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Home , Closing (real estate), Closing costs, Quitclaim deed, Title insurance, Transfer tax

First American National Commercial Services

Real by State Yes No Customary Standard Splits Buyer Seller

Preliminary Report Search: Exam, Attorney, State Title Rates Form of Conveyance State Forms Attorney State or Commitment Transfer Mortgage Tax Leasehold Tax Owner’s Policy Loan Policy Abstract Transfer Fees /Filing Fees

Alabama Filed Rate Mortgage Commitment Only Recordation Tax Yes Yes Negotiable, usually Seller Negotiable Negotiable Negotiable

Alaska Filed Rate Warranty Deed Deed of Trust Commitment Only Negotiable, usually Seller Included in premium N/A Divided Equally Divided Equally

Deed of Trust N/A Affidavit of Real Value must Buyer pays to record Deed & Mortgage Arizona Filed Rate Warranty Deed Commitment Only Included in premium be submitted with deed for recording. Divided Equally Mortgage Seller pays for filing. Seller pays for recording docs to remove Deed of Trust Based on full consideration set Not Filed Warranty Deed Commitment Only Negotiable, usually Seller Customarily Split Divided Equally Negotiable, usually Buyer Arkansas Mortgage forth in Affidavit of Value

Preliminary Report; County Documentary Transfer Tax Yes: Applies to all of 35 years or Seller pays County tax Seller pays recording fees on Filed Rate Deed Deed of Trust more; whether options to extend are Varies Included in premium Varies by County California Commitment upon request City Tax (in some cities) counted for term varies by County City tax varies documents needed to clear title

Warranty Deed, Special Warranty Deed, Deed of Trust/Public Documentary Fee Included in premium, for most counties Colorado Filed Rate (rare), or Quitclaim Deed Trustee for each County Commitment Only — except for multi-chains of title or Divided Equally City Transfer Fee (in some cities) special services Warranty Deed City Conveyance Tax Unless duration is tantamount to a All must be accompanied by a Buyer pays for recording Deed & Mortgage documents Filed Rate Mortgage Commitment Only Conveyance Tax Return even if transfer Negotiable Connecticut Quitclaim Deed State Conveyance Tax conveyance, e.g., 99 years is exempt Seller pays for recording of releases State Transfer Tax Filed Rate Special Warranty Deed Mortgage Commitment Only Unless lease exceeds 5 years Divided Equally Negotiable Negotiable Delaware Local Transfer Tax

Deed of Trust with Excludes leases with terms of less than Buyer pays Recordation Tax District of Filed Rate Special Warranty Deed Commitment Only Transfer Tax Recordation Tax on Money loaned Negotiable Negotiable Negotiable Negotiable Negotiable Columbia Private Power of Sale Recordation Tax subject to any applicable exemptions 30 years including options to renew Seller pays Transfer Tax Promulgated Rate by Special Warranty Deed Documentary Stamp Tax plus Both Documentary Stamp Tax & No: Unless there is a determinable consideration Negotiable, usually Divided Buyer pays instruments of conveyance & financing Mortgage Commitment Only other than the future to pay rent (for Negotiable, usually Buyer Negotiable, usually Seller Negotiable, usually Seller Florida State Insurance Department or Warranty Deed surtax (in Miami-Dade County) Non-Recurring Intangible Tax example, of leasehold) Equally Seller pays instruments to clear title

Deed to Secure Debt Transfer Tax must be Published Rate Warranty Deed Commitment Only accompanied by Real Estate Transfer Tax Intangible Recording Tax Negotiable Negotiable Negotiable Varies Georgia Mortgage (rare) Declaration Form Preliminary Report; State Conveyance Tax Certificate Form must Applied where unexpired term is for 5 Buyer—40% Posted Rate Warranty Deed Mortgage accompany Deeds, Leases & Assignments Included in premium Negotiable, usually Seller Divided Equally Information at your fingertips Hawaii Commitment upon Request thereof, and Agreements of Sale years or more – See Deed Transfer Tax Seller—60%

