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Real Estate Law Blog

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Purchaser's Closing Costs

Posted on January 30, 2012 at 12:41 PM




Purchasing a home involves more out-of-pocket expense than just the down payment. There are also closing costs to pay for items such as title policies, recording fees, inspections and fees that a lender charges for obtaining a mortgage. The following schedule is an estimate of the closing costs that a buyer can typically expect to pay at closing.


PURCHASER’S REAL ESTATE CLOSING COSTS:
         
Taxes: (if applicable)

Mansion Tax                                                  1% of purchase price when $1,000,000 or over

Mortgage Recording Tax (NYC)
• Sales under $500,000                                  1.8% of entire mortgage
• Sales $500,000 and over                             1.925% of entire mortgage

Note:  Click here to view table of mortgage recording tax amounts by county. Mortgage recording tax does not apply for cooperative apartment purchases.


Mortgage Associated Fees:

Origination Costs – points                             varies, usually 0 - 3% value of loan

Appraisal                                                        $350 (approx)

Underwriting                                                  $450 (approx)

Processing                                                      $450 (approx)

Application                                                     $350 (approx)

Bank Attorney                                                 $850 + up

Real Estate Tax Escrow                                  2-6 months
                                      
Short Term Interest                                         varies, depends on the day of the month in which the closing occurs


Title Insurance Fees

Owner and Lender Title Policies                     5% - 7% of purchase price (approx)

Municipal Searches                                          $450 (approx)

Deed Recording                                                $375-750 (approx based on county)

Real Estate Taxes                                             varies

Note: Purchasers of cooperative apartments usually do not purchase title insurance, and instead pay for a lien search which is approximately $450.  However, see our blog entry, Co-op Buyers Should-Consider Purchasing Title Insurance, which explains particular situations in which it is advisable for purchasers of cooperative apartments to purchase a type of title insurance policy called an Eagle 9 policy.


Homeowner’s Insurance:

Policy                                                                varies depending on lender's required coverage and purchase price


Home Inspection:

Home and Termite Inspection                           $450 (approx)


Legal Fees:

Purchaser's Attorney                                        fee varies, but usually flat-fee basis (consult with your attorney)             


To speak with an experienced real estate attorney about a closing, call us at (516) 314-8433.  To learn more about our real estate closing services visit us at: www.jreardonlaw.com/Real-Estate-Closings.html

Categories: Real Estate, Real Estate Closing Costs

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