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

- 41 - REAL ESTATE LAWS & CUSTOMS BY STATE PENNSYLVANIA Title Insurance Rates Filed Form of Conveyance Special Warranty Deed; General Warranty Deed State Encumbrance Forms Mortgage Customary Closing Entity Title company; others Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? PA is an all-inclusive rate state. Premium is paid at closing and there is no separate charge for the title commitment. A fee is charged if cancelled. Deed Transfer Tax? Yes, Realty Transfer Tax (state and local municipalities) Mortgage Tax? No Leasehold Tax? Yes, Realty Transfer Tax applies to leases if the term (including options to renew) is 30 years or longer. CUSTOMARY FEE SPLITS Owner’s Policy Premium Buyer pays Loan Policy Premium Buyer pays Title Search & Examination Included in premium Survey Charges Buyer pays Deed Transfer Tax Divided equally Mortgage Tax Not applicable Closing Fees Generally included in premium Recording Fees Buyer pays to record Deed and Mortgage Seller pays to record documents to remove encumbrances