New York City
| Buyer’s Attorney | Consult your attorney |
| Bank Fees | $750–$1,000 |
| Application Fee | $350–$650 |
| Processing Fee | $330–$500 |
| Appraisal Fee | $500–$2,000 |
| Credit Report Fee | $45–100+ |
| Bank Attorney | $650–$1,000 |
| Insurance & Tax Escrow | 2–6 months & 1 year’s prepaid insurance premium at closing |
| Recording Fees - Nassau & Suffolk |
Appr. $1,200-$1,700 |
| Recording Fees - NYC & Westchester | Appr. $250–$750 |
| Fee Title Insurance | Variable by transaction |
| Mortgage Title Insurance | Variable by transaction |
| Municipal Searches | $350–500 |
| Reserve Fund & Working Capital Fund Contribution |
An amount equal to 1–2 months of common charges each |
| Condominium fees | Varies from building to building, consult your agent |
| Property Type | Mortgage Tax New York City |
Mortgage Tax Nassau, Suffolk, Dutchess and Orange Counties |
Mortgage Tax Yonkers |
|---|---|---|---|
| Residential Condo Unit up to $499,999.99 |
1.8% of the loan amount | $1.05% | $1.8% |
| Residential Condo Unit $500,000 and up |
1.925% of the loan amount | $1.05% | $1.8% |
| Commercial Condo Unit up to $499,999.99 |
2.05%² | $1.05% | $1.8% |
| Commercial Condo Unit $500,000 and up |
2.80% | $1.05% | $1.8% |
| Maintenance Adjustment |
| Short-term interest |
| Pro-rates for the month closing |
| Equal interest for the balance of the month in which you close |
| Buyer’s Attorney | Consult your attorney |
| Bank Fees | $550–$1,000 |
| Application Fee | $350–$650 |
| Processing Fee | $350–$500 |
| Appraisal Fee | $500–$2,000 |
| Credit Report Fee | $45–100+ |
| Bank Attorney | $650–$750 |
| Lien Search | $350–$450 |
| UCC-1 Filing Fee | $20 - $40 in all counties except for Nassau |
| UCC-1 Filing Fee (Nassau) | $340 ($40 to file + $300 per block) |
Mansion Tax is paid by the purchaser on transactions that are residential or mixed-use and the purchase price is $1M or above.
| Property Type | Unit Price | NYC RPT | NY State Transfer Tax |
|---|---|---|---|
| Residential Co-op Units | up to $499,999.99 | 1% | $2 per $500 of conveyance price |
| $500,000 and up | 1.425% | $2 per $500 of conveyance price |
|
| $3,000,000 and up (NYC Only) |
1.425% | $2 per $500 of conveyance price |
| Miscellaneous Co-op Charges |
Varies by building |
| Recognition Agreement Fee | Approx $250 |
| Flip Tax | Please check with the building |
| Maintenance Adjustment | Pro-rates for the month closing |
| Short-term interest | Equal interest for the balance of the month in which you close |
| Buyer’s Attorney | Consult your attorney |
| Bank Fees | $750+ |
| Application Fee | $350+ |
| Processing Fee | $330+ |
| Appraisal Fee | $500–$2,000 |
| Credit Report Fee | $45–100+ |
| Bank Attorney | $750–$1,000 |
| Insurance & Tax Escrow | 2–6 months & prepaid insurance for 1 year at closing |
| Recording Fees - Nassau & Suffolk |
Appr. $1,200-$1,700 |
| Recording Fees - NYC & Westchester | Appr. $250–$750 |
| Fee Title Insurance | Variable by transaction depends on the purchase price |
| Mortgage Title Insurance | Variable by transaction depends on loan amount |
| Property Survey | $750-$1,500 |
| Single Family Residence $499,999.99 and below |
1.8% of the loan amount | 1.05% | $1.8% |
| Single Family Residence at $500,000 and up |
1.925% of the loan amount | 1.05% | $1.8% |
| Commercial Properties and Vacant Land $500,000.00 and under |
2.05%² | 1.05% | $1.8% |
| Commercial Properties and Vacant Land $500,000.01 and up |
2.80% | 1.05% | $1.8% |
| Property Type | NYC RPT | NY State Transfer Tax |
Mansion Tax Paid By Purchaser |
City of Yonkers Transfer Tax |
City Of Mount Vernon Transfer Tax |
Peconic Bay Transfer Tax |
|---|---|---|---|---|---|---|
| 1-2-3 Family Residential, Co-op or Condo Unit at $500,000 and under |
1% | $2 per $500 of conveyance price |
1.5% (over $25,000) |
