Real Estate Laws & Customs - Chicago Title

Page 11 REAL ESTATE LAWS & CUSTOMS BY STATE DISTRICT OF COLUMBIA Title Insurance Rates Filed Form of Conveyance Special Warranty Deed (General Warranty and Quitclaim very rare) State Encumbrance Forms Deed of Trust; Mortgage (rare) Customary Closing Entity Title or escrow company; others Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? With Commitment Deed Transfer Tax? Yes, Transfer Tax and Recordation Tax Mortgage Tax? Yes, Recordation Tax Leasehold Tax? Yes, if more than 30 years (including extensions) CUSTOMARY FEE SPLITS Owner’s Policy Premium Buyer pays Loan Policy Premium Buyer pays Title Search & Examination Buyer pays Survey Charges Buyer pays Deed Transfer Tax Buyer pays Recordation Tax; Seller pays Transfer Tax Mortgage Tax Buyer pays Closing Fees Divided equally or by contract Recording Fees Buyer pays to record Deed and Mortgage Seller pays to record documents to remove encumbrances