taxes except Seller’s settlement fee WISCONSIN Filed Mortgage and Security Title or escrow Y 6 months Invoice with commitment Y, Real Estate Transfer N N u ; Sometimes included Negotiable u Buyer: All recording fees; Seller: K WI Agreement company; Others Fee in premium but Document preparation fees negotiable if not included WYOMING Filed Mortgage Title company Y 6 months Paid at closing N N N u ; Included in premium Negotiable N/A Divided equally unless there is an K WY Stewart Title Guaranty Company is a subsidiary of Stewart Information Services Corporation. out of state lender; Buyer pays an additional “loan” closing fee © 2014 Stewart.

Information for the State Laws and Customs Toolkit has been obtained by Stewart Title from sources believed to be reliable. However, because of the possibility of human or mechanical error, whether by our sources or by others, Stewart Title does not guarantee the accuracy, adequacy or completeness of any information contained herein. Stewart Title does not make any express or implied warranties with regard to the use or freedom from error of any 1980 Post Oak Boulevard Houston, TX 77056 (800) STEWART stewart.com SISCO-1414-89-8 10/14 2K of the information and shall not be responsible for any errors or omissions or for the results obtained from the use of such information. Additionally this information is provided with the understanding that Stewart Title is not engaged in rendering legal, accounting, or other professional advice or services. If legal advice or services or other expert assistance is required, the services of a competent professional person should be sought. Issued: 05/15/14. STATE LAWS AND CUSTOMS Title Insurance State Encumbrance Customary Commitment Duration of When is Bill Issued? Deed Transfer Tax? Mortgage Tax? Leasehold Tax? Owner’s Policy Premium Loan Policy Title Search & Exam Survey Charges Deed Transfer Tax Closing Fees Recording Fees Rates Forms Closing Entity Issued? Commitment Premium ALABAMA Filed Mortgage Title or escrow Y 6 months Invoice with commitment Y, Deed Tax Y Y Negotiable ; Negotiable Negotiable Negotiable, but usually Negotiable Negotiable, but usually paid by purchaser AL company/Attorney paid by purchaser ALASKA Filed Deed of Trust Title or escrow Y 6 months At closing N N N u Sometimes negotiable ; Included in premium u Sometimes negotiable N/A Negotiable; Usually divided equally Negotiable; Usually divided equally AK LEGEND company; Others ARIZONA Filed Deed of Trust; Mortgage Title or escrow Y 6 months At closing N N N u ; Included in premium Negotiable N/A Divided equally Negotiable AZ company; Others ARKANSAS Not filed Deed of Trust; Mortgage Abstract/Title Y 6 months Invoice with commitment Y, Deed Transfer Tax N N u ; Sometimes included in premium Negotiable u Affidavit of value Divided equally ; AR Customary Fee Splits: company – depends on local custom CALIFORNIA Filed Deed of Trust Title or escrow Upon request 6 months When policy issues Y, County and City N Y Varies Varies by Included in premium Varies by county Varies by county CA ; Buyer/Borrower ; Sometimes negotiable u Seller pays county company; Others Documentary Transfer Taxes county tax; City tax varies u Seller COLORADO Filed Deed of Trust to Public Title or escrow Y 6 months Invoice with commitment Y, Documentary Tax N N u ; Included in premium Negotiable ; Divided equally or by contract ; CO Trustee; Mortgage (rare) company; Others K Buyer/Borrower pays to record deed and CONNECTICUT Filed Mortgage Attorney Upon request 6 months Invoice with commitment Y, State, Municipal Real Estate N N ; ; ; ; u Negotiable K CT mortgage; Seller pays to record documents to Conveyance Taxes remove encumbrances DELAWARE Filed Mortgage Attorney Y 6 months At closing Y N Y, If lease is 5 years or more ; ; ; ; Divided equally ; Sussex County Seller pays deed ; DE preparation D.C. Filed Deed of Trust; Mortgage Title or escrow Y 6 months At closing Y, Transfer and Recordation Y, Recordation Tax but Y, Transfer and Recordation Tax applicable ; Customarily ; ; Divided equally Divided equally or by contract Customarily Seller records deed, Buyer D.C. (rare) company; Others Taxes most residential of for leasehold 30 years or more Borrower records Deed of Trust Trust are exempt FLORIDA Promulgated rate Mortgage Attorney; Title or Y 6 months At closing Y, Documentary Tax (Plus surtax Y, Documentary Fee Tax, N u Sometimes negotiable ; Seller customary but negotiable ; Buyer pays Mortgage Negotiable; Varies by county Buyer: Records mortgage; Seller: Records FL by state insurance escrow company; in Dade County) non-recurring Intangible Tax; Seller pays Deed Tax deed department Others Personal GEORGIA Filed Security Deed (aka Deed to Attorney Y 6 months Invoice with commitment Y, Real Estate Transfer Tax Y, Intangible Recording N ; Negotiable; Customarily ; Negotiable Negotiable Y, Seller often pays tax Negotiable