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

- 26 - REAL ESTATE LAWS & CUSTOMS BY STATE MINNESOTA Title Insurance Rates Filed Form of Conveyance Warranty Deed; Limited Warranty Deed; Quitclaim Deed; Trustee’s Deed; Personal Representative’s Deed, etc. State Encumbrance Forms Mortgage Customary Closing Entity Title or escrow company; attorney; lender Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? With Commitment Deed Transfer Tax? Yes, State Deed Tax Mortgage Tax? Yes, Mortgage Registration Tax Leasehold Tax? No CUSTOMARY FEE SPLITS Owner’s Policy Premium Negotiable Loan Policy Premium Buyer pays Title Search & Examination Seller provides evidence of ownership Buyer pays to examine evidence Survey Charges Negotiable Deed Transfer Tax Seller pays Mortgage Tax Buyer pays Closing Fees Shared by parties Recording Fees Seller pays to record Deed and release encumbrances Buyer pays to record all other documents