In New York State Real Estate transfer fees are $2 for every $500 up to one million dollars in home sales. Over one million dollars it is 1% or more depending on the county. The mortgage recording tax is $1.00 for every $100. Click here to see the rates in other states for transfer fees. Then there is the mansion tax on homes sold of one million or more of 1%. For example a home sold for 1.5 million would yield the state $15,000 just for the mansion tax.
Yes, this definitely makes it more expensive to buy a home as well as refinance.
In Colorado we have a similar issue but not as consistant or straight forward. We can have anywhere from a $100 to $600 depending on what the monthly HOA dues are. It would be nice to have a set standard like you have in NY! It's completely up to the HOA and there are literally hundreds in CO. As a lender I pad as much as I can on the GFE and inform the buyer to try and get that information prior to making an offer if at all possible!
OMG, Debra...we do need to talk...this is just another thing we have in common! I'm going to look for you on RealEstateMarbles.com and add you as a friend! I actually got to attend a two-hour Frank & Brian seminar a couple of weeks ago, right before they launched the BETA version! :)
Leilani
P.S. I couldn't find you...but if you decide to join, you can connect with me at http://realestatemarbles.com/members/leilani/
Leilani
Deb-It is always something! Enjoyed the conversation today!
Tricia-You are very lucky!
Carra-It really adds alot to the top of the transaction!
Jason-That is terrible that there are so many different rates. Must make it very hard to do anything with any level of comfort. :-)
Scott-I will have to check it out!
Leilani-I went there and wanted to leave you a note but couldn't. What is it exactly? I hadn't heard of it before. ;-)
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