Real Estate Laws & Customs - Chicago Title

Page 24 REAL ESTATE LAWS & CUSTOMS BY STATE MASSACHUSETTS Title Insurance Rates Not filed Form of Conveyance Quitclaim Deed State Encumbrance Forms Mortgage Customary Closing Entity Attorney Commitment Issued? Duration? Upon request. Terminates if Schedule B, Part 1 requirements not met within 180 days after commitment date. When is Invoice Issued? At closing Deed Transfer Tax? Yes, Deed Excise Tax (Martha’s Vineyard and Nantucket County impose additional transfer fee) 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, except for parts of Worcester County Survey Charges Negotiable Deed Transfer Tax Seller pays Mortgage Tax Not applicable Closing Fees Buyer pays; can be negotiated Recording Fees Buyer pays to record Deed and Mortgage Seller pays to record documents to remove encumbrances