1% of purchase price with $100,000 exemption |
2% See exemptions below. Paid by purchaser |
|
| 1-2-3 Family Residential, Co-op or Condo Unit at $500,000.01-$999,999.99 |
1.425% | $2 per $500 of conveyance price |
1.5% (over $25,000) |
1% of purchase price with $100,000 exemption |
||
| 1-2-3 Family Residential, Co-op or Condo Unit at $1,000,000 and up |
1.425% | $2 per $500 of conveyance price |
1% of purchase price for properties $1 million and up |
1.5% (over $25,000) |
1% of purchase price with $100,000 exemption |
|
| 1-2-3 Family Residential, Co-op or Condo Unit at $3,000,000 and up (NYC Only) |
1.425% | $3.25 per $500 of conveyance price (Varies based on purchase price) |
Mansion tax | |||
| Payment Due Date | 30 Days after date of transfer |
15 Days after the date of transfer |
15 Days after date of transfer |
7 Days after date of transfer |
30 Days after date of transfer |
15 Days after the date of transfer |
Mansion Tax is paid by the purchaser on transactions that are residential or mixed-use and the purchase price is $1M or above.
| Property Type | NYC RPT | NY State Transfer Tax |
City of Yonkers Transfer Tax |
City of Mount Vernon Transfer Tax |
Peconic Bay Transfer Tax |
|---|---|---|---|---|---|
| Commercial Properties and Vacant Land under $500,000 |
1.425% | $2 per $500 of conveyance price |
1.5% (over $25,000) |
1% of purchase price with $100,000 exemption |
2% See exemptions below. Paid by purchaser |
| Commercial Properties and Vacant Land at $500,000 |
1.425% | $2 per $500 of conveyance price |
1.5% (over $25,000) |
1% of purchase price with $100,000 exemption |
|
| Commercial Properties and Vacant Land $2,000,000 and up (NYC Only) |
2.625% | $2 per $500 of conveyance price |
1.5% (over $25,000) |
1% of purchase price with $100,000 exemption |
|
| Commercial Properties and Vacant Land $2,000,000 and up (NYC Only) |
2.625% | $3.25 per $500 of conveyance price (Varies based on purchase price) |
|||
| Payment Due Date | 15 Days after date of transfer |
15 Days after the date of transfer |
7 Days after date of transfer |
30 Days after the date of transfer |
15 Days after the date of transfer |
Mansion Tax (1% of purchase price) is paid by the purchaser on transactions that are 100% residential and the purchase price is $1M or more. In the five boroughs of New York City, the rate increases based on the sales price as follows: Note: mansion tax also applies to mixed-use. If a property is $1,000,000 and includes a store & 2 residential units, mansion tax would be due on the % of the consideration corresponding to the residential units.
| Property Price | Mansion Tax Rate |
|---|---|
| $1,000,000 - $1,999,999 | 1.00% |
| $2,000,000 - $2,999,999 | 1.25% |
| $3,000,000 - $4,999,999 | 2.25% |
| $5,000,000 - $9,999,999 | 2.25% |
| $10,000,000 - $14,999,999 | 3.25% |
| $15,000,000 - $19,999,999 | 3.50% |
| $20,000,000 - $24,999,999 | 3.75% |
| $25,000,000 or more | 3.90% |
Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.
Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.
Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.
Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.
My goal is to provide you with the most personalized service that is designed to help you buy your dream home
This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.
Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.
Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.
No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
Scott is highly attentive and informative when helping buyers and renters find their perfect home; plus he enjoys a reputation as a proven listing broker with a great success rate of closing for sellers. Putting your needs first is Scott’s main mission. So is protecting your best interests and helping you achieve the maximum value in a property.
