By Prudential Douglas Elliman
(For the Seller)
Broker: Typically 6%
Own Attorney: Consult your attorney
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: $75.00
Pick-up / Payoff Fee to Title Closer: $100-$300
Miscellaneous Title Fees: $200-$500
(For the Purchaser)
MORTGAGE CLOSING COSTS
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
Peconic Bay Tax: Tax applies to properties in the townships of Southampton, East Hampton, Riverhead, Southold and Shelter Island. South Fork: 2% of purchasee price less $250K for improved land (house). 2% of purchase price less $100K for unimproved land. North Fork: 2% of purchase price less $150K for improved land. 2% of purchase price less $75K for unimproved land.
