TRINITY | Resources

Real Estate Laws and by state as provided by Fidelity National Insurance Company. CUSTOMARY FEE SPLITS:

Title Ins Encumbrance Customary Closing Commitment When is Invoice Policy Premiun State Forms of Conveyance Deed Transfer Mortgage Tax Leasehold Tax Title Search & Exam Survey Charges Closing Fees Recording Fees Rates Forms Entity Issued? Duration? Issued? Owner’s Loan Transfer Mortgage Negotiable Title Company; approved With Commitment Filed Warranty Deed Mortgage 6 months Deed Tax (Seller in some Negotiable Negotiable Negotiable Negotiable Seller can pay ALABAMA attorney; bank Y or at closing Y Y Y counties) Deed of Trust; Negotiable; usually divided Negotiable; usually Filed Warranty Deed; Quitclaim Deed Title or escrow company; others 6 months At closing Negotiable Included in Premium Negotiable N/A N/A ALASKA Mortgage Y N N N equally divided equally Buyer: Warranty Deed; Special Warranty Deed; Deed of Trust; Filed Title or escrow company; others 6 months When policy issues Extended Included in Premium Unless contracted otherwise N/A N/A Divided equally ARIZONA Quitclaim Deed Mortgage Y N N N Coverage Policy Mortgage (preferred); Title of abstract company; Not Filed Warranty Deed 6 months With commitment Deed Transfer Tax Negotiable Negotiable Divided equally N/A Divided equally ARKANSAS Deed of Trust attorney Y Y N N Documentary Transfer Tax; If more than 35 years Varies by county; usually Filed Grant Deed Deed of Trust Title or escrow company; others Upon request; 180 days When policy issues Varies by county Included in Premium Negotiable Varies for cities N/A CALIFORNIA Y some local municipalities N Y (including renewal options) split Deed of Trust; Documentary Divided equally or by Filed Warranty Deed; Special Warranty Deed Title or escrow company; others 6 months With commitment Negotiable Negotiable Included in Premium Negotiable Negotiable N/A Negotiable COLORADO Mortgage Y Y Transfer Tax N N contract Deeds: Warranty, Quitclaim, Ltd State/Municipal Real If less than 99 years Filed Wty, Special Wty, Trustee, Executor’s, Mortgage Deed Attorney Upon request; 6 months With commitment N/A Negotiable CONNECTICUT Y Estate Conveyance Tax N N (including renewals) Certificate of Devise Deeds: Special Wty; Quitclaim, General Except residential leases Filed Mortgage Attorney 6 months With commitment Realty Transfer Tax Negotiable Divided equally N/A Negotiable DELAWARE Wty Y Y N N more than 5 years Special Warranty Deed (very rare: Deed of Trust; Transfer Tax & Recordation If more than 30 years Buyer: Recordation; Divided equally or by Filed Title or escrow company; others 6 months With commitment Recordation Tax DC General Wty & Quitclaim) Mortgage (rare) Y Y Tax Y Y (including extensions) Seller: Transfer contract Some counties Documentary Tax With commitment Documentary Tax; Unless assignment of lease negotiable; Unless contracted Buyer: Mortgage; Promulgated Warranty Deed Mortgage Attorney; title company; lender 6 months (Miami-Dade County has Negotiable Negotiable FLORIDA Y or at closing Y Y Intangible Tax N for consideration Buyer if otherwise Seller: Deed Surtax) residential Security Deed (aka Commercial: Warranty Deed, Ltd. Wty Deed, Attorney, escrow agent Intangible Recording Filed Deed to Secure Debt); 6 months With commitment Negotiable negotiable; residential: Negotiable GEORGIA Quitclaim Deed (commercial) Y Y Transfer Tax Y Tax N Mortgage buyer Title or escrow company; others Deeds: Warranty, Ltd. Wty, Quitclaim, State Conveyance Leases over 5 years subject Seller 60% Buyer: Mortgage; Not Filed Mortgage (must be licensed escrow 90 days At closing Included in Premium Negotiable N/A Divided equally HAWAII Apartment (condos) Y