495 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 N Included in Premium Buyer: loan only transactions; Negotiable: sales transactions N/A N/A Divided equally N Divided equally; can vary by location, contract Coml: Buyer; Res: divided equally; can vary by location, contract Included in Premium Sometimes divided equally or Buyer obtains survey N/A Divided equally, can vary by location, contract N Included in Premium Buyer: Southern Las Vegas vincinity; Negotiable: Northern Reno vicinity Negotiable in large commercial transactions N/A Divided equally; negotiable N If less than 99 years, including all renewal terms Divided equally unless contracted otherwise N/A Negotiable N If less than 99 years Unless contracted otherwise; Buyer: NJ Mansion Tax N/A Sometimes split N Negotiable Included in Premium Residential: Seller Commercial: Buyer also Negotiable N/A N/A Ususally Seller if Residential; Buyer if Commercial Buyer: Mortgage; Seller: Deed & docs to remove encumbrances Y If term exceeds 49 years or contains option to purchase New York style closing requires simultaneous transfer of documents and consideration at meeting of parties. Recording takes place later. Buyer pays most closing costs, including title insurance. Seller usually pays NYC transfer tax and pays state transfer tax unless contractually negotiated to Buyer. Search & Exam charges are included in premium in Zone 2 but not in Zone 1. N Except Currituck and Dare counties Negotiable N/A Negotiable N Negotiable N/A N/A Buyer: customarily pays to record new mtg; Seller pays to record docs to transfer ownership & remove encumbrances N Negotiable; usually divided equally Negotiable N/A Negotiable; usually divided equally N Buyer pays for the exam, Seller pays for the abstracting Negotiable Negotiable; usually divided equally N Buyer pays extended coverage, endorsements Included in Premium Washington County only divided equally N/A Filed; usually split Y If 30 years or longer (including options to renew) Included in Premium Divided equally N/A Included in premium N Unless contracted otherwise N/A N Negotiable N/A N Divided equally Or included in Premium Negotiable N/A Buyer: Mortgage; Seller: Deed & docs to remove encumbrances N Negotiable Negotiable; some counties include in premium Negotiable Divided equally N Included in Premium Negotiable; Residential loan requirements may state otherwise N/A N/A Negotiable Negotiable; usually Buyer: Mortgage; Seller: Deed & docs to remove encumbrances N Negotiable Negotiable Included in Premium Negotiable N/A N/A Divided equally or by contract Negotiable N If less than 50 years Negotiable N/A Negotiable Negotiable Y State, city, county taxes may apply Negotiable Negotiable Negotiable Negotiable Buyer: State/local Grantee; Seller: Grantor Negotiable Buyer: clerk’s fees; Seller: fees to release prior liens of record N Lease owned improvements may be taxed Seller: standard coverage; buyer endorsements, extended coverage Included in Premium Negotiable Buyer can pay if tax amount added to taxable sale price N/A Divided equally (can be varied by agreement) N Negotiable Seller’s obligation but Buyer can pay N/A N If less than 99 years Seller provides “gap” endorsement Included in Premium Negotiable N/A Buyer: loan closing fees; Seller: deed closing fees N Included in Premium Negotiable N/A N/A Divided equally Buyer: Mortgage; Seller: Deed 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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