STATE LAWS AND CUSTOMS - Stewart

[Pages:2]Stewart Title 1980 Post Oak Blvd. Houston, TX 77056 (800) STEWART

Cert no. SW-COC-002805

Stewart Title Guaranty Company is a subsidiary of Stewart Information Services Corporation. ? 2014 Stewart.

STATE LAWS AND CUSTOMS

Title Insurance Rates State Encumbrance Customary Closing Commitment Duration of When is Bill

Forms

Entity

Issued?

Commitment Issued?

Deed Transfer Tax? Mortgage Leasehold

Tax?

Tax?

Owner's Policy Loan Policy Title Search

Premium

Premium & Exam

Survey Charges

Deed Transfer Closing Fees Tax

Recording Fees

NEVADA

Filed

Deed of Trust

Title or escrow

Upon request 6 months

When policy issues

Y, Real Property Transfer N

N

company; Others

Tax

Negotiable

;

Usually included, additional charges for additional work, multiple parcels, etc.

Negotiable

Negotiable

Divided equally, can be negotiated

Negotiable; Seller usually NV pays in the North

NEW HAMPSHIRE Filed

Mortgage

Title or escrow

Upon request 6 months

At closing

Y, Deed Transfer Tax

N

N

;

;

;

;

company; Attorney

Divided equally

;

K

NH

NEW JERSEY

Filed

Mortgage

Attorney: North NJ; Title Y company: South NJ

6 months

Invoice with commitment Y

N

N, If lease is less ;

;

;

;

than 99 years

1 million or less ? Parties sometimes agree to split; ;

NJ

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

biennially by superintendant (rare)

(renewable for

of insurance

3 successive

6-mo. periods)

N

N

; Negotiable

; Negotiable

Included in premium; separate title

; Negotiable

N/A

Residential: Seller usually pays. K

Commercial: usually divided

NM

commitment fee

equally

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 CAROLINA

Filed

Deed of Trust; Mortgage Attorney; Non-attorney Y

6 months

Invoice with commitment Y, Deed Excise Tax

N

N

;

;

;

;

(rare)

closing/settlement office

u

Negotiable

;

NC

NORTH DAKOTA Filed

Mortgage; Deed of Trust Title or escrow

Y

(rare)

company; Others

6 months

Invoice with commitment N

N

N

;

;

Exam paid by Buyer; Typically paid by Seller, if

N/A

;

Search is paid for by needed

Seller

K

ND

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

(rare)

company; Others

Rarely issued

County

;

Included in premium ;

Washington County Negotiable; Usually divided

K

OR

only; Divided equally equally

PENNSYLVANIA Filed

Mortgage; Deed of Trust Title or escrow

Y

(rare)

company; Attorney

6 months

Invoice with commitment Y, State and Municipal N

Y, If lease term ;

is 30 years or more

;

Included in premium ;

Divided equally

Included in premium

K

PA

RHODE ISLAND Filed

Mortgage

Title company; Attorney Y

6 months

When policy issued

Y, State Transfer Tax

N

N

;

;

; Not included in ;

premium

u

; Except Seller settlement fees ;

RI

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

insurance department

Vendor's Liens

company; Lender;

Others

N

N

u

;

Included in premium Free to lender; Optional on N/A

Set by escrow agent

K

TX

OTP (5% to 15%)

UTAH

Filed

Deed of Trust

Title company

Y

6 months

At closing; Sometimes N when policy issues

N

N

u

;

Included in premium Negotiated

N/A

Divided equally

;

UT

VERMONT

Filed

Mortgage

Attorney

Y

6 months

At closing

Y

N

N

;

;

; Not included in N/A

premium

;

; Except Seller's attorney's

Buyer, $10 per page, $10 VT

fees, wire fee, Zoning Compliance letter and real estate

flat fee to record Property Transfer Tax Returns

professional commissions

VIRGINIA

Not filed

Deed of Trust; Mortgage Title or escrow

Y

6 months

At closing

Y

(rare)

company; Attorney;

Others

Y, State,

Y, State, local ;

;

;

;

local may may apply

apply

Buyer pays grantee taxes (State and local); Seller usually pays grantor's tax

Buyer pays most closing fees except Seller's settlement fee

Buyer: Pays everything VA else; Seller: Pays for releases and 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

WEST VIRGINIA Filed

Deed of Trust; Mortgage Attorney

Y

6 months

At closing

Y, State and County

N

N

;

;

;

;

Excise Taxes

u

Buyer pays most closing fees

K

WV

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

out of state lender; Buyer pays

an additional "loan" closing fee

1980 Post Oak Boulevard Houston, TX 77056 (800) STEWART SISCO-1414-89-8 10/14 2K

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 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.