Y Tax N Y to conveyance Tax Buyer 40% Seller: Deed depository) Negotiable; usually Deed of Trust; Warranty Deed, Corporate Deed, Title or escrow company; Buyer: Deed of Trust; Filed Mortgage (over 40 6 months Varies by office Included in Premium Negotiable N/A N/A Divided equally IDAHO Quitclaim Deed (on occasion) attorney; others Y N N N Mortgage; Seller: acres) Deed Real Estate Transfer Tax Mortgage; Deed of Certain leasehold transfers Divided equally or by Not Filed Warranty Deed Title company; attorney; others 6 months With commitment (State, County, Varies for cities N/A ILLINOIS Trust Y Y N Y may be subject to tax contract sometimes local) Commercial: negotiable; Filed Warranty Deed Mortgage Title company; others 90 days With commitment Varies by county N/A N/A INDIANA Y N N N residential: Buyer Buyer: post-closing Residential N/A; policies written Warranty Deed, Quitclaim Deed, Attorney or Iowa-based escrow Real Esate charges; Mortgage 6 months With commitment Negotiable dependent on Negotiable N/A Negotiable IOWA outside state Trustees Deed, etc. company Y Y Revenue Stamp Tax N N Seller: pre-closing abstract mortgage type charges Sometimes Buyer obtains Warranty Deed, Special Wty Deed, With commitment Mortgage Registration Filed Mortgage Title or escrow company; others 6 months Varies by county survey or cost divided N/A Divided equally KANSAS Trustee’s Deed Y or at closing N Y Tax N equally Warranty Deed, Special Wty Deed; Except New Orleans Buyer: recording fees; Filed Mortgage Attorney; title company 6 months With commitment Deed Transfer Tax Negotiable N/A Negotiable KENTUCKY Trustee or Fiduciary Deed Y Y N N Documentary Tax Seller: doc prep fees N/A; Seller: Except New Orleans New Notaries public who generally Except New Orleans N/A; Seller: New Small Seller’s closing fee in Filed Warranty Deed; Act of Sale Act of Mortgage 6 months With commitment Documentary Negotiable Negotiable Negotiable Orleans LOUISIANA are attorneys Y N N Documentary Tax N Orleans Doc Trans Tax most parishes Transaction Tax Doc Trans Tax Commercial: Quitclaim Deed; Real Estate Filed Quitclaim with covenant; Mortgage Title company; attorney; notary 6 months At closing Seller in Penobscot County Divided equally N/A MAINE Y Y Transfer Tax N N Residential: Warranty Deed Title company; sole practitioner; State: Transfer Tax; Deed of Trust; At closing unless Ground and commercial Filed Special Warranty Deed law firm; underwriter direct 6 months County: Transfer & Recordation Tax Divided equally Negotiable MARYLAND Mortgage (rare) Y requested earlier Y Y Y more than 7 years office Recordation Tax Deed Tax (Martha’s Vineyard & Nantucket Except parts of Worcester Not Filed Quitclaim Deed Mortgage Attorney Upon request; 6 months At closing Negotiable N/A Negotiable MASSACHUSETTS Y impose additional transfer N N County fee) Divided equally Deeds: Warranty; Quitclaim; Covenant; Title or escrow company; State/County Real (sometimes Buyer pays Filed Mortgage 6 months With commitment Included in Premium Negotiable N/A MICHIGAN Trustee’s; Personal Representative’s attorney; others Y Y Estate Transfer Tax N N additional loan closing fees) Deeds: Warranty; Ltd Warranty; Seller: evidence of Seller: Deed, release Title or escrow company; Mortgage Registration Filed Quitclaim; Trustee’s; Personal Mortgage 6 months With commitment State Deed Tax Negotiable ownership; Buyer: to Negotiable Shared by parties encumbrances; Buyer: MINNESOTA attorney; others Y Y Y Tax N Representative’s examine evidence all other docs Warranty Deed; Quitclaim Deed (w/ Not Filed Deed of Trust Attorney 6 months With commitment Negotiable Negotiable N/A N/A Divided equally MISSISSIPPI underwriter approval) Y N N N

