| For the Seller Broker: Typically 6% Own Attorney: Consult your attorney Processing Fee: $450+ NYC Transfer Tax: Residential: Up to $500,000 = 1% $500,000+ = 1.425% Commercial: Up to $500,000 = 1.425% $500,000+ = 2.625% Admin. Fee: Non-Deed Transfers (i.e., Co-ops) = $50 Residential Deed Transfers= $75 Commercial Deed Transfers = $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75 Miscellaneous Title Fees: $200-$500 Pick-up/Payoff Fee to Title Closer: $100-$300 Miscellaneous Condominium Charges: Vary by building Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes. | For the Purchaser Buyer's Attorney: Consult your attorney Bank Fees: $750 Application Fee: $350 Processing Fee: $330 Appraisal Fee: $300-$1,500 (depending on sales price) Credit Report Fee: $9.80 single/$14.60 joint Bank Attorney: $650 Tax Escrows: 2 to 6 months Recording Fees: $250-$750 Mortgage Tax: 0.8% Fee Title Insurance: Approx. $450 per $100,000 of sales price under 1M - +15% on $1M or more Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount Municipal Search: $350-$500 Mansion Tax: 1% of entire purchase where price is $1,000,000 or more. NYC Mortgage Tax: a. Mortgage less than $500,000 = 1.80% b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925% c. Mortgage on all other property over $500,000.00 = 2.80% Nassau and Suffolk Counties Mortgage Tax: a. 1-3 family residential dwelling = 0.80% on entire mortgage amount b. 3 or more family residential dwelling, commercial or vacant land = 1.05% on entire mortgage amount Peconic Bay Tax: (East Hampton, Shelter Island and Southampton): a. Exclusions: (i) Purchase Price less than $250,000 on improved property; and (ii) Purchase Price less than $100,000 on un-improved property b. Residential 1-3 Family Dwelling less than $1,000,000 and all other properties = 2.40% c. Residential 1-3 Family Dwelling $1,000,000+ = 3.40% ADDITIONAL REAL ESTATE EXPENSES Common Charge Adjustment: Pro-rated for the month of closing Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected Miscellaneous Condominium Charges: Vary by building Short Term Interest: Equal to interest for balance of month in which you close |
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