Table of Contents Table of Contents
Previous Page  11 / 54 Next Page
Show Menu
Previous Page 11 / 54 Next Page
Page Background

- 11 -

Real Estate

Laws & Customs By State


Title Insurance Rates


Form of Conveyance

Special Warranty Deed (very rare; General Warranty and Quitclaim)

State Encumbrance Forms

Deed of Trust; Mortgage (rare)

Customary Closing Entity

Title or escrow company; others

Commitment Issued? Duration?

Yes. 6 months.

When is Invoice Issued?

With commitment

Deed Transfer Tax?

Yes. Transfer Tax and Recordation Tax.

Mortgage Tax?

Yes. Recordation Tax.

Leasehold Tax?

Yes, if more than 30 years (including extensions)

Customary Fee Splits

Owner’s Policy Premium

Buyer pays

Loan Policy Premium

Buyer pays

Title Search & Examination

Buyer pays

Survey Charges

Buyer pays

Deed Transfer Tax

Buyer: Recordation Tax; Seller: Transfer Tax

Mortgage Tax

Buyer pays

Closing Fees

Divided equally or by contract

Recording Fees

Buyer pays to record deed & mortgage; Seller pays to record

documents and remove encumbrances