STATE LAWS AND CUSTOMS - Stewart

1 STATE Laws and CUSTOMS ToolkitStewart Title Stewart Title1980 Post Oak , TX 77056 (800) Post Oak Boulevard Houston, TX 77056 (800) Stewart SISCO-1414-89-8 10/14 2K STATE LAWS AND CUSTOMSI nformation 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 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.

2 If legal advice or services or other expert assistance is required, the services of a competent professional person should be sought. Issued: 05/15 Title Guaranty Company is a subsidiary of Stewart Information Services Corporation. 2014 no. SW-COC-002805 Title Insurance RatesState Encumbrance FormsCustomary Closing EntityCommitment Issued?Duration of CommitmentWhen is Bill Issued?Deed Transfer Tax?Mortgage Tax?Leasehold Tax?Owner s Policy PremiumLoan Policy PremiumTitle Search & ExamSurvey ChargesDeed Transfer Ta xClosing FeesRecording FeesNEVADAF iledDeed of TrustTitle or escrow company; OthersUpon request6 monthsWhen policy issuesY, Real Property Transfer Ta xNNNegotiable;Usually included, additional charges for additional work, multiple parcels, equally, can be negotiatedNegotiable; Seller usually pays in the NorthNVNEW HAMPSHIREF iledMortgageTitle or escrow company; AttorneyUpon request6 monthsAt closing Y, Deed Transfer TaxNN;;;;Divided equally;KNHNEW JERSEYF iledMortgageAttorney: North NJ; Title company: South NJY6 monthsInvoice with commitmentYNN, If lease is less than 99 years;;;;1 million or less paid by Seller; 1 million or more Seller pays Transfer Tax and Buyer pays Mansion TaxParties sometimes agree to split; Usually Buyer in North Jersey;NJNEW MEXICOP romulgated rates set biennially by superintendant of insuranceMortgage.

3 Deed of Trust (rare)Title companyY6 months (renewable for 3 successive 6-mo. periods)At closingNNN; Negotiable; NegotiableIncluded in premium; separate title commitment fee usually paid by Seller; NegotiableN/AResidential: Seller usually pays. Commercial: usually divided equallyKNMNEW YORKF iledMortgageAttorneyNN/AInvoice with title reportY, Deed Excise Tax YY, Subject to type of transactionNew York-style closing requires simultaneous transfer of documents and consideration at meeting of parties. Recording takes place later. Most closing costs, including title insurance, are paid by Buyer. NYC Transfer Tax usually paid by Seller; STATE Real Estate Transfer Tax paid by Seller unless contractually negotiated to CAROLINAF iledDeed of Trust; Mortgage (rare)Attorney; Non-attorney closing/settlement officeY6 monthsInvoice with commitmentY, Deed Excise Tax NN;;;; uNegotiable;NCNORTH DAKOTAF iledMortgage; Deed of Trust (rare)Title or escrow company; OthersY6 monthsInvoice with commitmentNNN;;Exam paid by Buyer; Search is paid for by Seller Typically paid by Seller, if neededN/A;KNDOHIOF iledMortgage Title or escrow company; OthersY6 monthsInvoice with commitmentY, Conveyance Fee Seller paysNNNegotiable; Usually divided equally;u; Sometimes negotiableuNegotiable; Usually divided equallyKOHOKLAHOMANot filedMortgageTitle or escrow company; OthersY6 monthsInvoice with commitment or at closingY, Documentary Stamp Ta xYN;;uu Sometimes negotiableuNegotiable; Usually divided equallyKOKOREGONF iledDeed of Trust.

4 Mortgage (rare)Title or escrow company; OthersUpon request; Rarely issued6 monthsAt closingN, Except Washington CountyNNu;Included in premium;Washington County only; Divided equallyNegotiable; Usually divided equallyKORPENNSYLVANIAF iledMortgage; Deed of Trust (rare)Title or escrow company; AttorneyY6 monthsInvoice with commitmentY, STATE and MunicipalNY, If lease term is 30 years or more;;Included in premium;Divided equallyIncluded in premiumKPARHODE ISLANDF iledMortgageTitle company; AttorneyY6 monthsWhen policy issuedY, STATE Transfer TaxNN;;; Not included in premium;u; Except Seller settlement fees;RISOUTH CAROLINAF iledMortgageAttorneyY6 monthsAt closingY, Transfer FeeNN;;;; Sometimes negotiableu;;SCSOUTH DAKOTAF iledMortgageTitle or escrow company; OthersY6 monthsInvoice with commitmentY, Real Estate Transfer TaxNNDivided equally;; Not included in premium; Sometimes negotiableuDivided equally;SDTENNESSEEF iledDeed of TrustTitle company; AttorneyY6 monthsInvoice with commitmentY, Deed Transfer TaxYNVaries;Varies Negotiable;Divided equally;TNTEXASP romulgated rate by STATE insurance departmentDeed of Trust and Vendor s LiensTitle or escrow company; Lender; OthersY90 daysAt closingNNNu;Included in premiumFree to lender; Optional on OTP (5% to 15%)N/ASet by escrow agentKTXUTAHF iledDeed of TrustTitle companyY6 monthsAt closing; Sometimes when policy issuesNNNu;Included in premiumNegotiatedN/ADivided equally;UTVERMONTF iledMortgageAttorneyY6 monthsAt closing YNN;;; Not included in premiumN/A;; Except Seller's attorney's fees, wire fee, Zoning Compliance letter and real estate professional commissionsBuyer, $10 per page, $10 flat fee to record Property Transfer Tax ReturnsVTVIRGINIANot filedDeed of Trust; Mortgage (rare)Title or escrow company; Attorney.

