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.

The Yard Gods are Calling!

I work with many buyers moving to the Rivertowns from Manhattan. Often one of the first items on their new home “wish list” is a yard. They often comment “If I am going to leave the City and all it offers, I want a yard”.

I have the fortune of being the listing agent for an amazing Irvington property that has THE best yard in the area. 297 Riverview Road in Irvington, NY is a rare property. It has a flat fenced-in backyard with lush green grass, large enough to add a pool if that is your desire. The Rivertowns tend to be hilly so you don’t see a yard like this very often.

It is nestled adjacent to the Irvington Woods, a 400 acre nature preserve. The unrivaled location affords a walk to school and is just minutes to all Village amenities including the short commute into NYC via Metro North train. This elegant and well-maintained home sits at the crest of Riverview Road, one of the more sought-after locations in Irvington. Very private, perched above other homes and surrounded by mature trees.

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Over 6000 sq. ft. of living space consisting of 5-6 bedrooms, 6 baths and a full finished walk-out lower level. A fabulous great room along the back of the house is complete with a family room, wet bar and fireplace, breakfast room, open kitchen with a center island and high-end appliances – the perfect stage for great entertaining! Gatherings with your family and friends continue, as you step outside the great room onto an expansive bluestone patio and as I said earlier, a yard unlike any other – private, lush- THE best yard in the area!