Stewart Title

State Laws and Customs Toolkit

LEGEND

Customary Fee Splits:

; Buyer/Borrower u Seller K Buyer/Borrower pays to record deed and

mortgage; Seller pays to record documents to remove encumbrances

ALABAMA ALASKA ARIZONA ARKANSAS CALIFORNIA

Title Insurance Rates Filed

Filed

Filed

Not filed

Filed

COLORADO CONNECTICUT DELAWARE

Filed Filed Filed

D.C.

Filed

FLORIDA GEORGIA

Promulgated rate by state insurance department

Filed

HAWAII IDAHO

Not filed Filed

ILLINOIS

Not filed

State Encumbrance Forms Mortgage

Deed of Trust

Deed of Trust; Mortgage

Deed of Trust; Mortgage

Deed of Trust

Deed of Trust to Public Trustee; Mortgage (rare) Mortgage

Mortgage

Customary Closing Entity

Title or escrow company/Attorney

Title or escrow company; Others

Title or escrow company; Others

Abstract/Title company

Title or escrow company; Others

Title or escrow company; Others

Attorney

Commitment Duration of When is Bill Issued?

Issued?

Commitment

Y

6 months

Invoice with commitment

Y

6 months

At closing

Y

6 months

At closing

Y

6 months

Invoice with commitment

Upon request 6 months

When policy issues

Y Upon request

6 months 6 months

Invoice with commitment Invoice with commitment

Attorney

Y

6 months

At closing

Deed of Trust; Mortgage (rare)

Title or escrow

Y

company; Others

Mortgage

Attorney; Title or Y escrow company; Others

Security Deed (aka Deed to Attorney

Y

Secure Debt); Mortgage

Mortgage

Deed of Trust; Mortgage (depends on usage and acreage) Mortgage; Deed of Trust

Title or escrow

Y

company; Others

Title or escrow

Y

company; Others

Title or escrow

Y

company; Others

6 months 6 months 6 months 6 months 6 months 6 months

At closing At closing Invoice with commitment When policy issues Varies with office Invoice with commitment

INDIANA IOWA KANSAS

Filed

Mortgage

No title insurance

Mortgage

companies licensed

within state; Title policies

written outside state

Filed

Mortgage

KENTUCKY LOUISIANA

Filed; Subject to Municipal Premium Tax

Filed

Mortgage Mortgage

MAINE

Filed

Mortgage

MARYLAND

Filed

MASSACHUSETTS Not filed

Deed of Trust; Mortgage (rare)

Mortgage

MICHIGAN MINNESOTA

Filed Filed

Mortgage Mortgage

Title or escrow

Y

company; Others

Attorneys, local

Y

abstractors and

closing companies

Title or escrow

Y

company; Others

Attorney

Y

Title company;

Y

Attorney

Closing company; Y Attorney

Title or escrow

Y

company; Others

Attorney

Y

Title or escrow

Y

company; Others

Title or escrow

Y

company; Others

6 months 6 months

Invoice with commitment Invoice with commitment

6 months

6 months 6 months 6 months 6 months 6 months 6 months 6 months

Variable; With commitment or closing

Invoice with commitment

Invoice customarily at closing

At closing

At closing

At closing ? residential, at commitment ? commercial Invoice with commitment

Invoice with commitment

MISSISSIPPI MISSOURI

Not filed Filed

MONTANA NEBRASKA

Filed Filed

Deed of Trust Deed of Trust

Attorney

Y

Title or escrow

Y

company; Others

Deed of Trust; Trust

Title company

Y

Indenture; Over 40 acres,

use Mortgage

Deed of Trust; Mortgage

Title or escrow

Y

company; Others

6 months 6 months

6 months 6 months

Invoice with commitment Variable; With commitment or closing

At closing

Variable; With commitment or closing

STATE LAWS AND CUSTOMS

Deed Transfer Tax?

Mortgage Tax?

Y, Deed Tax

Y

N

N

N

N

Y, Deed Transfer Tax

N

Y, County and City

N

Documentary Transfer Taxes

Y, Documentary Tax

N

Y, State, Municipal Real Estate N Conveyance Taxes

Y

N

Leasehold Tax? Y N N N Y N N Y, If lease is 5 years or more

Owner's Policy Premium Loan Policy Title Search & Exam Premium

Negotiable

;

Negotiable

Survey Charges Negotiable

u Sometimes negotiable

;

Included in premium

u Sometimes negotiable

u

;

Included in premium

Negotiable

u

Varies

u

;

Varies by county

;

Sometimes included in premium Negotiable ? depends on local custom

Included in premium

; Sometimes negotiable

Included in premium

Negotiable

;

;

;

;

;

;

;

;

Y, Transfer and Recordation Taxes

Y, Recordation Tax but Y, Transfer and Recordation Tax applicable most residential Deeds of for leasehold 30 years or more Trust are exempt

