ESTIMATED CLOSING COSTS FOR BUYERS
Below is a brief outline of the most common closing costs that a buyer may encounter. This outline is for estimate purposes only and there may be different or additional charges necessary.
Mortgage Tax: 1.25% total of mortgage amount (1% paid by borrower, .25% paid by lender)
File RP-5217: $75 for 1-2 family dwellings, $165 of vacant or commercial (document to accompany deed recording)
Title Insurance: $299+(Covers mortgage policy only). Rates based on a “Schedule of Rates” sheet provided by the attorney. Rates determined by amount mortgaged.
Recording Costs: File deed: $31-$40 (depending on length of document) File mortgage: $31-$130 (depending on length of document)
Attorney Fees: Generally, $450-$1,000; will be different with each attorney
Bank Related Charges
(Separate from Attorney Fees or Charges)
Bank Closing Costs: Check with the bank mortgaging the property
Other Adjustments at Closing May Include:
Sales Tax on Personal Property
Bank Tax Escrow