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I'm watching House Hunters on HGTV
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: I'm watching House Hunters on HGTV
Posted by Erica
I don't think the reason why we need so much money the day of closing is all true closing costs. I think most of it is the leftover tax that we have to pay the owner. does that make sense?
transfer tax is ~1.1%, so that does add up on LI prices
Yes, we have additional tax, but its not paid to the owner, its paid to the county (or state, I forget who).
Its simply a mortgage recording tax (or stamp tax) - and you are right it is about 1%. So on a $300K mortgage, you are paying $3K in taxes. The only states that have such a high tax is NY & MA.
I think our Title fees are usually higher in NY too.
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Posted 7/23/09 9:53 AM  |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: I'm watching House Hunters on HGTV
Posted by Erica
I don't think the reason why we need so much money the day of closing is all true closing costs. I think most of it is the leftover tax that we have to pay the owner. does that make sense?
transfer tax is ~1.1%, so that does add up on LI prices
yes i believe you are right....i think that taxes, HOA fees (if you have them) and home owners insurance are all part of your closing costs - i think you pre-pay a lot of those things for the first year and that is a big chunk of your closing costs - i think  i am almost positive in florida you have to pay for 12 months of insurance and that is part of closing....not sure about HOA and i do think you pay some kind of taxes upfront at closing as well....i have to ask my DH
Message edited 7/23/2009 9:56:41 AM.
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| Posted 7/23/09 9:55 AM |
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