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

- 36 - REAL ESTATE LAWS & CUSTOMS BY STATE NORTH CAROLINA Title Insurance Rates Filed Form of Conveyance Warranty Deed (typically); Special Warranty Deed or Non-Warranty Deed State Encumbrance Forms Deed of Trust; Mortgage (rare) Customary Closing Entity Attorney Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? With Commitment Deed Transfer Tax? Yes, Excise Tax (and additional Transfer Tax in some counties) Mortgage Tax? No Leasehold Tax? No, except Currituck and Dare counties CUSTOMARY FEE SPLITS Owner’s Policy Premium Buyer pays Loan Policy Premium Buyer pays Title Search & Examination Buyer pays Survey Charges Buyer pays; sometimes negotiated Deed Transfer Tax Seller pays Mortgage Tax Not applicable Closing Fees Negotiable Recording Fees Buyer pays to record Deed and Mortgage Seller pays to record documents to remove encumbrances