Priscilla Toomey on Real Estate: Be Prepared for Closing Costs
By Priscilla Toomey, Julie B. Fee Sotheby's International Realty
Nov. 18, 2020: While price and terms are the bedrock of a home sale or purchase, it is also important to anticipate your closing costs and other steps you will need to take.
If you are selling, in addition to the broker's commission, you will need to:
*Pay off your mortgage and any lines of credit associated with your home, such as a Home Equity Line of Credit, at the closing, together with a recording fee
*Pay the New York State Transfer Tax of $4 per $1,000 of the selling price.
*Pay the local transfer tax, if any. For Yonkers, it's 1.5% of the sales price. For Mt. Vernon, it's 1% of the sales price.
*Pay your lawyer's fee (which may range up to $2,800)
*Pay the Title Company's Closer Fee (usually $150-225 per loan)
*Pay the Property Condition Disclosure Credit of $500 unless you sign the Disclosure Statement, which most lawyers in the area tell their clients not to do but instead have the buyer rely on their inspection.
*Any property taxes which have become due, which will be pro-rated with the buyer at closing.
*The local transfer taxes do not apply to coops; however, coops often have a "flip tax," typically paid by the seller, instead.
There may be other, smaller fees, but the ones above are the major ones.
In addition, before putting your home on the market, make sure you have a Certificate of Occupancy or equivalent and that all permits that may have been taken out for work performed have been documented as being closed out.
Close to the closing date, be sure to get final readings and bills from all your utility providers, that the Post Office has your new address for forwarding, that you have updated your homeowner's insurance provider, and that you leave your home "broom clean.
If you are buying, you will typically need to put down 10% when you sign the contract, to be held in escrow by the sellers' attorney, and applied to the purchase money at closing. You will also need to pay for the home inspection (usually $600-1,750 depending on the size of the home and other factors) and termite and radon tests if you have them. You may need to get or update a survey and will also need to pay your lender for the appraisal.
At closing, buyers typically pay:
*Their attorney's fee as well as the lender's attorney's fee.
*Title Insurance
*Any municipal searches and endorsements
*Any points on the mortgage
*Bank fees such as credit reports, processing fees, and commitment fees
*Mortgage tax (1.05% of the mortgage amount)
*Mansion Tax of 1% of the total price if $1,000,000 or more
*Homeowner's Insurance
*Any pro-rated taxes, interest, or other fees, depending on the closing date.
Since the major portion of these costs are related to your mortgage, you should get more precise amounts from your lender early in and during the transaction. Property taxes will be adjusted and pro-rated to the closing date, though the buyer may need to pay the lender up to one year's property taxes at closing, be held in escrow, and be applied by the lender with each mortgage payment. Coop maintenance and condo common charges may also be pro-rated at closing, together with charges for oil if that is the fuel the building uses.
So, for sellers, make sure you keep a reserve for closing expenses and make sure you have a current Certificate of Occupancy, and that permits have been closed out.
Buyers should also keep a reserve and stay in regular communication with their lender since the bulk of their fees are mortgage-related, and it's your lender who is in the best position to keep you apprised of what those are. And be sure to savor this important transition to your new life.
Pictured: Priscilla Toomey
Photo courtesy Julia B Fee Sotheby's International Realty
Editor's note: As a public service, MyhometownBronxville publishes press releases, statements, and articles from local institutions, officeholders, candidates, and individuals. MyhometownBronxville does not fact-check statements therein, and any opinions expressed therein do not necessarily reflect the thinking of its staff.
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Bronxville is a quaint village (one square mile) located just 16 miles north of midtown Manhattan (roughly 30 minutes on the train) and has a population of approximately 6,500. It is known as a premier community with an excellent public school (K-12) and easy access to Manhattan. Bronxville offers many amenities including an attractive business district, a hospital (Lawrence Hospital), public paddle and tennis courts, fine dining at local restaurants, two private country clubs and a community library.
While the earliest settlers of Bronxville date back to the first half of the 18th century, the history of the modern suburb of Bronxville began in 1890 when William Van Duzer Lawrence purchased a farm and commissioned the architect, William A. Bates, to design a planned community of houses for well-known artists and professionals that became a thriving art colony. This community, now called Lawrence Park, is listed on the National register of Historic Places and many of the homes still have artists’ studios. A neighborhood association within Lawrence Park called “The Hilltop Association” keeps this heritage alive with art shows and other events for neighbors.
Bronxville offers many charming neighborhoods as well as a variety of living options for residents including single family homes, town houses, cooperatives and condominiums. One of the chief benefits of living in “the village” is that your children can attend the Bronxville School.
The Bronxville postal zone (10708, known as “Bronxville PO”) includes the village of Bronxville as well as the Chester Heights section of Eastchester, parts of Tuckahoe and the Lawrence Park West, Cedar Knolls, Armour Villa and Longvale sections of Yonkers. Many of these areas have their own distinct character. For instance, the Armour Villa section has many historic homes and even has its own newsletter called “The Villa Voice” which reports on neighborhood news.
