Real Estate Laws & Customs - Chicago Title

Page 18 REAL ESTATE LAWS & CUSTOMS BY STATE IOWA Title Insurance Rates No title insurance companies are licensed within the State; title policies are written outside State. Form of Conveyance Warranty Deed; Quitclaim Deed; Trustees Deed, etc. State Encumbrance Forms Mortgage Customary Closing Entity Attorney or Iowa-based escrow company Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? With Commitment Deed Transfer Tax? Yes, Real Estate Revenue Stamp Tax Mortgage Tax? No Leasehold Tax? No CUSTOMARY FEE SPLITS Owner’s Policy Premium Negotiable Loan Policy Premium Buyer pays. If residential, who pays dependent on type of mortgage Title Search & Examination Buyer: Post-closing charges; Seller: Pre-closing abstract charges Survey Charges Negotiable Deed Transfer Tax Seller pays Mortgage Tax Not applicable Closing Fees Negotiable; usually Seller pays pre-closing exam/abstracting and Buyer pays post-closing charges Recording Fees Buyer pays to record Deed and Mortgage; Seller pays to record documents to remove encumbrances