Closing Costs

 

*These fees are estimated costs only and are subject to change. Please contact your attorney for verification.

 

For Sellers:

COSTS ON THE SALE OF A PROPERTY

  • State Conveyance Tax:   0.75% of Sales Price up to $800K1.25% of Sales Price above $800K
  • Local Conveyance Tax:   0 .25% of Sales Price (New Canaan)
  • Realtor’s Fee:   5%-6% (Varies)
  • Attorney’s Fee:    $1500+/-
  • Recording Fees:   $53 (1 Page)–$5 (each additional page)
  • Real Estate Taxes:   Unpaid Amount
  • Mortgage Payoff:    Unpaid Balance

 

For Buyers:


COSTS ON THE PURCHASE OF A PROPERTY

  • Lender Fees:   Application-   $200 – $500
  • Appraisal: (often included in application)
  • Points: varies
  • Attorney’s Fee:   $1200-$1500+/-
  • Title Search:   $100 – $150
  • Title Insurance:   $325 per $100,000
  • Recording Fees:   $53 (1 Page) — $5 (each additional page)
  • Tax Escrow:   (Usually 6 months) – Determined by Lender
  • Tax Adjustment:   Buyer usually reimburses seller for remaining months in a 6 month period
  • Interest Adjustment:   Varies with closing date. Pro-rated to the date of the first mortgage payment

Other Adjustments:

  • Utilities (Oil, Electric, Gas & Water) Varies
  • Common Charges (Condominium only) Varies with Complex
  • Association Fees (Private Homeowners, Beach Rights, Etc.) Varies with Association
  • Insurance $1000 + depending on the property

 

COSTS OF VARIOUS INSPECTIONS (BUYER)

  • General Building Inspection:   $1000+/-
  • Water Test:   $35+
  • Radon Test:   $100+/-  Placement and Pick Up
  • Septic Dye Test:  Included in most inspections
  • Septic Cleaning and Inspection: $350 +/-
  • Lead in Water:   $55 +/-
  • Pool Inspection:    $150 +/-
  • Asbestos Check:    $350+/-
  • Termite:    $250+/-(usually included in building inspection)