Risk Rates are Warranty Deed; Special Wty Deed; With commitment Sometimes divided equally Deed of Trust Title or escrow company; others Y 6 months N N N Varies by county Varies by county N/A N/A Divided equally MISSOURI Filed Trustee’s Deed or at closing or Buyer obtains survey This information is furnished as a service to our customers. Although great care has been taken to provide accurate and complete information, state laws and procedures change. Please contact Fidelity National Title Insurance Company or visit www.Fidelity.ntiweb.com for updated information or consult a local attorney for specific questions of law.

Trinity REIS, LLC is not qualified to provide, and has not been contracted to provide, legal, financial, or tax advice, and that any such www.trinityreis.com advice regarding any investment by the recipients must be obtained from the recipients’ attorney, accountant, or tax professional. TRINITY | Resources

Real Estate Laws and Customs by state as provided by Fidelity National Title Insurance Company. CUSTOMARY FEE SPLITS:

Title Ins Encumbrance Customary Closing Commitment When is Invoice Policy Premiun Taxes State Forms of Conveyance Deed Transfer Tax Mortgage Tax Leasehold Tax Title Search & Exam Survey Charges Closing Fees Recording Fees Rates Forms Entity Issued? Duration? Issued? Owner’s Loan Transfer Mortgage Deed of Trust; Trust Buyer: loan only Warranty Deed; Corporate Deed; Grant Title or escrow company; Filed Indenture; Mortgage 6 months At closing Included in Premium transactions; Negotiable: N/A N/A Divided equally MONTANA Deed attorney Y N N N (over 40 acres) sales transactions Warranty Deed; Special Wty Deed; Deed of Trust; With commitment Residential; Sometimes divided equally Filed Title or escrow company; others 6 months Documentary Stamp Tax Divided equally Included in Premium N/A Divided equally NEBRASKA Trustee’s Deed Mortgage Y or at closing Y N N divided equally or Buyer obtains survey Title or escrow company; Grant Deed; Bargain and Sale Deed; Deed of Trust; Negotiable in northern Reno Filed others authorized by NV Upon request; 6 months When policy issues Real Transfer Tax Included in Premium Negotiable N/A Divided equally; negotiable NEVADA Quitclaim Deed; Trustee’s Deed Mortgage (rare) Y N N vicinity statutes Divided equally unless Filed Warranty Deed; Quitclaim Deed Mortgage Attorney; title company Upon request; 6 months At closing Deed Transfer Tax If less than 99 years N/A Divided equally NEW HAMPSHIRE Y N N contracted otherwise Realty Transfer Fee (RTF); Unless contracted Bargain and Sale Deed with covenants Attorney: North NJ; Title With commitment; Filed Mortgage 6 months Mansion Tax (over $1 If less than 99 years otherwise; Buyer: NJ N/A Sometimes split NEW JERSEY against grantor’s acts Company: South NJ Y paid at closing Y N N million) Mansion Tax Negotiable; Buyer: Mortgage; Warranty Deed; New Mexico Real Estate Deed of Trust; Y 6 months Divided equally or by Promulgated Licensed Title Insurance Agent At closing N N N Buyer in Los Included in Premium Negotiable N/A N/A Seller: Deed & docs to NEW MEXICO Contract Mortgage (may be extended) contract Alamos County remove encumbrances With Title Report; Commitment or Title New York style closing requires simultaneous transfer of documents and consideration at meeting of parties. Recording takes place later. Buyer pays most closing costs, including title Warranty Deed (upstate); Bargain and Y final invoice State, NYC, several local If term exceeds 49 years or Filed Mortgage Attorney Certificate issued; 6 or 9 State, NYC & Counties insurance. NEW YORK Sale Deed (downstate) presented/paid at Y municipalities Y Y contains option to purchase months Seller usually pays NYC transfer tax and pays state transfer tax unless contractually negotiated to Buyer. Search & Exam charges are included in premium in Zone 2 but not in Zone 1. closing Warranty Deed (typically); Special Deed of Trust; Excise Tax (and 1% transfer Except Currituck and Dare Filed Attorney 6 months With commitment Negotiable N/A Negotiable NORTH CAROLINA Warranty Deed or Non-Warranty Deed Mortgage (rare) Y Y tax in some counties) N N counties Buyer: Mortgage; Deed of Trust; Title or escrow company; Filed Warranty Deed 6 months With commitment Negotiable N/A N/A Seller: Deed & docs to NORTH DAKOTA Mortgage (rare) lender; attorney Y N N N remove encumbrances Negotiable; Deeds: Warranty; Ltd. Warranty; Title or escrow company; title Real Property Conveyance Negotiable; usually divided Filed Mortgage 6 months With commitment usually divided Negotiable N/A OHIO Quitclaim; Fiduciary Deed agent; others Y Y Fee N N equally equally Warranty Deed; Quitclaim Real Estate Mortgage; Buyer pays for the Y 180 days from date With commitment Negotiable; usually divided Not Filed Deed (rare, requires underwriter Power of Sale Mortgage Title or escrow company; others Y Documentary Stamp Tax Y N exam, Seller pays for the Negotiable OKLAHOMA of abstract certification or at closing equally approval) (rare) abstracting Preliminary Title Buyer pays Statutory Deeds: Warranty; Special Wty; Report is customary; Deed of Trust; Licensed escrow agent; title Except Washington extended N/A except Filed Bargain and Sale; Quitclaim Deed with Commitment available At closing Included in Premium N/A Usually divided equally OREGON Mortgage (rare) company with escrow license N County N N coverage, Washington County underwriter approval upon request for endorsements charge; 90 days Realty Transfer Tax (state, Special Warranty Deed; General Mortgage; Deed of Title or escrow company; If 30 years or longer Filed 6 months With commitment local municipalities & Included in Premium Divided equally N/A Included in premium PENNSYLVANIA Warranty Deed Trust (rare) attorney; others Y Y N Y (including options to renew) school districts) Warranty Deed; Quitclaim Deed; Bargain With commitment Real Estate Conveyance Unless contracted Filed Mortgage Attorney; title company 6 months N/A RHODE ISLAND and Sale Deed Y or at closing Y Tax N N otherwise

