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State Laws and Customs STATE LAWS AND CUSTOMS Stewart Title State Laws and Title Insurance Rates State Encumbrance Customary Closing Commitment Duration of When is Bill Deed Transfer Tax? Mortgage Leasehold Owner’s Policy Loan Policy Title Search Survey Charges Deed Transfer Closing Fees 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 Property 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 fee equally 6-mo. periods) usually paid by Seller NEW YORK Filed Mortgage Attorney N N/A Invoice with title report Y, Deed Excise 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 Real Estate 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 Liens 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 taxes (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 sales tax 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.
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