Park Sterling Realty
17 1/2 Park Place Bronxville, New York 10708
914-337-1234
https://www.parksterlingrealty.com/
Houlihan Lawrence
4 Valley Road Bronxville, New York 10708
914-337-0400
www.houlihanlawrence.com/offices/Bronxville
www.houlihanlawrence.com
Houlihan & O'Malley
133 Parkway Road Bronxville, New York 10708
914-337-7888
Julia B Fee Sotheby's International Realty
2 Park Place
Bronxville, NY 10708
914-620-8682
Compass
130 Pondfield Road, Suite 10
Bronxville, New York 10708
914 337 0070
Bertine, Hufnagel, Headley, Zeltner, Drummond & Dohn LLP
Established in 1929, Bertine, Hufnagel is "a general practice law firm, offering clients expertise in both individual and commercial matters." Their broad range of services include the following: Wills, Estate
Planning and Taxation, Probate and Estate Administration, Elder Law, Real Estate (commercial, residential, condominiums and cooperatives), Commercial Law and Transactions, Litigation and Banking Law.
700 White Plains Road
Suite 237
Scarsdale, New York 10583
(914) 472 7700
(914) 472 1946 (fax)
www.bertinehufnagel.com
Suzanne M. Bloomer
Wills, Trusts, Estates and Real Estate
85 Pondfield Road
Bronxville, New York 10708
914-337-0142
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George R. Mayer, Esq.
65 Pondfield Road #6 Bronxville, New York 10708
914-337-3033 (tel)
914-337-1038 (fax)
www.bronxvillelaw.com
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Griffin, Coogan, Sulzer & Horgan, P.C.
Attorneys and Counselors at Law
Located in Bronxville, New York, Griffin, Coogan, Sulzer & Horgan, P.C. takes great pride in providing our clients with comprehensive, high quality legal services in a responsive manner. The firm concentrates its practice in real estate law with a primary focus on issues relating to real estate tax litigation (also known as tax certiorari), real estate transactions, valuation law, real property taxation and tax planning and real property tax exemption matters throughout New York State.
The firm serves as general counsel for several local cooperatives and represents clients in various issues relating to wills, trusts and estate planning.
51 Pondfield Road
Bronxville, NY 10708
(914) 961-1300
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Kim O'Toole, Esq.
80 Sagamore Road
914-961-6175 (tel)
914-337-3292 (fax)
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Mary Anne O'Callahan, Esq.
32 Gramatan Court Bronxville, New York 10708
914-779-3558 (tel)
914-779-5182 (fax)
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Nobile, Magarian & DiSalvo
We are hardworking and dedicated attorneys who, combined, have more than 150 years of experience delivering quality legal advice. Our cutting edge is our ability to enter both the conference room and the courtroom with strength. Our law firm provides legal representation and counsel for both individual and business clients on issues related to estate planning and administration, real estate law, litigation, and business law. Our practice areas include: Commercial Litigation, Business Law, Real Estate, Wills, Estate Planning, Trusts, Estate Administration, Living Wills, Health Care Proxies, Powers of Attorney, Not For Profits, and Employment Law.
111 Kraft Avenue
Bronxville, NY 10708
914-337-6300
Veneruso, Curto, Schwartz & Curto, LLP
Veneruso, Curto, Schwartz & Curto is dedicated to providing businesses and individuals with exceptional legal services customized to each client's needs and objectives. Practice areas include litigation, real estate, not for profit, wills and estate planning, land use and zoning, business and corporate, cooperative and condominium and real estate tax assessment litigation.
The Hudson Valley Bank Building
35 East Grassy Sprain Road, Suite 400
Yonkers, New York 10710
914-779-1100
Peter W. Williamson, Esq.
141 Parkway Road
914-337-3434 (tel)
914-337-3392 (fax)
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Leslie Homer
71 North Avenue New Rochelle, New York 10801
914-632-8989
www.homerinsurance.com
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John L. Vorbach Company, Inc. Insurance Brokers
Manhattan Media & Technology Center
65 Broadway, 9th Floor
New York, New York 10006
212-294-4900 x 112
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www.vorbach.com
Linda Graef Jones, Private Client Sales Executive
Personal Risk Management Solutions
Focuses solely on personal insurance and
provides unique, customized solutions that save
money and time and create peace of mind.
6 East 43rd Street
New York, New York 10017
914-645-3951
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Palmer-Tanno Agency, Inc.
Independent Insurance Agents since 1948
Greg Tanno
141 Parkway Road, Suite #11
Bronxville, New York 10708
914-793-6603
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Ranieri Insurance Agency
Auto, Home, Business & Life
Over 50 Years' Experience
Paul D. Ranieri, CPCU
457 Palmer Road
Yonkers, NY
914-376-2560
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Rollins
Insurance and Risk Management Solutions
Since 1910
65 Main Street
Tuckahoe, New York 10707
914-337-1833
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www.rollinsinsurance.com
Edwin Gemes, Ltd.
