NY Title Insurance | Closing Costs for Detached Homes

There are several major differences when preparing to issue a NY title insurance policy versus many other states. The following is meant to give you a basic understanding and background of the general costs that go hand and hand with closing a transaction in New York for a townhouse or single family property. The below estimates are for explanatory purposes only.  For more detailed quotes please seek out our GFE Quote Calculator or speak directly with your counsel.

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New York Title Insurance Closing Costs for Detached Homes

There are several major differences when preparing to issue a NY title insurance policy versus many other states. The following is meant to give you a basic understanding and background of the general costs that go hand and hand with closing a transaction in New York for a townhouse or single family property. The below estimates are for explanatory purposes only.  For more detailed quotes please seek out our GFE Quote Calculator or speak directly with your counsel.

 

Townhouses and Single Family Homes

FOR THE SELLER

Broker: Typically 5%-6%

Own Attorney: TBD

NYC Transfer Tax:

Residential:

Up to $500,000 = 1%

$500,000+ = 1.425%

Commercial:

Up to $500,000 = 1.425%

$500,000+ = 2.625%

Admin. Fee:

Non-Deed Transfers (i.e., Co-ops) = $50

Residential Deed Transfers= approximately $75

Commercial Deed Transfers = approximately $165

NY State Transfer Tax: $4 per $1,000 of price

NYS Equalization Fee: $75

Miscellaneous Title Fees: $200-$500

Pick-up / Payoff Fee to Title Closer: $100-$300

FOR THE BUYER

MORTGAGE FINANCING CLOSING COSTS

Buyer’s Attorney: TBD

Bank Fees: $750

Application Fee: $350

Processing Fee: $330

Appraisal Fee: $300-$1,500 (depending on sales price)

Credit Report Fee: $10.10 single/$15.20 joint

Bank Attorney: $650-$750 or higher at times

Tax Escrows: 2 to 6 months

Recording Fees: $250-$750

NY Title Insurance: Approx. $450 per $100,000 of sales price under 1M, +15% on $1M or more

Mortgage NY Title Insurance: Approx. $130 per $100,000 of mortgage amount

Municipal Search: $350-$500

Mortgage Tax – NYC (paid by borrower):

1-3 Family Home or Condo:

If mortgage is less than $500,000: 1.80%. If mortgage is $500,00 or more: 1.925% of loan amount

Mortgage Tax – Nassau & Suffolk (paid by borrower):

1-3 Family Home or Condo: 0.80% of loan amount

Peconic Bay Tax: Tax applies to properties in the townships of Southampton, East Hampton, Riverhead, Southold and Shelter Island.

a. Exclusions:

(i) Purchase Price less than $250,000 on improved property; and (ii) Purchase Price less than $100000 on un-improved property

b. Residential:

1-3 Family Dwelling less than $1,000,000 and all other properties = 2.40%

c. Residential:

1-3 Family Dwelling $1,000,000+ = 3.40%

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