Real Estate Laws & Customs By State - Fidelity National Title Insurance Company

- 21 - REAL ESTATE LAWS & CUSTOMS BY STATE LOUISIANA Title Insurance Rates Filed Form of Conveyance Warranty Deed; Act of Sale State Encumbrance Forms Act of Mortgage Customary Closing Entity Notaries public who generally are attorneys Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? With Commitment Deed Transfer Tax? No, except New Orleans Documentary Transaction Tax Mortgage Tax? No, except New Orleans Documentary Transaction Tax Leasehold Tax? No, except New Orleans Documentary Transaction Tax CUSTOMARY FEE SPLITS Owner’s Policy Premium Buyer pays; sometimes negotiated Loan Policy Premium Buyer pays; sometimes negotiated Title Search & Examination Buyer pays; sometimes negotiated Survey Charges Buyer pays Deed Transfer Tax Not applicable (Seller pays New Orleans Documentary Transfer Tax) Mortgage Tax Not applicable (Seller pays New Orleans Documentary Transfer Tax) Closing Fees Normally paid by the Buyer with a small Seller’s closing fee in most parishes Recording Fees Buyer pays to record Deed and Mortgage Seller pays to record documents to remove encumbrances