Buying or Selling a Home
Thank you for considering entrusting us with your business, trust and confidence for this important milestone. Please find below a list of steps and estimated fees for your purchase or sale in NY or CT.
Purchase-NY
1) We receive a proposed contract from the seller's attorney and memo of sale from the brokers. We will review with you and compare with the terms of sale on the memo of sale.
2) We will discuss changes to the contract and include our proposed purchaser's rider listing protections for you as you purchase, sending both to the seller's attorney for review.
3) Once you are comfortable with the final contract, you will sign and pay the deposit, which the seller's attorney holds in a NY IOLA/escrow account.
4) The seller signs the contract and we request a title search, and unless a condo or coop, a municipal search to confirm no building violations.
5) We will confirm good title and no building violations, or request that the seller remedy any issues.
6) If you are applying for a mortgage, we will help you with the application process as you secure a mortgage commitment, including the appraisal
7) The lender will list any conditions to close upon loan approval which we will help you satisfy.
8) Then, we can schedule the closing. We will reimburse on a per diem basis for any prepaid taxes or be credited for any unpaid taxes. We will reimburse for any prepaid heating oil, propane, or water charges.
9) We owe the seller the purchase price adjusted for taxes, fuel and water (and if a condo or coop, common charges or maintenance), and possibly the Real Property Disclosure Credit. I then charge my flat fee. Finally, the title company charges for the title search, the recording fees the County Clerk charges, municipal search, other searches, and title insurance, including a lender policy for any lender. If there is a lender, then the lender will take out its closing costs and make the rest of the proceeds available to pay the title company's charges, my office's fee, and the seller. You will pay the rest to the seller usually in the form of a bank check.
10) We sign the closing documents and if applicable the loan documents. We give the loan documents to the bank attorney and the closing documents to the title closer who records the deed!
Fees (approximate):
$1,100-$1,250 flat fee, payable at and contingent upon closing. If we don't close, you pay me nothing!
$1,000 for title searches and recording fees
approx. 1%-2% of mortgage amount for mortgage recording tax
$2,000-$3,000 owner title insurance policy, based on purchase price
$500-$2,000 lender title insurance policy, based on loan amount
$200 title closer gratuity
lender-charged closing costs- contact your lender.
Sale-NY
1) We draft the contract based upon our templates and memo of sale we receive from your realtor.
2) We review with you and once you are satisfied, send to the buyer's attorney.
3) The buyer's attorney will include a proposed purchaser's rider and requested modifications.
4) We will discuss these and confirm which negotiations and rider terms we accept and which we want to negotiate.
5) Once we finalize the contract, the buyer will sign and provide us with a deposit for me to deposit into my NY IOLA/attorney escrow.
6) Once you sign, we are in contract!
7) The buyer will run a title and municipals search, asking us to resolve any title or building issues.
8) The buyer will obtain any mortgage approvals, and the lender may require an appraisal to confirm the appraised value is near the contract price.
9) Once the title, municipals, and any mortgage contingencies are met, we can close.
10) We will be reimbursed on a per diem basis for any prepaid taxes or credit for any unpaid taxes. We will be reimbursed for any prepaid heating oil, propane, or water charges.
11) We sign the deed and a few other transfer documents.
12) We receive the purchase price adjusted for taxes, fuel and water (and if a condo or coop, common charges or maintenance), and possibly give the Real Property Disclosure Credit. I then charge my flat fee. Finally, the title company charges and any lender will request that you sign a few documents. New York State charges approximate 0.4% of the purchase price as a Real Property Transfer Tax and the title company is permitted to require that its closer pay off your mortgages; the closer is permitted to charge up to $250/mortgage to do this.
Fees (approximate):
$1,100-$1,250 flat fee, payable at and contingent upon closing. If we don't close, you pay me nothing!
$150-$200 document preparation fee to title company (Westchester and NYC only)
$250/mortgage to the title closer for mortgage payoff fee
0.4% New York State transfer tax (on sale price, rounded up to nearest $500)
realtor commissions (generally 3%-6%)
Purchase-CT
1) We receive a "short form" contract from your realtor. Generally only if we are buying in Fairfield County, we receive a proposed long form "attorney's contract" from the seller's attorney . We will review with you and compare with the terms of sale on the memo of sale.