5 OthersY6 monthsAt closingY Y, STATE , local may applyY, STATE , local may apply;;;;Buyer pays grantee taxes ( STATE and local); Seller usually pays grantor s taxBuyer pays most closing fees except Seller s settlement feeBuyer: Pays everything else; Seller: Pays for releases and grantor s tax VAWASHINGTONF iled; Subject to sales taxDeed of Trust; MortgageTitle company or independent escrow company that must employ limited practice officer to conduct closing; AttorneyY6 monthsAt closingY, Real Estate Excise TaxNNu;Included in premium; Sometimes negotiableuSplit evenly between the partiesKWAWEST VIRGINIAF iledDeed of Trust; MortgageAttorneyY6 monthsAt closingY, STATE and County Excise TaxesNN;;;;uBuyer pays most closing fees except Seller s settlement feeKWVWISCONSINF iledMortgage and Security AgreementTitle or escrow company; OthersY6 monthsInvoice with commitmentY, Real Estate Transfer FeeNNu;Sometimes included in premium but negotiable if not includedNegotiableuBuyer: All recording fees; Seller: Document preparation feesKWIWYOMINGF iledMortgageTitle companyY6 monthsPaid at closingNNNu;Included in premiumNegotiableN/ADivided equally unless there is an out of STATE lender; Buyer pays an additional loan closing feeKWYLEGENDSTATE LAWS AND CUSTOMSC ustomary Fee Splits:; Buyer/Borroweru SellerK Buyer/Borrower pays to record deed and mortgage; Seller pays to record documents to remove encumbrancesTitle Insurance RatesState Encumbrance FormsCustomary Closing EntityCommitment Issued?

6 Duration of CommitmentWhen is Bill Issued?Deed Transfer Tax?Mortgage Tax?Leasehold Tax?Owner s Policy PremiumLoan Policy PremiumTitle Search & ExamSurvey ChargesDeed Transfer TaxClosing FeesRecording FeesALABAMAF iledMortgageTitle or escrow company/AttorneyY6 monthsInvoice with commitmentY, Deed TaxYYNegotiable;NegotiableNegotiableNego tiable, but usually paid by purchaserNegotiableNegotiable, but usually paid by purchaserALALASKAF iledDeed of TrustTitle or escrow company; OthersY6 monthsAt closingNNNu Sometimes negotiable;Included in premiumu Sometimes negotiableN/ANegotiable; Usually divided equallyNegotiable; Usually divided equallyAKARIZONAF iledDeed of Trust; MortgageTitle or escrow company; OthersY6 monthsAt closingNNNu;Included in premiumNegotiableN/ADivided equallyNegotiableAZARKANSASNot filedDeed of Trust; MortgageAbstract/Title companyY6 monthsInvoice with commitmentY, Deed Transfer TaxNNu;Sometimes included in premium depends on local customNegotiableu Affidavit of valueDivided equally.

7 ARCALIFORNIAF iledDeed of TrustTitle or escrow company; OthersUpon request6 monthsWhen policy issuesY, County and City Documentary Transfer TaxesNYVariesVaries by countyIncluded in premium; Sometimes negotiable u Seller pays county tax; City tax variesVaries by countyVaries by countyCACOLORADOF iledDeed of Trust to Public Trustee; Mortgage (rare)Title or escrow company; OthersY6 monthsInvoice with commitmentY, Documentary TaxNNu;Included in premiumNegotiable;Divided equally or by contract;COCONNECTICUTF iledMortgage AttorneyUpon request6 monthsInvoice with commitmentY, STATE , Municipal Real Estate Conveyance TaxesNN;;;;uNegotiableKCTDELAWAREF iledMortgageAttorneyY6 monthsAt closing YNY, If lease is 5 years or more;;;;Divided equally; Sussex County Seller pays deed preparation; of Trust; Mortgage (rare)Title or escrow company; OthersY6 monthsAt closingY, Transfer and Recordation TaxesY, Recordation Tax but most residential Deeds of Trust are exemptY, Transfer and Recordation Tax applicable for leasehold 30 years or more;Customarily Borrower;;Divided equallyDivided equally or by contractCustomarily Seller records deed, Buyer records Deed of rate by STATE insurance departmentMortgageAttorney; Title or escrow company; OthersY6 monthsAt closingY, Documentary Tax (Plus surtax in Dade County)Y, Documentary Fee Tax, non-recurring Intangible Personal Property TaxNu Sometimes negotiable;Seller customary but negotiable;Buyer pays Mortgage Tax; Seller pays Deed TaxNegotiable; Varies by countyBuyer: Records mortgage; Seller: Records deed FLGEORGIAF iledSecurity Deed (aka Deed to Secure Debt); MortgageAttorneyY6 monthsInvoice with commitmentY, Real Estate Transfer TaxY, Intangible Recording Ta xN; Negotiable; Customarily buyer pays.

