Your bank and attorney will give you more accurate numbers but this is a start just to get a sense of what some of the costs are.
Don’t be overwhelmed, just take it one step at a time. Your agent, your mortgage/bank contact and your attorney will be there for you as you navigate the home buying process.
Approximate Buyer’s Closing Costs:
- Appraisal Fee: $400-$1,000
- Bank Attorney Fee: $500-$1,000 (In some cases your attorney can act as the bank attorney and save you a bit of money)
- Bank Application Fee, Origination Fee & Processing Fees: Could be as much as $200-$500 for each fee
- Buyer’s Attorney Fee: $1,200 – $2,500
- Real Estate Taxes: Prorated based on what has already been paid by the seller, you pay back the seller or escrow money for the upcoming taxes.
- Mortgage Tax: 1.05% of the Loan amount in Westchester County
- Mansion Tax: 1% of purchase price on properties over 1 million dollars. $ 1.2 Million dollar property would owe a $12,000 cost at closing.
- Title Insurance Expenses: Approximately .6% of the purchase price (Includes searches, endorsements & recording charges)
- To give an example of title insurance costs, a 1 million dollar purchase has an owner’s policy rate of $4,508 and with an $800,000 mortgage at the time of the purchase would have a lenders policy also paid by the buyer of $931.
- Survey Costs: If the seller does not have a current survey the buyer will need to have one done at a cost of $600-$2,000.
- County Recording Charges: $350-$650
- Other Expenses: The lender will require a full year of insurance. Property Insurance $750-$1200 depending on the size of your house, may need flood insurance which would be an additional expense.
Approximate Seller’s Closing Costs:
- Transfer Tax: $4 per $1,000 purchase price for NYS.
- NYC, Mt. Vernon, Yonkers & The Hamptons have a higher amount
- Realtor Commission: Usually is 5-6% of the selling price of the property.
- Recording Fees: The mortgage satisfaction fee is approximately $95 per mortgage
- Legal Fees: $1,200-$2,500
- Title closer fee for paying off any mortgages: The range is $175-$300 depending on the title company/closer.