| Item |
Expense |
| Buyer's Attorney |
Varies - Starts at $1,600 |
| Bank Fees |
$750 |
| Application Fee |
$500 |
| Appraisal Fee |
$400 - $2000 (depending on sales price) |
| Credit Report Fee |
$30 single/$60 joint |
| Bank Attorney |
$750 - $1000 |
| Tax Escrow |
2 to 6 months |
| Recording Fees |
$250 - $750 |
| Mortgage Tax |
1.8% of mortgage on loans under $500K; or 1.925% on amounts over $500K |
| Fee Title Insurance |
Approx. $450 per $100K of sales price under $1M + 15% on $1M or more |
| Mortgage Title Insurance |
Approx. $130 per $100K of mortgage amount |
| Municipal Search |
$350 - $500 |
| Mansion Tax |
1% of entire purchase where price is $1,000,000 or more. |
Note: these are estimates used to give you a rough idea of what to be prepared for on closing costs. Consult your attorney for up to date information on current rates and fees, which may differ. Charges on co-ops are slightly different from those on condominiums because they involve stock transfer rather than real property. Again, consult your attorney.
Revised: 12/09 |
