Real Estate Laws & Customs - Chicago Title

Page 23 REAL ESTATE LAWS & CUSTOMS BY STATE MARYLAND Title Insurance Rates Filed Form of Conveyance Special Warranty Deed State Encumbrance Forms Deed of Trust; Mortgage (rare) Customary Closing Entity Title companies; sole practitioners; law firms; underwriter direct office Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? At closing unless requested earlier Deed Transfer Tax? Yes, Transfer Tax (state); Transfer and Recordation Tax (county) Mortgage Tax? Yes, Recordation Tax Leasehold Tax? Yes, ground & commercial more than 7 years. 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; Buyer’s half waived if first-time homebuyer Mortgage Tax Buyer pays Closing Fees Buyer pays; can be negotiated Recording Fees Buyer pays