Fees to Expect at Closing - Part 2 of 2

Real Estate Agent with ERA Davis & Linn Real Estate

•           Attorney's fees: Fees attendant to the loan, including the bank attorney's fees.


•           Transfer agent fee: If the co-op has a transfer agent, the transfer agent gets a fee to review the recognition agreement; condos also sometimes have have transfer fees.


•           Co-op charges: Charges can include a move-in fee and a transfer fee; co-ops come up with all kinds of fees.


•           New York State Mansion Tax or mortgage tax: If you're buying a home in New York State, and the sale price is over a million on any residential house, you will pay a mansion tax. If the sale price is under a million, you'll pay a mortgage tax.


•           Title charges: (for a condo or house) pays for the title report ordered by the lawyer. It's a onetime insurance premium you're paying for the title. It's a research of the property to find any and all encumbrances. The seller has to secure all the claims against a property to close. The title company is ensuring that the buyer has a good, clean, marketable title to that home or condo.


For more information visit: www.buywithblair.com


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