Buyer Resources

Buyer’s Checklist for Preparation of Purchase (Download PDF) - The following are general estimated costs associated with the purchase of property.

  • Attorney Fees
    • Own Attorney: $500 - $5,000 (fees will vary by attorney)
    • Bank Attorney: $450+
  • Loan Application Fee: 750+ (Fee typically paid to the mortgage company for credit report and property appraisal)
  • Points to Bank: 0%-3% of loan value
  • Private Mortgage Insurance (PMI): Required when loan is greater than 80%
  • Prepaid Interest
  • Tax Escrows: 2 to 6 months
  • Recording Fees: $300+
  • Underwriting Fee: Charged by lender $200+
  • Processing Fee: Paid to mortgage broker to process the loan and reimburse miscellaneous expenses
  • Mortgage Tax: 1.75% of amount of mortgage on loans under $500,000; or 1.875% of amount of mortgage on loans of $500,000 and over
  • Fee Title Insurance: Approximately $450 per $100,000
  • Mortgage Title Insurance: Approximately $200 per $100,000
  • Municipal Search: $275+
  • Real Estate Tax Adjustment: 1-6 months
  • Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more
  • Engineer Inspection: $500+
  • Homeowner’s Insurance: Cost varies
  • Condominium or Cooperative Charges: Associations may charge an application fee, move-in, etc…
  • Service Fee to Mortgage Broker: 1%-2% of loan
  • Nassau County Star Savings Link: https://www.tax.ny.gov/pit/property/star/sd28.htm

 

 

Copyright @ 2017 JPJ Real Estate and Design, All Rights Reserved