Page 36 - 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 NEW YORK

Title Insurance Rates NEW YORK
Promulgated Rate by NY State Department of Financial Services

Form of Conveyance NEW YORK
Deed

State Encumbrance Forms NEW YORK
Mortgage

Customary Closing Entity NEW YORK
Title Company

Commitment Issued? Duration? NEW YORK
Yes; Duration not Limited

When Is Invoice Issued? NEW YORK
At Closing

Deed Transfer Tax? NEW YORK
Yes; State; NYC; Several Local Municipalities

Mortgage Tax? NEW YORK
Yes; Varies by City and County

Leasehold Tax? NEW YORK
Yes; Outside of NYC

Remote Online Notarization (RON) Status NEW YORK
Law Passed, But Not in Effect
CUSTOMARY SPLITS

Owner’s Policy Premium NEW YORK
Buyer Pays Most Title Insurance Fees. Seller Usually Pays for NYC and State Transfer Taxes.
Search and Exam are Included in Premium in Zone 2 but Not included in Zone 1.

Loan Policy Premium NEW YORK
Buyer Pays Most Title Insurance Fees. Seller Usually Pays for NYC and State Transfer Taxes.
Search and Exam are Included in Premium in Zone 2 but Not included in Zone 1.

Title Search and Exam Fees NEW YORK
Buyer Pays Most Title Insurance Fees. Seller Usually Pays for NYC and State Transfer Taxes.
Search and Exam are Included in Premium in Zone 2 but Not included in Zone 1.

Survey Charges NEW YORK
Buyer Pays Most Title Insurance Fees. Seller Usually Pays for NYC and State Transfer Taxes.
Search and Exam are Included in Premium in Zone 2 but Not included in Zone 1.

Deed Transfer Tax NEW YORK
Buyer Pays Most Title Insurance Fees. Seller Usually Pays for NYC and State Transfer Taxes.
Search and Exam are Included in Premium in Zone 2 but Not included in Zone 1.

Mortgage Tax NEW YORK
Buyer Pays Most Title Insurance Fees. Seller Usually Pays for NYC and State Transfer Taxes.
Search and Exam are Included in Premium in Zone 2 but Not included in Zone 1.

Closing Fees NEW YORK
Buyer Pays Most Title Insurance Fees. Seller Usually Pays for NYC and State Transfer Taxes.
Search and Exam are Included in Premium in Zone 2 but Not included in Zone 1.

Recording Fees NEW YORK
Buyer Pays Most Title Insurance Fees. Seller Usually Pays for NYC and State Transfer Taxes.
Search and Exam are Included in Premium in Zone 2 but Not included in Zone 1.

UCC coverage is available; for assistance with your transaction contact UCC@oldrepublictitle.com 36

oldrepublictitle.com/ncs Updated 07/2023