Closing Costs

Closing Costs

Seller:

[1] Broker’s commission.

[2] State transfer tax: $4/$1,000 of the purchase price.

[3] City transfer tax (Yonkers, Mt. Vernon, & NYC).

[4] Lawyer fees.

[5] Mortgage recording fees (to satisfy previous mortgage).

[6] Capital gains tax.

Buyer:

[1] Points or loan origination fee.

[2] Mortgage tax.

[3] Apportionments: oil, prepaid taxes, tax escrow, etc.

[4] Homeowner’s insurance (1st year up front).

[5] Survey, if needed.

[6] Mansion tax (1% of purchase price if over $1M).

[7] Title search & title insurance.

[8] Lawyer fees.