8 NegotiableNegotiableY, Seller often pays tax due at time of recording of deedNegotiableNegotiable; Statewide recording feesGAHAWAIINot filedMortgageTitle or escrow company; OthersY6 monthsWhen policy issuesY, STATE Conveyance TaxNY, If lease or sublease has term over 5 yearsTypically 40% Buyer, 60% Seller ;Included in premiumUsually SelleruStandard contracts list customary chargesBuyer pays all recording fees except documents to clear Seller s titleHIIDAHOF iledDeed of Trust; Mortgage (depends on usage and acreage)Title or escrow company; OthersY6 monthsVaries with officeNNNu;Included in premiumNegotiableNoDivided equally;IDILLINOISNot filedMortgage; Deed of Trust Title or escrow company; OthersY6 monthsInvoice with commitmentY, Real Estate Transfer Tax; ( STATE , county, sometimes local)NY, STATE for leases with a term of 30 years or more, including all options to renew and extend; Y, Some counties and municipalitiesu;u Some areas are abstract areas; Fees varyuu Buyer often pays Local Transfer TaxEscrow fees may be divided equally between the parties if the transaction is a cash deal; If the buyer has a lender, the fee is paid by the buyer in fullKILINDIANAF iledMortgageTitle or escrow company; OthersY6 monthsInvoice with commitmentNNNC ustomarily Seller; Sometimes negotiable in certain areas;Not included in premiumNegotiableN/ANegotiableBuyer: Recordation of all other docs; Seller: Recordation of Deed, release of encumbrances INIOWANo title insurance companies licensed within STATE ; Title policies written outside stateMortgageAttorneys, local abstractors and closing companiesY6 monthsInvoice with commitmentY, Real Estate Stamp TaxNNNegotiable;Buyer: Post-closing charges; Seller: Pre-closing, abstract chargesNegotiableuNegotiableKIAKANSASF iledMortgageTitle or escrow company; OthersY6 monthsVariable.

9 With commitment or closingNY, Mortgage Registration Ta xNVaries by county;Varies by countyu Case-by-case basis; Buyer obtains survey, or cost is splitN/ADivided equallyKKSKENTUCKYF iled; Subject to Municipal Premium TaxMortgageAttorneyY6 monthsInvoice with commitmentY, Deed Transfer TaxNN;;;; Negotiableu; Pays most with small portion to seller;KYLOUISIANAF iledMortgageTitle company; AttorneyY6 monthsInvoice customarily at closingY, Documentary Tax, Orleans Parish onlyN, Documentary Tax, Orleans Parish onlyN, Documentary Tax, Orleans Parish only;;NegotiableNegotiableN/A; Can be negotiated;LAMAINEF iledMortgageClosing company; AttorneyY6 monthsAt closingY, Real Estate Transfer TaxNN;;;;Divided equally;KMEMARYLANDF iledDeed of Trust; Mortgage (rare)Title or escrow company; OthersY6 monthsAt closingY, STATE , County, Agricultural Transfer Taxes; Recordation TaxY, STATE Recordation TaxY, Deeds Ground and Commercial Leases taxed as deeds;;;;Negotiable; Usually splitNegotiable; Usually Buyer paysNegotiable; Usually divided equallyMDMASSACHUSETTSNot filedMortgageAttorneyY6 monthsAt closing residential, at commitment commercialY, Deed Excise TaxNN;;; Except for parts of Worchester County; Seller is used to resolve description and title issuesuNegotiableKMAMICHIGANF iledMortgageTitle or escrow company; OthersY6 monthsInvoice with commitmentY, Real Estate Transfer TaxNNu;Included in premiumNegotiableu;;MIMINNESOTAF iledMortgageTitle or escrow company; OthersY6 monthsInvoice with commitmentYY, Mortgage Registry TaxNNegotiable;Seller must provide evidence of the current status of title, usually by providing a commitment.

10 Buyer pays for the examNegotiableu By statuteShared by partiesTypically Buyer unless otherwise negotiatedMNMISSISSIPPINot filedDeed of TrustAttorneyY6 monthsInvoice with commitmentNNNN egotiable; Usually Buyer Negotiable; Usually Buyer Negotiable; Usually SellerNegotiable; Usually SellerN/ANegotiatedTypically Buyer unless otherwise negotiatedMSMISSOURIF iledDeed of TrustTitle or escrow company; OthersY6 monthsVariable; With commitment or closingNNNV aries by county;Varies by countyu Case-by-case basis; Buyer obtains survey or cost is splitN/ADivided equallyKMOMONTANAF iledDeed of Trust; Trust Indenture; Over 40 acres, use MortgageTitle companyY6 monthsAt closingNNNu;Included in premiumUsually BuyerN/ADivided equallyBuyer: Pays to record financing documents; Seller