Closing Costs
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| COSTS ON THE SALE OF A PROPERTY | |||
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| State Conveyance Tax | |
0.5% of Sales Price up to $800K 1% of Sales Price above $800K |
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| Local Conveyance Tax | .25% of Sales Price (Westport) | ||
| Realtor's Fee | 5% (Varies) | ||
| Attorney's Fee | $1500+/- | ||
| Recording Fee-Release | $10 (1 Page)--$15 (2 Pages) | ||
| Real Estate Taxes | Unpaid Amount | ||
| Mortgage Payoff | Unpaid Balance | ||
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| COSTS ON THE PURCHASE OF A PROPERTY | |||
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| Lender Fees | |||
| Application | $200 - $500 | ||
| Appraisal | (often included in application) | ||
| Points | varies | ||
| Attorney's Fee | $1500+/- | ||
| Title Search | $100 - $150 | ||
| Title Insurance | $325 per $100,000 | ||
| Recording Fee | $10 (1 Page) -- $15 (2 Pages) | ||
| Tax Escrow (Usually 6 months) | Determined by Lender | ||
| Tax Adjustment | Buyer usually reimburses seller for remaining months in a 6 month period | ||
| Interest Adjustment | Varies with closing date. Pro-rated to the date of the first mortgage payment | ||
| Other Adjustments | |||
| Utilities (Oil, Electric, Gas & Water) | Varies | ||
| Common Charges (Condominium only) | Varies with Complex | ||
| Association Fees (Private Homeowners, Beach Rights, Etc.) | Varies with Association | ||
| Insurance | $1000 + depending on the property | ||
| Administrative Fee | $195 | ||
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| COSTS OF VARIOUS INSPECTIONS (BUYER) | |||
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| General Building Inspection | $1000+/- | ||
| Water Test | $35+ | ||
| Radon | $100+/- Placement and Pick Up | ||
| Radon Mitigation System | $1,200 +/- | ||
| Septic Dye Test | Included in most inspections | ||
| Septic Cleaning and Inspection | $350 +/- | ||
| Lead in Water | $55 +/- | ||
| Pool Inspection | $150 +/- | ||
| Asbestos Check | $350+/- | ||
| Termite | $250+(usually included in building inspection) | ||
| * Disclaimer: These fees are estimated costs only and are subject to change. Please contact your attorney for verification. | |||