Negotiable; Statewide recording fees GA Secure Debt); Mortgage Tax buyer pays due at time of recording of deed HAWAII Not filed Mortgage Title or escrow Y 6 months When policy issues Y, State Conveyance Tax N Y, If lease or sublease has term over 5 Typically 40% Buyer, 60% Seller ; Included in premium Usually Seller u Standard contracts list customary charges Buyer pays all recording fees except HI company; Others years documents to clear Seller’s title IDAHO Filed Deed of Trust; Mortgage Title or escrow Y 6 months Varies with office N N N u ; Included in premium Negotiable No Divided equally ; ID (depends on usage and company; Others acreage) ILLINOIS Not filed Mortgage; Deed of Trust Title or escrow Y 6 months Invoice with commitment Y, Real Estate Transfer Tax; N Y, State for leases with a term of 30 years u ; u Some areas are abstract u u Buyer often pays Escrow fees may be divided equally between K IL company; Others (State, county, sometimes local) or more, including all options to renew and areas; Fees vary Local Transfer Tax the parties if the transaction is a cash deal; If extend; Y, Some counties and municipalities the buyer has a lender, the fee is paid by the buyer in full INDIANA Filed Mortgage Title or escrow Y 6 months Invoice with commitment N N N Customarily Seller; Sometimes ; Not included in premium Negotiable N/A Negotiable Buyer: Recordation of all other docs; IN company; Others negotiable in certain areas Seller: Recordation of Deed, release of encumbrances IOWA No title insurance Mortgage Attorneys, local Y 6 months Invoice with commitment Y, Real Estate Stamp Tax N N Negotiable ; Buyer: Post-closing charges; Negotiable u Negotiable K IA companies licensed abstractors and Seller: Pre-closing, abstract within state; Title policies closing companies charges written outside state KANSAS Filed Mortgage Title or escrow Y 6 months Variable; With commitment or N Y, Mortgage Registration N Varies by county ; Varies by county u Case-by-case basis; N/A Divided equally K KS company; Others closing Tax Buyer obtains survey, or cost is split KENTUCKY Filed; Subject to Mortgage Attorney Y 6 months Invoice with commitment Y, Deed Transfer Tax N N ; ; ; ; Negotiable u ; Pays most with small portion to seller ; KY Municipal Premium Tax LOUISIANA Filed Mortgage Title company; Y 6 months Invoice customarily at closing Y, Documentary Tax, Orleans N, Documentary Tax, N, Documentary Tax, Orleans Parish only ; ; Negotiable Negotiable N/A ; Can be negotiated ; LA Attorney Parish only Orleans Parish only MAINE Filed Mortgage Closing company; Y 6 months At closing Y, Real Estate Transfer Tax N N ; ; ; ; Divided equally ; K ME Attorney MARYLAND Filed Deed of Trust; Mortgage Title or escrow Y 6 months At closing Y, State, County, Agricultural Y, State Recordation Tax Y, Deeds Ground and Commercial Leases ; ; ; ; Negotiable; Usually split Negotiable; Usually Buyer pays Negotiable; Usually divided equally MD (rare) company; Others Transfer Taxes; Recordation Tax taxed as deeds MASSACHUSETTS Not filed Mortgage Attorney Y 6 months At closing – residential, at Y, Deed Excise Tax N N ; ; ; Except for parts of ; Seller is used to resolve u Negotiable K MA commitment – commercial Worchester County description and title issues MICHIGAN Filed Mortgage Title or escrow Y 6 months Invoice with commitment Y, Real Estate Transfer Tax N N u ; Included in premium Negotiable u ; ; MI company; Others MINNESOTA Filed Mortgage Title or escrow Y 6 months Invoice with commitment Y Y, Mortgage Registry Tax N Negotiable ; Seller must provide evidence of Negotiable u By statute Shared by parties Typically Buyer unless otherwise negotiated MN company; Others the current status of title, usually by providing a commitment; Buyer pays for the exam MISSISSIPPI Not filed Deed of Trust Attorney Y 6 months Invoice with commitment N N N Negotiable; Usually Buyer Negotiable; Negotiable; Usually Seller Negotiable; Usually Seller N/A Negotiated Typically Buyer unless otherwise negotiated MS Usually Buyer MISSOURI Filed Deed of Trust Title or escrow Y 6 months Variable; With commitment or N N N Varies by county ; Varies by county u Case-by-case basis; N/A Divided equally K MO company; Others closing Buyer obtains survey or cost is split MONTANA Filed Deed of Trust; Trust Title company Y 6 months At closing N N N u ; Included in premium Usually Buyer N/A Divided equally Buyer: Pays to record financing MT Indenture; Over 40 acres, documents; Seller: Pays to record deed use Mortgage NEBRASKA Filed Deed of Trust; Mortgage Title or escrow Y 6 months Variable; With commitment or Y N N Divided equally Divided equally Included in premium u Case-by-case basis; u Imposed on grantor Divided equally Buyer: Pays all other charges; Seller: NE company; Others closing Buyer obtains survey, or by statute Pays recording fees for title clearance cost is split documents, deed and Documentary Tax