Real Estate Laws & Customs - Chicago Title

Page 10 REAL ESTATE LAWS & CUSTOMS BY STATE DELAWARE Title Insurance Rates Filed Form of Conveyance Special Warranty Deed; rare: Quitclaim Deed and General Warranty Deed State Encumbrance Forms Mortgage Customary Closing Entity Attorney Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? With Commitment Deed Transfer Tax? Customarily divided equally Mortgage Tax? No Leasehold Tax? No, except residential leases more than 5 years (including optional renewal periods) CUSTOMARY FEE SPLITS Owner’s Policy Premium Buyer pays Loan Policy Premium Buyer pays Title Search & Examination Buyer pays Survey Charges Buyer pays; sometimes negotiated Deed Transfer Tax Seller pays; customarily divided equally Mortgage Tax Not applicable Closing Fees Negotiable Recording Fees Buyer pays