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

- 49 - REAL ESTATE LAWS & CUSTOMS BY STATE VIRGINIA Title Insurance Rates Not filed, but are required to be published Form of Conveyance General Warranty Deed; Special Warranty Deed State Encumbrance Forms Deed of Trust Customary Closing Entity Attorney; title company; bank Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? With Commitment Deed Transfer Tax? Yes, state/local Grantee Tax; Grantor Tax Mortgage Tax? Yes, state/local Grantee Tax Leasehold Tax? Yes, state, city, county taxes may apply CUSTOMARY FEE SPLITS Owner’s Policy Premium Buyer pays; can be negotiated Loan Policy Premium Buyer pays; can be negotiated Title Search & Examination Buyer pays; can be negotiated Survey Charges Buyer pays; sometimes negotiated Deed Transfer Tax Buyer: state/local Grantee Tax; Seller: Grantor Tax Mortgage Tax Buyer pays Closing Fees Negotiable; usually split Recording Fees Buyer pays clerk’s fees Seller pays fees to release prior liens of record