Y, Documentary Tax (Plus surtax Y, Documentary Fee Tax, N

in Dade County)

non-recurring Intangible

Personal Property Tax

Y, Real Estate Transfer Tax

Y, Intangible Recording N Tax

;

u Sometimes negotiable

; Negotiable; Customarily

buyer pays

Customarily Borrower

;

;

Y, State Conveyance Tax

N

N

N

Y, If lease or sublease has term over 5 years

N

Typically 40% Buyer, 60% Seller ;

u

;

;

;

Seller customary but negotiable ;

Negotiable

Negotiable

Included in premium Included in premium

Usually Seller Negotiable

Deed Transfer Tax Closing Fees

Negotiable, but usually paid by purchaser

N/A

Negotiable Negotiable; Usually divided equally

N/A

Divided equally

u Affidavit of value u Seller pays county

tax; City tax varies

; u

Divided equally

Divided equally

Divided equally

Varies by county

Divided equally or by contract

Negotiable

; Sussex County Seller pays deed

preparation Divided equally or by contract

Buyer pays Mortgage

Negotiable; Varies by county

Tax; Seller pays Deed Tax

Y, Seller often pays tax due at time of recording of deed

u

Negotiable Standard contracts list customary charges

No

Divided equally

Recording Fees

Negotiable, but usually paid by purchaser AL

Negotiable; Usually divided equally

AK

Negotiable

AZ

;

AR

Varies by county

CA

;

CO

K

CT

;

DE

Customarily Seller records deed, Buyer

D.C.

records Deed of Trust

Buyer: Records mortgage; Seller: Records FL deed

Negotiable; Statewide recording fees

GA

Buyer pays all recording fees except

HI

documents to clear Seller's title

;

ID

Y, Real Estate Transfer Tax;

N

(State, county, sometimes local)

N

N

Y, Real Estate Stamp Tax

N

Y, State for leases with a term of 30 years u

;

or more, including all options to renew and

extend; Y, Some counties and municipalities

N

Customarily Seller; Sometimes ;

negotiable in certain areas

N

Negotiable

;

u Some areas are abstract

areas; Fees vary

Not included in premium

u

Negotiable

Buyer: Post-closing charges; Seller: Pre-closing, abstract charges

Negotiable

u Buyer often pays

Escrow fees may be divided equally between K

IL

Local Transfer Tax

the parties if the transaction is a cash deal; If the buyer has a lender, the fee is paid by the

buyer in full

N/A

Negotiable

Buyer: Recordation of all other docs;

IN

Seller: Recordation of Deed, release of

encumbrances

u

Negotiable

K

IA

N

Y, Mortgage Registration N

Tax

Varies by county

Y, Deed Transfer Tax

N

N

;

Y, Documentary Tax, Orleans Parish only

Y, Real Estate Transfer Tax

N, Documentary Tax, Orleans Parish only

N

N, Documentary Tax, Orleans Parish only ;

N

;

Y, State, County, Agricultural

Y, State Recordation Tax Y, Deeds Ground and Commercial Leases ;

Transfer Taxes; Recordation Tax

taxed as deeds

Y, Deed Excise Tax

N

N

;

Y, Real Estate Transfer Tax Y

N

N

Y, Mortgage Registry Tax N

u

Negotiable

N

N

N

N

N

N

N

N

N

Negotiable; Usually Buyer Varies by county

u

;

Varies by county

;

;

u Case-by-case basis;

N/A

Buyer obtains survey, or

cost is split

; Negotiable

u

Divided equally

; Pays most with small portion to seller

;

Negotiable

Negotiable

N/A

; Can be negotiated

;

;

;

Divided equally

;

;

;

;

Negotiable; Usually split Negotiable; Usually Buyer pays

;

; Except for parts of

; Seller is used to resolve u

Worchester County

description and title issues

;

Included in premium

Negotiable

u

Negotiable

;

;

Negotiable; Usually Buyer

;

;

Seller must provide evidence of Negotiable the current status of title, usually by providing a commitment; Buyer pays for the exam

Negotiable; Usually Seller

Negotiable; Usually Seller

Varies by county Included in premium

u Case-by-case basis;

Buyer obtains survey or cost is split

Usually Buyer

u By statute

N/A N/A N/A

Shared by parties

Negotiated Divided equally Divided equally

K

KS

;

KY

;

LA

K

ME

Negotiable; Usually divided equally

MD

K

MA

;

MI

Typically Buyer unless otherwise negotiated MN

Typically Buyer unless otherwise negotiated MS

K

MO

Buyer: Pays to record financing

MT

documents; Seller: Pays to record deed

Y

N

N

Divided equally

Divided equally Included in premium

u Case-by-case basis;

Buyer obtains survey, or cost is split

u Imposed on grantor

by statute

Divided equally

Buyer: Pays all other charges; Seller:

NE

Pays recording fees for title clearance

documents, deed and Documentary Tax

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