Real Estate Laws & Customs - Chicago Title

Page 38 REAL ESTATE LAWS & CUSTOMS BY STATE OHIO Title Insurance Rates Filed Form of Conveyance Warranty Deed; Limited Warranty Deed; Quitclaim Deed; Fiduciary Deed State Encumbrance Forms Mortgage Customary Closing Entity Title or escrow companies; title agent; others Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? With Commitment Deed Transfer Tax? Yes, Real Property Conveyance Tax. Mortgage Tax? No Leasehold Tax? No CUSTOMARY FEE SPLITS Owner’s Policy Premium Negotiable; usually divided equally Loan Policy Premium Buyer pays Title Search & Examination Seller pays Survey Charges Buyer pays; sometimes negotiated Deed Transfer Tax Seller pays Mortgage Tax Not applicable Closing Fees Negotiable; usually divided equally Recording Fees Buyer pays to record Deed and Mortgage Seller pays to record documents to remove encumbrances