Customary (non-statutory) forms: Warranty Deed of Trust Negotiable, usually Buyer pays for extended coverage portion of premium Buyer pays for Deed of Trust or Mortgage Filed Rate Commitment Only Negotiable, usually Buyer Included in premium N/A Negotiable, usually Divided Idaho Deed, bargain and sale, and Quitclaim Deed Mortgage Seller pays for standard coverage of premium Equally Seller pays to record conveyance Deed and release docs At First American Title National Commercial Services,

Assignments of lessee’s interest in a lease with a Local transfer tax determined by municipal ordinance Buyer pays for recording Deed and Mortgage docs Warranty Deed, Special Warranty State, County and in some cases, a term of 30 years or more. Affects state, county, Buyer pays loan policy charges we want to make your job easier. Illinois Not Filed Mortgage Varies by location Commitment Only Municipal Transfer Tax Chicago and other municipalities. Chicago also taxes Negotiable, usually Seller Divided Equally Deed, Quit-Claim Deed creation of long-term ground leases. Seller pays any abstract charges – fees vary Seller pays State and County Seller pays for recording of releases Negotiable, usually Divided Negotiable, usually Buyer pays for instruments Filed Rate Warranty Deed Mortgage Commitment Only Negotiable, usually Seller Negotiable, usually Buyer May be charged as Additional Fees N/A of conveyance and financing Indiana Equally Seller pays for instruments to clear title That’s why we created this helpful state-by-state guide. Real Estate Transfer Tax. A Real Estate Transfer No companies are licensed Warranty Deed, Special Warranty Buyer pays post- charges Buyer pays post-closing charges Buyer pays all other recording fees within the state. Title policies written Mortgage Commitment Only Declaration of Value and a Ground Water Hazard Negotiable Iowa Deed, Quit-Claim Deed Statement must accompany all Deeds to be Seller pays pre-closing and abstract charges Seller pays pre-closing exam and abstracting Seller pays for recording release of encumbrances outside state. recorded. Containing valuable information, this guide Sales Validation Questionnaire must Negotiable, Divided Equally if Kansas Filed Rate Warranty Deed Mortgage Commitment Only accompany all Deeds to be recorded Mortgage Registration Tax Negotiable N/A purchase silent Buyer pays for recording of Deed provides a detailed look at local customs throughout the nation. Kentucky Filed Rate Warranty Deed Mortgage Commitment Only Negotiable

Warranty Deed Licensed LA attorney must examine title & Documentary transfer tax in Buyer pays all other recording fees Filed Rate Mortgage render written title opinion. All commitments & Commitment Only Orleans Parish Only Orleans Parish Only Negotiable, usually Buyer Negotiable, usually Buyer Negotiable, usually Buyer Varies Louisiana or Act of Sale policies must be signed by LA Licensed Producer Orleans Parish Only Seller pays release of encumbrances If you need more information, please reach out to

A Declaration of Value must accompany Buyer pays recording fees your local First American Title National Commercial Maine Filed Rate up to $1 million Warranty Deed Mortgage Commitment Only Deeds to be recorded Divided Equally Seller pays release recording fees Services representative. Mortgage (rare) Yes; most documents must be approved Recordation Tax, State Transfer Counties vary; may have Yes: State Transfer and State Recording Tax do not Negotiable, usually Divided Maryland Filed Rate Special Warranty Deed (preferred) by a Maryland attorney prior to Commitment Only Document Stamp, Recording Tax apply to leases of 7 years or less with renewals of Negotiable, usually Buyer Negotiable, usually Buyer Negotiable, usually Buyer Negotiable, usually Buyer Negotiable, usually Buyer and Deed of Trust recordation Tax and Country Transfer Tax and County Transfer Tax 7 years or less; County Transfer Tax varies Equally Quitclaim Deed Deed stamps based on consideration in Deed. Extra Unless duration is tantamount to Buyer pays recording fees Not Filed Mortgage Commitment Only county taxes in Barnstable. Land Bank fee in Dukes Negotiable Warranty Deed & Nantucket Counties a conveyance, e.g., 99 years Seller pays release recording fees