2) We will discuss changes to the contract and include our proposed purchaser's rider listing protections for you as you purchase, sending both to the seller's attorney for review.
3) Once you are comfortable with the final contract, you will sign and pay the deposit, which the seller's attorney holds in a CT IOLTA/escrow account.
4) The seller signs the contract and we request a title search, and unless a condo or coop, a municipal search to confirm no building violations (sometimes done before the attorney's contract if you prefer).
5) We will confirm good title and no building violations, or request that the seller remedy any issues.
6) If you are applying for a mortgage, we will help you with the application process as you secure a mortgage commitment, including the appraisal
7) The lender will list any conditions to close upon loan approval which we will help you satisfy.
8) Then, we can schedule the closing. We will reimburse on a per diem basis for any prepaid taxes or be credited for any unpaid taxes. We will reimburse for any prepaid heating oil, propane, or water charges.
9) We owe the seller the purchase price adjusted for taxes, fuel and water (and if a condo or coop, common charges or maintenance). I then charge my flat fee. Finally, the title company charges for the title search, municipal search, other searches, and title insurance, including a lender policy for any lender. If there is a lender, then the lender will take out its closing costs and make the rest of the proceeds available to pay the title company's charges, my office's fee, and the seller. You will pay the rest to my CT IOLTA/escrow usually in the form of a bank check or wire.
10) We sign the closing documents and if applicable the loan documents.
11) We scan the loan documents and email them to the bank.
12) Then, the bank wires me the money and when combined with the rest of your down payment, I wire what is owed to the seller's attorney.
13) Once the seller's attorney confirms receipt, we record the deed and issue title insurance policies.
Fees (approximate):
$900-$995 flat fee, payable at and contingent upon closing. If we don't close, you pay me nothing! We do NOT charge a "title" rundown or search fee to double-check the title search.
$100-$400 recording fees to Town Clerk
$150-$200 for title searches
$1,000-$2,500 title insurance policy
$27-$30 overnight mail fees to overnight loan documents to bank-we could use FedEx, but you shouldn't have to pay extra for the bank to receive the documents first thing in the morning!
Bank paralegal-in CT, the bank will usually let me serve as bank attorney so you do not have to pay a second attorney, usually at a cost of $900-$1,000. Our bank paralegal charges $325-$350/closing.
lender-charged closing costs- contact your lender.
Sale-CT
1) You sign a contract with the buyer circulated by the brokers. If in Fairfield County only, we draft the contract based upon our templates and memo of sale we receive from your realtor.
2) We review with you and once you are satisfied, send to the buyer's attorney.
3) The buyer's attorney will include a proposed purchaser's rider and requested modifications.
4) We will discuss these and confirm which negotiations and rider terms we accept and which we want to negotiate.
5) Once we finalize the contract, the buyer will sign and provide us with a deposit for me to deposit into my CT IOLTA/attorney escrow.
6) Once you sign, we are in contract!
7) The buyer will run a title and municipals search, asking us to resolve any title or building issues.
8) The buyer will obtain any mortgage approvals, and the lender may require an appraisal to confirm the appraised value is near the contract price.
9) Once the title, municipals, and any mortgage contingencies are met, we can close.
10) We will be reimbursed on a per diem basis for any prepaid taxes or credit for any unpaid taxes. We will be reimbursed for any prepaid heating oil, propane, or water charges.
11) We sign the deed and a few other transfer documents.
12) We receive the purchase price adjusted for taxes, fuel and water (and if a condo or coop, common charges or maintenance). I then charge my flat fee. Finally, the title company charges and any lender will request that you sign a few documents. Connecticut charges 0.75% of the purchase price as a conveyance tax, and the municipalities usually 0.25%-0.50%.
13) The buyer's attorney will wire me all sale proceeds, and I will pay all conveyance taxes, realtor commissions, and mortgages from same, then taking out my fee and paying the rest to you.
Fees (approximate):
$900-$975, payable at and contingent upon closing. If we don't close, you pay me nothing!
1.0-1.25% conveyance taxes
realtor commissions (generally 3%-6%)
We offer referrals for other suppliers such as home inspectors, mortgage brokers and other necessary services.