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

- 35 - REAL ESTATE LAWS & CUSTOMS BY STATE NEWYORK Title Insurance Rates Filed Form of Conveyance Warranty Deed (upstate); Bargain and Sale Deed (downstate) State Encumbrance Forms Mortgage Customary Closing Entity Attorney Commitment Issued? Duration? Yes, Commitment or Title Certificate issued. 6 or 9 months. When is Invoice Issued? With Title Report; final invoice presented/paid at closing Deed Transfer Tax? Yes, state, NYC and several local municipalities Mortgage Tax? Yes, NYC; outside of NYC it varies by county Leasehold Tax? Yes, if term exceeds 49 years or contains option to purchase CUSTOMARY FEE SPLITS New York style closing requires simultaneous transfer of documents and consideration at meeting of parties. Recording takes place later. Buyer pays most closing costs, including title insurance. Seller usually pays NYC transfer tax and pays state transfer tax unless contractually negotiated to Buyer. Title Search & Exam charges are included in premium in Zone 2 but not in Zone 1. • Owner’s Policy Premium • Deed Transfer Tax • Loan Policy Premium • Mortgage Tax • Title Search & Examination • Closing Fees • Survey Charges • Recording Fees