Real Estate Transfer
When you buy or sell a home, one of the first things you will need to pay for is transfer taxes. These are city, county or state fees that are based on the value of your property at the time of transfer. The amount you pay can vary based on where you live and may affect your total cost.
Title Search – $200 to $400: This is a fee paid to the title insurance company in exchange for the company’s review of your home’s title. While this may be a little high, it’s an important step to ensure your new home has a clean title.
Attorney Fees – $1,500 to $4,000: Real estate attorneys are often needed for real estate transactions. They can be helpful in drafting and reviewing contracts, reviewing mortgage applications, and handling closings. They also help you determine if there are any additional costs that might apply to your transaction.
Costs Associated With a Real Estate Transfer
Closing Fee – $295 to $795: This is a fee that you’ll pay to the escrow company or an attorney who oversees your closing. These fees can be used to cover the cost of coordinating your home sale with the lender, paying any outstanding amounts that need to be settled before the closing, and any other costs that come up during the process.
Bank Loan Satisfaction Fee – $500 to $1,500: This is a fee that you’ll be charged by your bank at the closing for processing your mortgage application. It’s usually paid when you close on your home, but you can negotiate this fee to be removed or reduced by asking the lender if it’s necessary.
Survey – $350 to $500: This is an important fee that helps the buyer understand exactly how much land is included in their new property and where it’s located. It’s especially important for buyers of larger properties, such as condominiums or townhouses.
Credit report – $25 to $75: This is an important fee that your lender will need to perform to check your credit history and score. The lender will use your credit report to assess your ability to qualify for a mortgage.
Home Inspection – $250 to $600: This is an important fee that your lender may require to make sure there are no major issues with the property. It’s typically performed before you close, and it will reveal any structural or foundational problems that need to be addressed before closing.
Real Estate Agent Commission – typically 5-6% of the sales price: This is a fee that your realtor will charge you to help sell your property. This can be a variable amount, depending on which realtor you choose and the price of your property.
Courier Service – $30 to $150: This is a fee that your lender may charge you for sending mortgage documents to the escrow company or your attorney. These fees will vary by lender and state.
Transfer Taxes – 1.4% to 2.075 of the sale price: This is a fee that will be added to your closing costs for most properties in NYC. It is one of the most common and most expensive fees to pay during the home buying and selling process.