Bronxville
914-779-7580
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Madeline Eckett Oden Interiors
61 Beechmont Avenue
Bronxville, New York 10708
914-779-3935
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Jane Mitchell
9 The Byway
914-337-1216
Samuel Botero Associates, Inc.
215 East 58th Street
Suite 6B
New York, New York 10022
212-935-5155
www.botero.com
Sandra Steele Schneider Interiors
70 Burkewood Road
Mount Vernon, New York 10552
914-668-4468
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Serendipity Interior Design, LLC
Catherine Wyner
203-846-0809 or 203-637-9266
Shannon Interiors LTD.
Kelly Shannon Jelensperger, President
81 Pondfield Road #344
Bronxville, New York 10708
914-793-1629 (O)
914-953-7584 (C)
914-793-2195 (F)
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Dean Davis
2 Park Place
Bronxville, New York
914-961-5953
Michael Davis
435 Hudson Street, 8th Floor
New York, New York 10014
212-645-6066
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www.michaeldavisarchitects.com
Charles Hilton
Hilton Vanderhorn Associates
31 East Elm Street
Greenwich, Ct. 06830
203-862-9011 (tel) 203-862-9196 (fax)
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www.hilton-vanderhorn.com
Scott Koniecko Architects
80 8th Avenue
Suite 1600
New York, New York 10011
212-620-3924 (tel)
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Maggie Marrone Architects
914-771-6750
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432 Park Avenue South, 11th Floor
New York, New York 10016
212-779-9765
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www.ppapc.com
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24 N. Astor
Irvington, New York 10533
914-591-4306 (tel)914-591-4308 (fax)
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www.opacicarchitects.com
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Renee Byers, Landscape Architect P.C.
10 Avon Road
Bronxville, New York 10708
914-337-3103
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www.reneebyers.com
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Brett Auerhahn P.E.
914-961-2242
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Egan Chimney Sweeps
845-628-8515
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Keating Electric & Technologies
115 Wall Street
Valhalla, New York 10595
914-747-9294
www.keatingelectric.com
Lippolis Electric
445 5th Avenue
Pelham, New York 10803
914-738-3550
James A. Stone
96 Congress Street
Harrison, New York 10528
914-835-0447
White Electric, Inc.
128 Fulton Street
White Plains, New York
914-946-5566
www.whiteelectric.com
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Vincent Franco
R-Men Contracting
179 Summerfield Street
Scarsdale, New York 10583
914-472-7007 (tel) 914-472-0451 (fax)
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Arthur Lange Inc.
841 Tuckahoe Road
P.O. Box 993
Bronxville, New York 10708
914-337-4422 (tel) 914-395-0471 (fax)
www.arthurlangeinc.com
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Absolute Comfort & Temperature Control Inc.
Mr. Paul Gomprecht, President
914-761-0529
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www.Absolutecomfortcontrol.com
Richards Conditioning Corp.
70 Marbledale Road
Tuckahoe, New York 10707
914-337-0300
Besson Oil Inc.
140 Marbledale Road
Tuckahoe, New York 10707
914-779-0008
Iron Work
Debra Coddington
Arrowsmith Forge
3788 Rte 44
Millbrook, New York
845-677-5687
www.arrowsmithforge.com
Locksmith
LMC Safe, Lock & Key
Luigi M. Cattzia II
914-241-1583
Painters
All Colors Painting Co.
69 Delaware Road
Yonkers, New York 10710
(Johnnie & Joey)
914-964-9148
Mateus Neto Painting Co.
95 Chase Avenue
Yonkers, New York 10703
914-965-9561
Pick up and take away
Robert Rabsey
914-954-4366
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914-337-7084
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Dylan Hall
Harrison, New York
914-562-1800
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The Computer Nerds, Inc.
PO Box 31
Bronxville, New York 10708
914-779-7952
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AV Design
130 East Main Street
Elmsford, New York 10523
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Maureen Hackett
Hackett Landscape Design Inc.
212-768-4242 and 917-494-8084
Renee Byers, Landscape Architech P.C.
10 Avon Road
Bronxville, New York 10708
914-337-3103
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www.reneebyers.com
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Frank Bulfamonte & Sons, Inc.
914-235-1835
26 Circuit Road
New Rochelle, New York 10805
914-235-1835
Land Productions Inc.
360 Adams Street
Bedford Hills, New York
914-666-8214
Lieb's Nursery & Garden Center
1 Askins Place
New Rochelle, New York 10801
914-632-5599
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Tryforos and Pernice
73 Pondfield Road
Bronxville, New York
914-337-2525
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Lieb's Nursery & Garden Center
1 Askins Place
New Rochelle, New York 10801
914-632-5599
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51 Saw Mill River Road, Route 9A
Hawthorne, New York 10532-1598
914-769-1300
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www.rosedalenurseries.com
Sprainbrook Nursery, Inc.
448 Underhill Road
Scarsdale, New York 10583
914-723-2382
www.sprainbrook.com
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