SOUTH CAROLINA Filed General Warranty Deed Mortgage Attorney Y 6 months With commitment Y Deed Recording Fee N N Negotiable N/A Buyer: Mortgage; Title or escrow company; lender; Filed Warranty Deed Mortgage 6 months With commitment Real Estate Transfer Tax Divided equally Or included in premium Negotiable N/A Seller: Deed & docs to SOUTH DAKOTA attorney Y Y N N remove encumbrances

Deed of Trust; Title or escrow company; Y 90 days With commitment Negotiable; some counties Filed Warranty Deed; Quitclaim Deed Y Deed Transfer Tax Y N Negotiable Negotiable Divided equally TENNESSEE Mortgage (rare) attorney (can be extended) or at closing include in premium Negotiable; usually Negotiable; Residential loan General Warranty Deed; Special Vendor’s Lien retained Buyer: Mortgage; Promulgated Title company; lender; attorney 90 days At closing Included in Premium requirements may state N/A N/A Negotiable TEXAS Warranty Deed in Deed; Deed of Trust Y N N N Seller: Deed & docs to otherwise remove encumbrances At closing Mortgage; Deed of Divided equally or by Filed Warranty Deed; Special Warranty Deed Title or escrow company 6 months sometimes when Negotiable Negotiable Included in Premium Negotiable N/A N/A Negotiable UTAH Trust Y N N N contract policy issues Attorney; paralegal (under direct Warranty Deed; Quitclaim Deed; Almost always; 6 Filed Mortgage Deed supervision of attorney in With commitment Property Transfer Tax If less than 50 years Negotiable N/A Negotiable Negotiable VERMONT Fiduciary’s Deed with a license to sell months Y N N ministerial manner) Buyer: State/local Buyer: clerk’s fees; Published, not General Warranty Deed; Special State/local Grantee Tax; State, city, county taxes Deed of Trust Attorney; title company; bank 6 months With commitment State/Local Grantee Tax Negotiable Negotiable Negotiable Negotiable Grantee; Seller: Negotiable; usually split Seller: fees to release VIRGINIA Warranty Deed Y Y Grantor Tax Y Y may apply filed Grantor prior liens of record Deed of Trust; Statutory Deeds: Warranty; Bargain Buyer: extended Mortgage; Long Term Attorney; licensed Limited Improvements may be Seller’s obligation but Divided equally (can be Filed and Sale; Quitclaim; other non-statutory 6 months At closing State/County Excise Tax coverage, Included in Premium Negotiable N/A WASHINGTON Real Estate Contract Pracitice Officer (LPO) Y Y N N taxed Buyer can pay varied by agreement) and special deeds endorsements (seller financing)

General Warranty Deed; Special Deed of Trust; State/County Real Seller’s obligation but Filed Attorney 6 months With commitment Negotiable N/A WEST VIRGINIA Warranty Deed; Quitclaim Deed Mortgage (rare) Y Y Estate Transfer Tax N N Buyer can pay

Warranty Deed; Installment Land Buyer: loan closing fees; Filed Mortgage Title or escrow company; others 6 months With commitment Real Estate Transfer Fee If less than 99 years Included in Premium Negotiable N/A WISCONSIN Contracts Y Y N N Seller: deed closing fees Mortgage “with Power Title or escrow company; Y 6 months Buyer: Mortgage; Filed Warranty Deed; Quitclaim Deed of Sale”; Trust Deed With commitment N N N Included in Premium Negotiable N/A N/A Divided equally WYOMING attorney; others (can be extended) Seller: Deed (rare) This information is furnished as a service to our customers. Although great care has been taken to provide accurate and complete information, state laws and procedures change. Please contact Fidelity National Title Insurance Company or visit www.Fidelity.ntiweb.com for updated information or consult a local attorney for specific questions of law.

Trinity REIS, LLC is not qualified to provide, and has not been contracted to provide, legal, financial, or tax advice, and that any such www.trinityreis.com advice regarding any investment by the recipients must be obtained from the recipients’ attorney, accountant, or tax professional.