You will also have to pay the Mansion Tax, applied to all purchases of over $1,000,000. The amount of the tax is 1% of the purchase price, or $20,000 for a $2,000.000 home. Good luck and enjoy your new home.

Dear In The Hizzy:

All you have to pay for is an attorney to represent you and the title costs. If you are spending $2,000,000 on a house your attorney will probably be very expensive. In any case, speak to your attorney and he or she will be able to answer this question for you in a snap!

Sincerely,
Mitchell S. Feldman
Associate Broker/Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com

Closing cost charges vary state to state. If you are closing and paying cash your cost should be minimal. They may include a title company charge, an attorney fee and an appraisal fee should you decide to have one done. Check with your title company.

If you're paying cash, the closing costs usually associated with a bank loan will not be there (closing costs are usually between 4% and 6% of the mortgage amount). In your case, your attorney's fees, title costs, homeowner's insurance (if you're not purchasing a coop) should be all you're looking at. Good luck. If I can help with any aspects of your purchase, please feel free to contact me.

Ralph Windschuh
Certified Buyer Representative
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com