Page 27 - Real Estate Laws and Customs - State by State Guide by Old Republic Title

State Locations

A STATE - BY - STATE GUIDE
REAL ESTATE LAWS AND CUSTOMS MINNESOTA

Title Insurance Rates MINNESOTA
Filed

Form of Conveyance MINNESOTA
Warranty Deed; Limited Warranty Deed; Quitclaim Deed; Trustee’s Deed;
Personal Representative’s Deed; etc.

State Encumbrance Forms MINNESOTA
Mortgage

Customary Closing Entity MINNESOTA
Attorney; Title Company

Commitment Issued? Duration? MINNESOTA
Yes; 6 Months

When Is Invoice Issued? MINNESOTA
With Commitment

Deed Transfer Tax? MINNESOTA
Yes; State Deed Tax

Mortgage Tax? MINNESOTA
Yes; Mortgage Registration Tax

Leasehold Tax? MINNESOTA
No

Remote Online Notarization (RON) Status MINNESOTA
In Effect
CUSTOMARY SPLITS

Owner’s Policy Premium MINNESOTA
Negotiable

Loan Policy Premium MINNESOTA
Buyer Pays

Title Search and Exam Fees MINNESOTA
Seller Provides Evidence of Ownership; Buyer Pays to Examine Evidence

Survey Charges MINNESOTA
Negotiable

Deed Transfer Tax MINNESOTA
Seller Pays

Mortgage Tax MINNESOTA
Buyer Pays

Closing Fees MINNESOTA
Shared by Parties

Recording Fees MINNESOTA
Seller Pays to Record Deed and Release Encumbrances
Buyer Pays to Record all Other Documents

UCC coverage is available; for assistance with your transaction contact UCC@oldrepublictitle.com 27

oldrepublictitle.com/ncs Updated 07/2023