493 CTIC NCS LAWS & CUSTOMS BY STATE CHICAGO TITLE NCS DC | MD Buyer Pays Seller Pays Buyer pays to record deed & mortgage; Seller pays to record documents to remove encumbrances CUSTOMARY FEE SPLITS: Leasehold Tax Policy Premium Title Search & Exam Survey Charges Taxes Closing Fees Recording Fees Owner’s Loan Transfer Mortgage Y Negotiable (Seller in some counties) Negotiable Negotiable Negotiable Negotiable Seller can pay N Negotiable Included in Premium Negotiable N/A N/A Negotiable; usually divided equally Negotiable; usually divided equally N Buyer pays difference if Extended Coverage Policy Required Included in Premium Unless contracted otherwise N/A N/A Divided equally N Negotiable Negotiable Divided equally (unless agreed upon otherwise) N/A Divided equally Y If more than 35 years (including renewal options) Varies by county Included in Premium Negotiable Varies for cities N/A Varies by county N Negotiable Negotiable Included in Premium Negotiable Negotiable N/A Divided equally or by contract Negotiable N If less than 99 years (including renewals) N/A Negotiable N Except residential leases more than 5 years Negotiable Divided equally N/A Negotiable Y If more than 30 years (including extensions) Buyer: Recordation; Seller: Transfer Divided equally or by contract N Unless assignment of lease for consideration Buyer pays if residential in some counties; commercial is negotiable Negotiable Negotiable Unless contracted otherwise Buyer: Mortgage; Seller: Deed N Negotiable Commercial: negotiable; Residential: Buyer Negotiable Y Leases over 5 years subject to Conveyance Tax Comm 50/50 Res 60/40 Seller/Buyer Split Included in Premium Negotiable N/A Divided equally Buyer: Mortgage; Seller: Deed N Included in Premium Negotiable N/A N/A Divided equally Buyer: Deed of Trust, Mortgage Seller: Deed also negotiable Y Certain leasehold transfers may be subject to tax Varies for cities N/A Divided equally or by contract N Varies by county N/A N/A Commercial: negotiable; Residential: Buyer N Negotiable Residential dependent on mortgage type Buyer: post-closing charges; Seller; pre-closing abstract charges Negotiable N/A Negotiable N Can vary by location, contract Can vary by location, contract Varies by location, contract Sometimes Buyers obtains survey or cost divided equally N/A N/A Divided equally; can vary by location, contract N Negotiable N/A Negotiable Buyer: recording fees; Seller: doc prep fees N Except New Orleans Documentary Transaction Tax Negotiable Negotiable Negotiable N/A; Seller: New Orleans Doc Trans Tax N/A; Seller: New Orleans Doc Trans Tax Small Seller’s closing fee in most parishes N Divided equally N/A Y Ground and commercial more than 7 years Divided equally Negotiable N Except parts of Worcester County Negotiable N/A Negotiable N Included in Premium Negotiable N/A Divided equally (sometimes Buyers pays additional loan closing fees) Buyer: deed & mortgage; Seller: POA, LOA, etc. N Negotiable Seller: evidence of ownership; Buyer: to examine evidence Negotiable Shared by parties Seller: Deed, release encumbrances; Buyer: all other docs N Either party can pay; also negotiable Negotiable N/A N/A Divided equally N Can vary by location, contract Can vary by location, contract Varies by location, contract Sometimes divided equally or Buyer obtains survey N/A N/A Divided equally; can vary by location, contract 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 Chicago Title Insurance Company or visit www.CTIC.com/Commercial or www.Chicago.ntiweb.com for updated information or consult a local attorney for specific questions of law.
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