Based on full consideration set forth on face of Negotiable. Divided equally The content of this brochure is for informational purposes only and is not and may not be construed as legal advice. Filed Rate Warranty Deed Mortgage Commitment Only Deed or on a Real Estate Transfer Tax Valuation Negotiable, usually paid by Seller Buyer pays for recording of Deed First American Financial Corporation is not a firm and does not offer legal services of any kind. No third party Michigan Affidavit unless otherwise negotiated entity may rely upon anything contained herein when making legal and/or other determinations regarding title State Deed Tax. A Certificate of Real Estate Value Buyer pays to record Deed & Mortgage practices. You should consult with an attorney prior to embarking upon any specific course of action. Minnesota Filed Rate up to $1 million Warranty Deed Mortgage Commitment Only and Well Disclosure Certificate must accompany Mortgage Registry Tax Shared by parties all Deeds to be recorded Seller pays for recording docs to remove encumbrances First American Title Insurance Company, and the operating divisions thereof, make no representation as to the Negotiable, usually Buyer for accuracy or completeness of the information contained in this guide; and First American Title Insurance Company, Mississippi Not Filed Warranty Deed Deed of Trust Commitment Only Negotiable, usually Buyer Negotiable, usually Buyer Negotiable, usually Buyer N/A Negotiable recording fees and Seller for removing and the operating divisions thereof, make no express or implied warranty respecting the information presented and encumbrances assume no responsibility for errors or omissions. First American, the eagle logo, First American Title, and firstam.com are registered trademarks or trademarks of First American Financial Corporation and/or its affiliates. Not Filed Warranty Deed Deed of Trust Commitment Only Varies by County - NEGOTIABLE Varies by County - NEGOTIABLE N/A Negotiable Varies by County - NEGOTIABLE, Missouri NORMALLY BUYER Republic Title is a subsidiary of First American Financial Corporation.

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, and Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Pennsylvania South Carolina, Tennessee. ©2018 First American Financial Corporation and/or its affiliates. All rights reserved. NYSE: FAF Title Insurance States: Alaska, California, Delaware, District of Columbia, Florida, Hawaii, Illinois, Iowa, Louisiana, Maine, Maryland, Massachusetts, Montana, Nevada, , North Dakota, Oklahoma, Rhode Island, South Dakota, , Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming. First American Title National Commercial Services Your Guide to Real Estate Customs by State Yes No Customary Standard Fee Splits Buyer Seller

Preliminary Report Search: Exam, Attorney, State Title Insurance Rates Form of Conveyance State Encumbrance Forms Attorney State or Commitment Deed Transfer Tax Mortgage Tax Leasehold Tax Owner’s Policy Loan Policy Abstract Fees Transfer Taxes Escrow Fees Recording/Filing Fees

Customary (non-statutory) forms are Land Sales Contract Negotiable, usually Buyer pays for extended Negotiable, usually divided Buyer: Realty Transfer Certificate must Montana Filed Rate Deed of Trust Commitment Only coverage portion of premium. Seller pays for Negotiable, usually buyer Included in premium N/A Real Estate Warranty Deed and Quitclaim Deed Mortgage (not to exceed 40 acres) standard coverage of premium equally be completed to record a Deed Deed of Trust $2.25 per thousand: Documentary Stamp Buyer pays to record Deed & Mortgage Nebraska Filed Rate Warranty Deed Commitment Only Act Real Estate Transfer Statement filed N/A N/A Divided Equally Negotiable Seller pays; $2.25 per thousand Divided Equally Mortgage with Deed Seller pays for recording docs to remove encumbrances Customs by State Grant Deed Seller pays standard coverage portion Buyer pays to record Deed & Mortgage Nevada Filed Rate Bargain and Sale Deed Deed of Trust Commitment Only Transfer Tax Included in premium Seller pays but can be negotiated Divided Equally Quitclaim Deed buyer pays additional for extended Seller pays for recording docs to remove encumbrances Warranty Deed Unless duration is tantamount Buyer pays recording fees Filed Rate up to $1 million Mortgage Commitment Only Yes: Real Property Transfer Tax Divided Equally New Hampshire Quitclaim Deed to a conveyance, e.g., 99 years Seller pays release recording fees

