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

- 50 - REAL ESTATE LAWS & CUSTOMS BY STATE WASHINGTON Title Insurance Rates Filed Form of Conveyance Statutory Deeds: Warranty, Bargain and Sale, Quitclaim; other non-statutory and special deeds State Encumbrance Forms Deed of Trust; Mortgage; Long Term Real Estate Contract (Seller financing) Customary Closing Entity Attorney; Licensed Limited Practice Officer (LPO) Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? At closing Deed Transfer Tax? Yes, Real Estate Excise Tax Mortgage Tax? No Leasehold Tax? No, but lessee-owned improvements may be taxed CUSTOMARY FEE SPLITS Owner’s Policy Premium Seller: standard coverage Buyer: endorsements, extended coverage Loan Policy Premium Buyer pays Title Search & Examination Included in premium. Additional work charge may apply depending on complexity of the examination. Survey Charges Buyer pays; sometimes negotiated Deed Transfer Tax Seller’s obligation; Buyer can pay if tax amount is added to taxable sales price Mortgage Tax Not applicable Closing Fees Divided equally; can be varied by agreement Recording Fees Buyer pays