494 DCNCS.CTIC.COM CTIC NCS LAWS & CUSTOMS BY STATE State Title Ins Rates Forms of Conveyance Encumbrance Forms Customary Closing Entity Commitment Issued? Duration? When is Invoice Issued? Deed Transfer Tax Mortgage Tax MONTANA Filed Warranty Deed; Corporate Deed; Grant Deed Deed of Trust; Trust Indenture; Mortgage (over 40 acres) Title or escrow company; attorney Y 6 months At closing N N NEBRASKA Filed Warranty Deed; Special Wty Deed; Trustee’s Deed Deed of Trust; Mortgage Title or escrow company; others Y 6 months With commitment or at closing Y Documentary Stamp Tax N NEVADA Filed Grant Deed; Bargain and Sale Deed; Quitclaim Deed; Trustee’s Deed Deed of Trust; Mortgage (rare) Title or escrow company; others authorized by NV statutes Upon request; 6 months When policy issues Y Real Property Transfer Tax N NEW HAMPSHIRE Filed Warranty Deed; Quitclaim Deed Mortgage Attorney; title company Upon request; 6 months At closing Y Deed Transfer Tax N NEW JERSEY Filed Bargain and Sale Deed with covenants against grantor’s acts Mortgage Attorney: North NJ; Title Company: South NJ Y 6 months With commitment; paid at closing Y Realty Transfer Fee (RTF); Mansion Tax (over $1 million) N NEW MEXICO Promulgated Warranty Deed; New Mexico Real Estate Contract Mortgage; Deed of Trust (ususally commercial) Licensed Title Insurance Agent Y 6 months (may be extended) Commitment: when issued; other closing costs; or closing N N NEW YORK Filed Warranty Deed (upstate); Bargain and Sale Deed (downstate) Mortgage Attorney Y Commitment or Title Certificate issued; 6 or 9 months With Title Report; final invoice presented/paid at closing Y State, NYC, several local municipalities Y State, NYC & counties NORTH CAROLINA Filed Warranty Deed (typically); Special Warranty Deed or Non-Warranty Deed Deed of Trust; Mortgage (rare) Attorney Y 6 months With commitment Y Excise Tax (and 1% transfer tax in some counties) N NORTH DAKOTA Filed Warranty Deed Mortgage; Deed of Trust (rare) Title or escrow company; lender; attorney Y 6 months With commitment N N OHIO Filed Deeds: Warranty; Ltd. Warranty; Quitclaim; Fiduciary Deed Mortgage Title or escrow company; title agent; others Y 6 months With commitment Y Real Property Conveyance Fee N OKLAHOMA Not Filed Warranty Deed; Quitclaim Deed (rare, requires underwriter approval) Real Estate Mortgage; Power of Sale Mortgage (rare) Title or escrow company; others Y 180 days from date of abstract certification With commitment or at closing Y Documentary Stamp Tax Y OREGON Filed Statutory Deeds: Warranty; Special Wty; Bargain and Sale; Quitclaim Deed with underwriter approval Deed of Trust; Mortgage (rare); Contract for Sale Licensed escrow agent; title company with escrow license Preliminary Title Report is customary; Commitment available upon request for charge; 90 days At closing N Except Washington County N PENNSYLVANIA Filed Special Warranty Deed; General Warranty Deed Mortgage Title company; others Y 6 months At closing Y Realty Transfer Tax (state, local municipalities) N RHODE ISLAND Filed Warranty Deed; Quitclaim Deed; Bargain and Sale Deed Mortgage Attorney; title company Y 6 months With commitment or at closing Y Real Estate Conveyance Tax N SOUTH CAROLINA Filed General Warranty Deed Mortgage Attorney Y 6 months With commitment Y Deed Recording Fee N SOUTH DAKOTA Filed Warranty Deed Mortgage Title or escrow company; lender; attorney Y 6 months With commitment Y Real Estate Transfer Tax N TENNESSEE Filed Warranty Deed; Quitclaim Deed Deed of Trust; Mortgage (rare) Title or escrow company; attorney Y 90 days (can be extended) With commitment or at closing Y Deed Transfer Tax Y TEXAS Promulgated General Warranty Deed; Special Warranty Deed Vendor’s Lien retained in Deed; Deed of Trust Title company; attorney Y 90 days At closing N N UTAH Filed Warranty Deed; Special Warranty Deed Mortgage; Deed of Trust Title or escrow company Y 6 months At closing; sometimes when policy issues N N VERMONT Filed Warranty Deed; Quitclaim Deed; Fiduciary’s Deed with a license to sell Mortgage Deed Attorney; paralegal (under direct supervision of attorney in ministerial manner) Almost always; 6 months With commitment Y Property Transfer Tax N VIRGINIA Published, not led General Warranty Deed; Special Warranty Deed Deed of Trust Attorney; title company; bank Y 6 months With commitment Y State/local Grantee Tax; Grantor Tax Y State/Local Grantee Tax WASHINGTON Filed Statutory Deeds: Warranty; Bargain and Sale; Quitclaim; other non-statutory and special deeds Deed of Trust; Mortgage; Long Term Real Estate Contract (seller financing) Attorney; licensed Limited Pracitice Officer (LPO) Y 6 months At closing Y Real Estate Excise Tax N WEST VIRGINIA Filed General Warranty Deed; Special Warranty Deed; Quitclaim Deed Deed of Trust; Mortgage (rare) Attorney Y 6 months With commitment Y State/County Excise Tax N WISCONSIN Filed Warranty Deed; Installment Land Contracts Mortgage Title or escrow company; others Y 180 days With commitment Y Real Estate Transfer Fee N WYOMING Filed Warranty Deed; Quitclaim Deed Mortgage “with Power of Sale”; Trust Deed (rare) Title or escrow company; attorney; others Y 6 months (can be extended) With commitment N N 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.
RkJQdWJsaXNoZXIy ODI0NDE4