A recording fee is an expense charged by a government agency for registering or recording the purchase or sale of a piece of real estate. Recording fees cover the costs of the services provided by the clerk or recording agency that must maintain complete official documents.
What is a recording fee?
What Are Recording Fees? Recording fees are charged by state and local agencies for registering a property’s transfer of ownership. These fees are a part of the bundle of expenses that are typically referred to as closing costs.
What does recording mean in real estate?
Recording – the act of putting a document into official county records – is an important process that provides a traceable chain of title to a property. … The most important real estate documents list ownership, encumbrances, and lien priority.
How much are recording fees in NC?
Register of Deeds Uniform Fee Schedule
|Recording Real Estate Instruments|||
|Deeds of Trust and Mortgages||$64.00 for the first 35 pages, $4.00 for each page thereafter|
|Instruments in General (including Deeds)||$26.00 for the first 15 pages, $4.00 for each page thereafter|
|Plats||$21.00 each sheet|
How much is the recording fee in Michigan?
Regardless of the number of pages, all documents will cost $30.00 to record, this cost is inclusive of Michigan Remonumentation and Register of Deeds Automation fees. For a document that assigns or discharges more than 1 instrument $3.00 for each instrument assigned or discharged (in addition to the $30.00 flat fee).
What is mortgage recording fee?
The national average for recording fees is $125, according to the Home Buying Institute. But they can range from as low as zero in Alaska to percentages of the home price that can push costs into the thousands.
What happens if a mortgage is not recorded?
If the borrower on a recorded mortgage defaults, the lender can foreclose and either be paid in full or receive the property. However, if a mortgage or deed of trust was not recorded, the lender cannot foreclose against the property, just against the defaulting borrower personally.
How much does it cost to record a deed?
The recording fee for a deed may cost $12 in one county, while another county charges buyers $15. Costs may also vary depending on the size of the document. For instance, a land record instrument may have a $60 fee for the first page, then $5 for every subsequent page.
How long does recording take after funding?
Depending on what time of day, and where you signed your loan documents, you should allow 24 to 48 hours for the lender to receive the original documents.
What is the purpose of recording a deed?
Why are real estate deeds recorded? Recording a deed in the county where the property is located places the document in the public records, providing constructive notice to subsequent purchasers, mortgagers, creditors, and the general public about a conveyance related to a specific parcel of real property.
How much does it cost to transfer a deed in NC?
When ownership in North Carolina real estate is transferred, an excise tax of $1 per $500 is levied on the value of the property. For example, a $600 transfer tax would be imposed on the sale of a $300,000 home. Transfer taxes in North Carolina are typically paid by the seller.
How do I record a deed in NC?
Deeds are required to have the name of the grantor, the name and address of the grantee, the name of the preparer and an acknowledgment by a notary. Once the deed is properly drafted and signed, it must be recorded with the register of deeds in the county in which the property is located.
How much does it cost to file a quitclaim deed in NC?
Filing the Quitclaim Deed
In Wake County, North Carolina, as of 2019, the fee is $64 for the first 35 pages of the quitclaim deed and $4 for each additional page. Since most quitclaim deeds are much less than 35 pages, the fee in Wake County typically will be $64.
How do I record a deed in Michigan?
Documents executed in Michigan which convey or encumber real estate require a notary’s acknowledgment. Documents must be on 8.5″ x 11″ or 8.5″ x 14″ paper and must have a 2.5″ top margin for the first page, and a minimum 0.5″ margin on the other three sides of all pages.
What is the real estate transfer tax in Michigan?
Calculating the Michigan Real Estate Transfer Tax
State Transfer Tax Rate – $3.75 for every $500 of value transferred. County Transfer Tax Rate – $0.55 for every $500 of value transferred.