Home Buying in Fort Greene>Question Details

In The Hizzy, Home Buyer in 11215

Hi, We are paying all cash for a home at about the 2M range. What should the closing costs be? (No mtg costs)

Asked by In The Hizzy, 11215 Sun Aug 23, 2009

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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.
0 votes Thank Flag Link Sun Aug 23, 2009
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
0 votes Thank Flag Link Sun Aug 23, 2009
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.
Web Reference: http://www.VassiSaviano.com
0 votes Thank Flag Link Sun Aug 23, 2009
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
0 votes Thank Flag Link Sun Aug 23, 2009
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