The Nest

NestApple's Real Estate Blog

Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.

Westchester Closing Costs

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When you’re considering buying properties in a place like Westchester, there is a lot to consider. You’re going to have to think about how close yourclosing costs in westchester - buyer closing costs westchester ny home is to major amenities like schools, restaurants, or even grocery stores. You also have to watch out for things that you want in your home, like bedrooms or that extra nice large shower. The list of things you may need to check when you have a new home purchase is endless. When you think of all the nuts and bolts, it’s easy to overlook other issues you may have with the actual closing costs for a house in Westchester, NY. In Westchester, closing costs are a pretty big deal. How much are the buyer’s closing costs in Westchester, NY?

It’s important to know what to expect when you want to save money for closing costs. Thankfully, it’s pretty easy to determine. 

Closing Costs You Need To Be Aware Of As A Buyer

Buyer costs tend to be somewhat higher than seller costs. This is a general estimate of what you may need to keep in mind when buying property.westchester house Note: This is a general estimate, so that yours might be higher or lower. 

  • Buyer’s Attorney Fees. These vary wildly. It’s best to ask a lawyer before you hire them. 
  • Bank Fees: $750 for most, with a $350 application fee on top.
  • Bank Attorney: $750 for most
  • Credit Report Fee: $10 to $15 in most cases.
  • Appraisal Fee: This depends on the property appraiser you hire. It can be anywhere from $300 to $1,500.
  • Tax Escrow: Traditionally, this would be two to six months.
  • Recording Fees: Up to $350
  • Fee Title Insurance: This typically starts at $450 for each $100,000. After $1 million, you will be expected to have 15 percent of the home’s price as insurance.
  • Mortgage Title Insurance: $350 to $500 per every $100,000 of home value.
  • Mortgage Tax: 0.80 percent of the mortgage price for Westchester.
  • Lien Search: This typically only applies to co-ops and may cost up to $350
  • UCC-1 Filing: This is another co-op-only charge and will be around $100 for most places. 

Westchester Closing Costs You Need To Be Aware Of As A Seller

While buyers have the lion’s share of the fees, the truth is that sellers aren’t exempt from this stuff. This is especially true in a place like Westchester,list of costs - westchester which has similar fees to New York City. Note: This is a general estimate, so that yours might be higher or lower. How much are closing costs in Westchester, NY:

  • Buyer’s Attorney Fees. These vary wildly. It’s best to ask a lawyer before you hire them. 
  • Broker Fee: Traditionally, it’s 6 percent of the home price. However, this can vary greatly depending on the brokerage you can get.
  • NYS Transfer Tax: .04 percent of your mortgage price.
  • Title Fees: $200 to $500, variable.
  • Pickup/Payoff Fee: $100 to $500, usually.
  • Condo/Co-Op Deed Transfer Fees: This will usually total around $200 for all transfer fees.
  • Condo/Co-Op UCC-3 Filing Fee: $100

An Important Note About Fees That Involve Condos And Co-Ops

While Westchester isn’t a part of New York City, certain NYC attitudes did pour over into the real estate world that the county currently has. ThisWestchester mansion includes the fee-heavy culture that often permeates condos and co-ops. At times, it can also include exclusivity for the top condos and co-ops in Westchester. The fees that you should expect are far more clear when you’re buying a traditional house. This is because condos and co-ops are communities. If you buy a co-op or condo, you should expect to see many fees associated with entering or leaving that community. 

These fees can range from a couple of hundred dollars to several thousand, depending on the community. Unfortunately, these are not negotiable.

How Can You Save On Closing Costs?

If you are a buyer who wants to save money on closing costs for a house in Westchester, you could be forgiven for feeling that way. The best way to save money on Westchester closing costs is to go for low-fee appraisers and lawyers. Of course, there’s more to savings than just trying to curb prices.

An excellent way to save money on your home purchase is to opt for a brokerage that offers buyer rebates. Buyer rebates like NestApple will give you a portion of the money that you spend on Westchester closing costs back to you once the keys are exchanged. We do it, so if you want to save big, give our brokerages a call. 

Written By: Ossiana Tepfenhart

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