Westchester Buyer Closing Cost Calculator
Are you buying a one or two family home?
Are you buying in Yonkers, Mt. Vernon or Peekskill?
Are you buying new construction?
Buyer's attorney fee
Estimated Closing Costs
Title insurance: owner's policy premium
Buyer's attorney fee
Title insurance: other charges
Deed recording fee
Financing Closing Costs
Title insurance: mortgage policy premium
Bank attorney fee
Loan application fee
Recognition agreement fee
Title insurance: loan endorsement fees
Mortgage recording fee
Condo/Co-op Closing Costs
Purchase application fee
Condo POA recording fee
Credit check fee
Title insurance: condo endorsement fee
New Construction Closing Costs
City Transfer Tax
Sponsor's attorney fee
Total Buyer Closing Costs
Westchester Mansion Tax
The Westchester Mansion Tax is 1% of the purchase price and is applicable to purchases of residential property of $1 million or more. The Westchester Mansion Tax applies to all residential real property or interest in residential real property which includes condos, co-ops as well as one to three family houses.
Westchester Mortgage Recording Tax
The Mortgage Recording Tax in Westchester is 1.3% of your loan size. Institutional lenders typically contribute 0.25% towards the Mortgage Recording Tax. This means that the effective Mortgage Recording Tax rate in Westchester is 1.05% of your loan size as opposed to 1.3%. Note that a higher Mortgage Recording Tax Rate of 1.8% applies to properties in Yonkers.
Title Insurance is approximately 0.4% to 0.5% of the purchase price. It’s a one-time fee which provides you with an insurance policy against defects or future claims against the title of the property you’re buying which were unknown at the time of purchase.
You will need to pay a handful of mortgage-related fees if you’re financing. These include an application fee, an appraisal fee, bank attorney fees and a mortgage recording fee.
The typical real estate attorney fee on a purchase in Westchester is a few thousand dollars. Fees vary based on the complexity of the transaction and the experience level of your attorney.
Recording fees on a home purchase in Westchester are approximately $200. The specific breakdown is as follows:
Statutory Recording Fee: $45
Additional Fee Per Page: $5
TP-584 (NYS Transfer Tax) Filing Fee: $5
RP-5217 (Real Property Transfer Report) Filing Fee: $125 or $250