Not applicable if lease is less than Typically Buyer pays Mansion Tax Buyer pays to record Deed & Mortgage Filed Rate Bargain and Sale Deed Mortgage Varies per location Commitment Only Realty Transfer Fee and Mansion Tax Varies New Jersey 99 years including renewals Seller pays Realty Transfer Fee Seller pays for recording docs to remove encumbrances Promulgated Rate by Warranty Deed Deed of Trust Negotiable - customarily divided Parties pay their own attorneys Commitment Only Included in premium N/A for doc preparation fees. Seller pays New Mexico State Insurance Department New Mexico Mortgage equally Deed; Buyer pays Mortgage.

N.Y. State Transfer Tax. Fully Negotiated (Zone 1) Payable by Seller except for the Buyer pays to record Deed & Mortgage Warranty Deed (Zone 1) Local Transfer Tax depends on additional (“Mansion”) tax, which if New York Filed Rate Mortgage Certificate of Title Varies by County N.Y. State Transfer Tax N/A Seller pays for recording docs to remove encumbrances Bargain and Sale Deed (Zone 2) location of property Included in Premium (Zone 2) applicable, is payable by Buyer. tax on conveyances Only in Currituck Buyer pays to record all other documents North Carolina Filed Rate Warranty Deed Deed of Trust Commitment Only (plus additional transfer tax in some Negotiable Seller pays to record Deed and coastal counties). and Dare County release of any encumbrances Abstracts and Attorneys’ Opinions Buyer pays to record Deed & Mortgage North Dakota Filed Rate Warranty Deed Mortgage are required to issue any title Commitment Only Seller pays for abstract only N/A Seller pays for recording docs to remove encumbrances Warranty Deed None, except for leaseholds, Negotiable, Buyer pays to record Deed & Mortgage Ohio Filed Rate Quitclaim Deed Mortgage Commitment Only Amount varies by County from $1 - Negotiable Limited Warranty Deed $4/$1000. $0.50 per parcel transfer tax. which are renewable forever. usually Divided Equally Seller pays for recording docs to remove encumbrances Attorneys’ Opinions vary by local practice; Buyer pays to record Mortgage Oklahoma Not Filed Warranty Deed Mortgage Commitment Only Documentary Stamp Tax Buyer usually pays 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 Statutory: Warranty Deed, Special Warranty Deed of Trust Preliminary Report; Real Property Transfer Tax Buyer pays for extended coverage portion of premium Only in Washington County — Oregon Filed Rate Deed, Bargain and Sale Deed and Quitclaim Included in premium Negotiable, but customarily divided Divided Equally Deed (rare) Mortgage (rare) Commitment upon request assessed in Washington County only Seller pays for standard coverage premium equally Most business done direct by underwriter POSSIBLE TAX - consult with Buyer pays to record Deed & Mortgage. Pennsylvania Filed Rate Special Warranty Deed Mortgage or through title agents but there is an Commitment Only Realty Transfer Tax No Included in premium Divided Equally Included in premium Approved Attorney designation local office Seller pays to record release documents

