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