Real Estate Laws & Customs - Chicago Title

Page 7 REAL ESTATE LAWS & CUSTOMS BY STATE CALIFORNIA Title Insurance Rates Filed Form of Conveyance Grant Deed State Encumbrance Forms Deed of Trust Customary Closing Entity Title or escrow company; others Commitment Issued? Duration? Upon request. 180 days. When is Invoice Issued? When policy issues Deed Transfer Tax? Yes. Documentary Transfer Tax; some local municipalities impose additional tax Mortgage Tax? No Leasehold Tax? Yes, if more than 35 years (including renewal options) CUSTOMARY FEE SPLITS Owner’s Policy Premium Varies by county Loan Policy Premium Buyer customarily pays Title Search & Examination Included in premium Survey Charges Buyer pays; sometimes negotiated Deed Transfer Tax Seller pays, varies for city taxes Mortgage Tax Not applicable Closing Fees Varies by county (usually Buyer/Seller split) Recording Fees Buyer pays to record Deed and Mortgage Seller pays to record documents to remove encumbrances