Closing Costs

ESTIMATED CLOSING COSTS FOR BUYERS

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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

Tax Adjustments