Closing Costs to Consider When You Are Buying or Selling a Home

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.
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Irvington, NY: Historic, Charming and A Great Place to Live!

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Irvington, New York, also known as Irvington-on Hudson, is a charming and picturesque Village just 20 miles north of Manhattan on the east bank of the Hudson River.  Named after Washington Irving, author of The Legend of Sleepy Hollow.  Part of the Town of Greenburgh, Irvington has a population of almost 6500 residents and an area of approximately 4 square miles.  Irvington has its own Metro North Train station which makes for an easy commute to Grand Central along the Hudson River and is known for its beautiful parks and lively restaurant scene.  The historic downtown has recently been added to the National Register of Historic Places.

One of the more established and popular hot spots, drawing diners from all over Westchester, is the Red Hat on the RiverMP Taverna and Sambal Thai & Malaysian also join The Red Hat on the river front as well.  On Main Street, you can dine on Italian at Mima Vinoteca, Indian at Chutney Masala, Mexican at La Chinita Poblana and coming soon…Revenge BBQ!  The Farmers Market every Sunday morning is another food and entertainment draw you can enjoy from June – October.

The Scenic Hudson Park and Matthiessen Park, both located along the Hudson River, are particularly beautiful with lush mature trees and fabulous river and palisades views.  Perfect for sports enthusiasts, play time, picnics and hanging out.  The Old Croton Aqueduct runs through Irvington as well and is ideal for running, hiking, biking and dog walking.

Irvington is a wonderful place to live with its laid back lifestyle and a great sense of community.  A small town feel, award winning schools and easy access to New York City, what more could you ask for!

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