Real Estate Laws & Customs - Chicago Title

Page 22 REAL ESTATE LAWS & CUSTOMS BY STATE MAINE Title Insurance Rates Filed Form of Conveyance Commercial: Quitclaim Deed; Quitclaim Deed with covenant Residential: Warranty Deed State Encumbrance Forms Mortgage Customary Closing Entity Title company; attorney; notary Commitment Issued? Duration? Yes. 180 days. When is Invoice Issued? At closing Deed Transfer Tax? Yes, Real Estate Transfer Tax Mortgage Tax? No Leasehold Tax? No 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 Divided equally Mortgage Tax Not applicable Closing Fees Buyer pays Recording Fees Buyer pays to record Deed and Mortgage Seller pays to record documents to remove encumbrances