CLOSING COSTS

COSTS ON THE SALE OF A PROPERTY
 
State Conveyance Tax                                 .005 x Sales Price on first $800,000
                                                                        .01 x Sales Price over $800,000
Local Conveyance Tax (Greenwich)           .0025 x Sales Price
Realtor's Fee                                                 5% (Varies)
Attorney's Fee                                               $1000+/-
Recording Fee-Release                              $10 (1 Page)––$15 (2 Pages)
Real Estate Taxes                                        Unpaid Amount
Mortgage Payoff                                           Unpaid Balance
 
COSTS ON THE PURCHASE OF A PROPERTY
 
Lender Fees
     Application                                              $200 - $500
     Appraisal                                                 Often included in application)
     Points                                                       Varies
Attorney's Fee                                              $1000+/-
Title Search                                                  $100 - $150
Title Insurance                                              $325 per $100,000
Recording Fee                                             $10 (1 Page) –– $15 (2 Pages)
Tax Escrow (Usually 6 months)                  Determined by Lender
Tax Adjustment                                            Buyer usually reimburses                           

Interest Adjustment                                       Varies with closing date.
Other Adjustments
     Utilities (Oil, Electric, Gas & Water)         Varies
     Common Charges (Condominium only)     Varies with Complex
     Association Fees (Private Homeowners,   Varies with Association
         Beach Rights, Etc.) 
Insurance                                                         $1000 + depending on the property
Administrative Fee                                         $195
 
COSTS OF VARIOUS INSPECTIONS (BUYER)
 
General Building Inspection                        $1000+/-
Water Test                                                    $35+
Radon                                                            $100+/- placement and pick up
Radon Mitigation System                            $900 - $1,200
Septic Dye Test                                            Included in most inspections
Septic Cleaning and Inspection                  $300+
Asbestos Check                                           $250 - $375 per test
Termite                                                          $250+ (usually included in inspection)