Closing Costs for Single Family Homes
Closing Costs For Sigle Family Homes
Listed below is general information regarding the purchase or sale of a single family home. The specific numbers may vary depending on the price of the property being conveyed or the building in which a sale or purchase is transacted. However, the information here should only be used as a guide, and for a more exact calculation of the costs, please contact our office and speak with an attorney.
Title Insurance
Listed below is general information regarding the purchase or sale of a single family home. The specific numbers may vary depending on the price of the property being conveyed or the building in which a sale or purchase is transacted. However, the information here should only be used as a guide, and for a more exact calculation of the costs, please contact our office and speak with an attorney.
SELLER'S COSTS |
PURCHASER'S COSTS |
|
Transfer Taxes* New York State - .4% of sale price* Certain cities impose taxes on sale. An attorny can advise you if your municipality imposes an additonal tax. Property Condition Disclosure Credit - $500 Loan Payoff Pickup Fee - $100-200Record Satisfaction- $75 - $125Final Water Meter Reading - $35-60 Real Estate Broker Fee - Typically  6% of Sale Price*Tax Withholding Federal - Foreign persons (andcorporations) are required to have 10% of sale price withheld forFederal Tax. New York - Non-residents of New York must determine gain on sale and pay New York State income tax of 7.7% on any gain.Attorney Fee's - Varies |
Title Costs (See chart below for insurance premiums) Searches - $400-600 Recording - $200-400 Gratuity - $150-250 Loan Closing Costs- Purchaser should consult with an attorney when examining the good faith estimate received from lender. Make sure the estimate includes mortgage recording tax. Survey New $750-1500Survey Inspection** - $200-400(**If possible) Taxes Lenders require that any taxes due within 60 days of closing be paid at closing and an adjustment will be made with the seller for taxes paid. Insurance It is highly recommended and required by most lenders that the purchaser obtain insurance for liability, casualty and theft of personal property. This coverage is to supplement the coverage by the building.Mansion Tax If purchase price equals or exceeds One Million Dollars the purchaser pays a tax of one percent of the total purchase price. Attorney Fee's - Varies |
|
Title Insurance | Purchase Price$500,000.00$750,000.00 $1,000,000.00 $1,500,000.00 |
Combined Premium Assuming 80% Financing $3,130.00 $4,245.00 $5,439.00 $7,651.00 |
No Financing $2,518.00 $3,513.00 $4,508.00 $6,338.00 |