Warranty Deed Buyer pays to record Deed, Mortgage & Assignment Rhode Island Negotiable Quitclaim Deed Mortgage Commitment Only Real Estate Conveyance Tax Bargain and Sale Deed Seller pays for recording docs to remove encumbrances Value may be required; Search, etc. are NOT included in premium, Buyer pays to record Deed & Mortgage South Carolina Filed Rate Warranty Deed Mortgage Yes Commitment Only Documentary Stamp Tax No fees established by attorney-agent $3.70/$1000 Negotiable Seller pays to record release documents Policy must be signed by a licensed Certificate of Real Estate Value must Split is required only when Split is required only when Buyer pays to record Deed & Mortgage South Dakota Filed Rate Warranty Deed Mortgage abstractor for a fee in county where Commitment Only be filed with deed. Transfer tax is No Varies by County Varies by County property is located $.50/$500.00 or fraction thereof. licensed abstractor must sign licensed abstractor must sign Seller pays for recording docs to remove encumbrances Warranty Deed Deed of Trust Warranty Deed: tax on greater of consideration Negotiable except in those counties where Buyer pays to record Deed & Deed of Trust Tennessee Filed Rate Quitclaim Deed Commitment Only paid or property value Negotiable search and exam fees are included in the Negotiable Special Warranty Deed Mortgage (rare) Quitclaim Deed: tax on consideration paid premium Seller pays for recording releases Promulgated Rate by Deed of Trust Buyer pays for endorsements Buyer pays to record Deed & Mortgage Warranty Deed Commitment Only Included in premium N/A Negotiable Texas State Insurance Department Mortgage (rare) Seller pays base premium Seller pays for recording docs to remove encumbrances Deed of Trust Included in premium; may be Divided Equally; escrow fees Buyer pays to record Deed & Mortgage Filed Rate Warranty Deed Commitment Only Negotiable, usually Seller N/A Utah Mortgage additional “Special Project” charge are a minimum filed rate Seller pays to record docs to remove encumbrances Warranty Deed Property Transfer Tax— Negotiable — Closing normally Vermont Filed Rate up to $1 million Quitclaim Deed Mortgage Commitment Only Unless lease is 50 years or more handled by attorney performing the Fiduciary Deed Declaration required title examination Warranty Deed Recordation Tax and Grantor Tax. Local Buyer normally pays State & Local Taxes Not Filed Deed of Trust Deeds must be prepared by a Commitment Only State, City, and County may apply State, City, and County may apply Negotiable Negotiable Negotiable Negotiable Negotiable­ Virginia Special Warranty Deed non-title company attorney recording taxes as authorized by the State. Seller pays Grantor’s Tax

Filed Rate Statutory: Warranty Deed, Bargain Deed of Trust Real Estate Excise Tax based on Negotiable, usually Buyer pays for extended Excise tax up to 2.78 percent of Washington Commitment Only coverage portion of premium. Included in premium the sales price plus a $5.00 State Divided Equally (Subject to State ) and Sale Deed, and Quitclaim Deed Mortgage percentage of sales price Seller pays for standard coverage of premium Technology fee Attorney must certify title, prepare Preliminary Report Transfer Tax and Non Resident Buyer; Exam fees not included in West Virginia Filed Rate Warranty Deed Deed of Trust Deeds and Deeds of Trust and conduct Negotiable, usually Buyer Negotiable, usually Buyer premium; fees established by examining settlement or Title Commitment Withholding Tax attorney. Buyer pays to record Deed & Mortgage Filed Rate Warranty Deed Mortgage Commitment Only Real Estate Transfer Tax Unless lease is 99 years or more Negotiable Divided Equally Wisconsin Seller pays for recording docs to remove encumbrances

Statement of Consideration must Negotiable, usually divided Buyer pays to record Deed & Mortgage Filed Rate Statutory: Warranty Deed Mortgage Commitment Only N/A N/A Negotiable, usually Seller Negotiable, usually Buyer Included in premium N/A Wyoming Quitclaim Deed be completed to record a Deed equally Seller pays for recording docs to remove encumbrances

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. FATNCS-02/2018