BUYER COSTS
SELLER COSTS TITLE COSTS
INSPECTIONS (Typical Range of Costs) Home Pest Mold Underground Fuel Storage Tank Water Test
Transfer Tax Recording Fees
$700 to $3,500 $100 to $500 $500 to $1,500 $650 to $1,000 $200 to $750
PROFESSIONALS Seller Attorney Real Estate Agent
* *
MISCELLANEOUS COSTS
TITLE COSTS Mansion Tax Mortgage Tax Peconic Tax Title Insurance Recording Fee Title Closer
$4.00 per $1,000 of Purchase Price *
Adjustments: Taxes & Fuel New Construction: Transfer Tax & Other Fees can become Buyer Costs
1% of purchase price 1 1.05% of loan amount 2 2.5% of adjusted purchase price 3 * * *
LENDER COSTS Appraisal Short Term Interest Credit/Flood Certification Taxes and Insurance Escrow Discount Points Application
1. Only charged on purchases of improved residential property of $1M or more. 2. Most residential buyers pay 0.8% and lender pays 0.25% unless commercial, construction, or investment when lenders can pass on the 0.25% to buyer.
OTHER PROFESSIONAL FEES * * * * * *
Surveyor Buyer Attorney Real Estate Agent
* * *
MISCELLANEOUS CHARGES Adjustments: Taxes & Fuel *
3. Peconic Tax A. Tax is calculated on Purchase Price, less exempt amount as follows: TOWN EH, SH, Shelter Island Southold Riverhead
IMPROVED $400,000 $200,000 $150,000
VACANT $100,000 $75,000 $75,000
B. No exemption for purchases of $2M or more in EH, SH and Shelter Island C. No Peconic Tax for first time home buyers who meet standards on: Income, price (currently ~$1,200,000), and other criteria * These charges depend on the transaction, price, or fees negotiated between you and your advisors.
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2024