The HUD-1 Settlement Statement is a government form that was used widely before 2015 when buying, selling, and refinancing real estate. It lists all the charges and credits to the buyer and seller in a real estate...
Category - Closing Costs
What happens at a real estate closing?
The fact that there is a closing means that all of the hard work has been done. The lender has approved a loan, assuming there is a loan. If there’s no loan and the purchase is all cash then the process is even more...
NYC Mansion Tax: Here’s what you need to know
Welcome to NYC’s 2019 mansion tax. The original version of this tax was created in 1989 by Gov. Mario Cuomo. It was a flat 1% statewide tax on homes that sold for $1 million or more. The 2019 mansion tax was signed in...
What happens on closing day for the home buyer?
Many home buyers stress about closing day. However, the mere fact that there is a closing means that most of the hard work has already been done. The lender has approved a loan, assuming there is a loan. If there’s no...
Closing costs: Additional costs to be aware of when financing a purchase
Hundreds and sometimes thousands of dollars in closing fees are thrown around like confetti when buying a home in NYC. Of course, there are the big-ticket items such as a broker’s commission and mortgage transfer taxes...
What Is The Difference Between A Property Title And A Property Deed?
Most people think a deed and title mean the same thing. However, it’s important you know the difference if you are about to enter into a real estate transaction. A Property Deed The easy way to know the distinction is...
Mortgage Recording Tax: All You Need To Know
Buying a property all cash is a luxury few can afford. For the fortunate, it means a number of cumbersome fees can be eliminated. A mortgage recording tax is one. Strictly speaking, it’s not a bank that charges the...
How much are real estate transfer taxes in NYC?
According to the New York State Department of Taxation and Finance, “New York State imposes a real estate transfer tax on conveyances of real property or interests therein when the consideration exceeds $500...
How much to pay in real estate attorney fees for NYC closings
What’s the average price for a real estate attorney’s fee in NYC? The real estate attorney’s fee is generally flat — around $2000 to $3000 per purchase for a “normal” transaction. An attorney’s fee will drop...
Title Insurance: What is it exactly and how does it work?
What is title search and title insurance? Both a title search and title insurance are important steps when buying a property. A title search looks at the current owner as well as all owners back to when the property was...
