Closing Costs

The costs for closing a home purchase or sale need to be considered when making the decision to buy or sell.

For the buyer a good rule of thumb is to anticipate an upfront cost of 4% of the price of the house for closing costs.

    The following details some of the costs: 

Home inspection fee around $400

Mortgage Closing Costs

• Processing fee: $350.00
• Property Appraisal fee: $400
• Mortgage State Taxes: .75% of loan amount given by the bank
• Bank attorney fee: $695.00
• Recording Fee: $295.00
• Termite inspection fee: $100

General Home Purchase Closing Costs

• Fee Title Policy fee: $2000
• Property Survey fee: $475
• Banruptcy search fee: $100
• Patriot search fee: $100
• Recording of deed: $160
• Title closer's fee: $100
• Lawyer's fee: $1000

The seller can expect to pay. Typically around 7%.

• Lawyers' Fees around $1000
• Capital gains if you haven't lived in the home for 2 years. (see tax specialist)
• New York State Transfer tax .4% of selling price
• Satisfaction recording fee around $100
• Realtor commission (percentages vary)
• Property Survey fee: $475

• Capital gains if you haven't lived in the home for 2 years. (see tax specialist)

  SAMPLE CLOSING COST ONLY - CONSULT AN ATTORNEY FOR AN OFFICIAL ESTIMATE.

   

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