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Sullivan County NY Real Estate in the New York CatskillsSullivan County NY Real Estate in the New York Catskills

Sullivan County Real Estate

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Closing Costs

ClosingCostsSullivanCounty​When buying or selling real estate in New York, you will incur closing costs. If you are borrowing money from a lending institution, these closing costs can be substantial. Understanding how much will help save you a nasty surprise during the final days leading up to the closing.

It has been my experience that closing costs always seem to be more than expected. A lending institution is required by law (The Truth in Lending Act) that they disclose any and all fees. However they are allowed to estimate some of the fees that will not become finalized until just before closing. In my experience, the Truth in Lending form is generally between five and ten percent less than what the total ends up being.

I have compiled a list below of what costs you will probably incur when buying or selling a house in Sullivan County. Please keep in mind that these are general. Every sale is different.

Typical Closing Costs for Home Sellers in Sullivan County.

1) Bank payoff:  If you have a mortgage on your property, then the balance becomes due at closing. While many don’t view this as a closing cost, in fact it is.

2) Real Estate Commission: Other than your bank payoff, this is more than likely your biggest cost. Generally it is six percent of the selling price. Commission is paid to the listing and selling broker, and due at the transfer of title.

3) Attorney fees: For sellers this is generally in the $1000 to $1,500 range.

4) New York State Property Transfer Tax: This is .4% or four dollars for every thousand. So if your home sells for $200,000 you would owe $800.

5) Real Estate Taxes or Liens: If at any point while you owned the property, a lien of any sort was attached, this needs to be paid in order to transfer the deed. If there is any blemish on the title, the buyer’s title search will uncover this, and you will have some warning prior to the closing.

 

Typical Closing Costs for Home Buyers in Sullivan County.

1) Mortgage Application Fee:  This is a fee all banks charge to “process and handle” your mortgage application. These can vary pretty widely. I have seen anywhere from $300 to $800. Don’t immediately balk if this fee is on the high end. Banks are sneaky, and if this fee is low, another fee could be much higher (like “lender closing fees”.  Look at the whole picture before deciding which one to go with.

2) Appraisal: This fee is generally around $350. Sometimes it is included in your processing fee, and sometimes it is separate. One way or another, you are paying for the appraisal. That is why it is important to remember that it is yours. Just like the x-rays at the dentist office, you paid for them, and they are your property.  I always recommend asking for a copy. (Of the appraisal not the x-rays.)  Some banks give it to you automatically, but the majority do not.

3) Balance of Purchase Price: Also known as your down payment. It is the difference in the purchase price and loan amount.  With USDA, VA or FHA loans it can be as low as  1.5% to 3%. (In rare cases a loan may even be offered at 100% financing.)  A conventional loan is 80% financing, leaving a balance of 20% of the purchase price.

4) Real Estate Tax Service Fee: In New York State, this fee is $78.

5) Mortgage Tax: Tax on mortgages in New York is 1% of the buyer’s mortgage amount. However the bank pays 25% of this, so in essence, you the mortgagor pays .75% of the amount mortgaged.

6) Title Insurance: This is a onetime fee. This insures the property’s title is free and clear of encumbrances and  that you alone own the property. Rates vary a bit, but plan to spend around $6.00 for every $1,000 of the purchase price. Here is a good tax and insurance calculator.

7) Survey: A new survey is between $1,000 and $3,000 depending on the size of the property. However often times the lender only requires a re-certification, if there is an existing survey, and no major improvements have been made to the property. Re-certifying runs around $600 to $800.

8) Property tax reimbursement: Property taxes are paid in advance, so sellers are entitled to a reimbursement when the property sells. Depending on what time of year this happens, you could be paying almost an entire year of taxes at the closing table.

9) Attorney: Fees for an attorney in Sullivan County run between $800 to $1,000.

10) Property insurance: Again this is a general estimate, but expect to pay between $600 to $1000 a year, depending on what type of home, and what coverage you choose.

11) Fuel reimbursement: In Sullivan County, NY fuel does not convey with the house. So whether it be gas or oil, the seller is entitled to a refund on whatever is left in the tank.  

Below is a short video explaining the closing cost process a bit further. But as always do not hesitate to drop me a line if you have any questions. I will be happy to answer them.

Areas We Serve

North County


LIVINGSTON MANOR 12754
Long Eddy 12754
Roscoe 12776
Parksville 12768
Hankins/Freemont 12741
West County
CALLICOON 12723
JEFFERSONVILLE 12748
NARROWSBURG 12764
HORTONVILLE 12765
Kenoza Lake 12750
Mid County


Liberty 12758
Monticello 12701
White Sulpher Springs 12787
Rock Hill 12775
Bethel 12720
The Southwest
Barryville 12719
Eldred 12732
Yulan 12792
Glen Spey 12737
Forestburgh 12777
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About Us

John Ducey
REALTOR® Associate Broker
Direct: 845 807-6043
NY Lic. 30DU1098465

115 Del Vue Road
Callicoon, NY 12723
Office: 845-807-6043
Keller Williams
jducey1234@aol.com
Sullivan County Real Estate

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I can’t recommend John enough. Selling my home couldn’t have been easier. In a market that was challenging, John found a buyer. I had my home with another broker for over a year!

Janet Yardley

I couldn’t have asked for a better real estate agent. Someone who knew the market inside and out and was not only able to find a great new home at the best possible price, but also was able to market and sell my old home over and above the market value – and in record

Crystal Robinson

My wife and I worked with John to purchase our first country home and really can’t say enough good things about him. He is knowledgeable, approachable, personable, endlessly patient, and incredibly generous with his time (including mornings, evenings, and weekends over the course of 3 years). He answered every question and explained every form and every part of the process clearly and thoroughly. Buying a home in this market is challenging, but working with John made it as painless and straightforward as possible. We highly recommend him.

Consantine Lambris

John is very knowledgeable, dedicated and easy to work with. I highly recommend him.

Melissa Kubenik

We recently purchase a vacation home in upstate NY through John. During the duration of looking for homes and then finally closing, John was amazing. We were not from the area so John was on top of pointing us in the right direction. I firmly believe that without John we would have never found the property that we purchased. I would highly recommend John to anyone! In the next few weeks I will be working with John to sell another property that we own. From the moment you meet John you will see that he is professional, caring, and is on top of his work. I never had to wait more then a few minutes for a return phone call, email, or text message. It was nice working with John who cared more about us and that we were happy, then just making a quick sale.

Kevin Woods

It was a pleasure dealing with John Ducey. We had a home on the market for almost 2 years without any verifiable offers and that became depressing considering we were pulling two mortgages. Met with John who ran some options for us and worked diligently to resolve any issue that would show up. This was greatly appreciated as his work did ease the stress on my health issues. John is easy to talk to and most important, he quickly returns calls and messages.

Both myself and my other half highly recommend Johns real-estate knowledge to anyone.

Bill Nery

John just listed and sold my house in Callicoon. He was patient and very professional through the whole process. Highly recommended for anyone looking to sell.

Jessica Novak

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