A guide to the costs you may incur in the southeast area of Westchester County. Please use this as a very rough introductory guide only and not as a replacement for getting specific estimates from the various parties involved.
Buyer’s Attorney
Attorneys are used in this area, not agents. The cost for the attorney varies by the attorney selected. Some offer a fixed rate and others charge by the amount of work done. In both cases, the price of the home influences the price charged. Your agent can supply a list of qualified attorneys that have real estate closings as a regular part of their practice. You should plan on somewhere in the range of $2,000 to $5,000.
Mansion Tax
There is a 1% tax on the entire purchase price if the purchase price is over $1M that the buyer pays. On a $1.5M purchase price that is $15,000. The only exception would be if this tax was part of the negotiation where the seller has agreed to pay.
Mortgage Fees
The buyer will pay for any bank fees and points charged by the lending bank. This varies significantly by the bank. If you have gotten pre-approval, a must in this area, you will have a clear idea of what is involved.
In addition, there is a New York State Mortgage Fee of .75% of the loan amount.
Title Fees
The buyer will pay for the title search and possibly a new survey (if the survey is over 3 years old). A title search and recording fees can run in the range of $600 to $1500.
A new survey can run a few hundred dollars if needed.
You will be purchasing title insurance as well which can be a few thousand dollars.
Adjustments
The buyer will pay the seller for any taxes pre-paid by the seller beyond the closing date. If not pre-paid, the seller will pay for any taxes due up to the closing. The buyer will also pay for any service contracts that the seller has pre-paid that the buyer will assume. And, the buyer will pay the seller for any oil left in the oil tank. If it is natural gas supplied by pipeline then reading is taken the morning of the closing and the past amount is settled by the seller. The same is true of electricity and water.
You will normally get a $500 credit from the seller for legally absolving him/her for any future liability on the home. This is a custom in this area.