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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
