BUYERS
Land Bank Fee: 2% of the purchase price. First time homebuyers are exempt up to $1,000,000. Note: The Land Bank fee is not tax deductible but can be added to the cost basis of the property.
Inspections and Due Diligence:
Structural and building inspection
Pest inspection
Lead paint inspection
Water test (if property is on a well)
Updated survey
Legal fees:
Includes preparation of documents, title examination, recording fees. There is a range of costs depending upon the complexity of the property and the transaction.
Prorated expenses:
2023 Property taxes:
$3.21 per $1,000 residential tax rate
$5.46 per $1,000 commercial tax rate
Personal property taxes, if applicable
Property insurance, landfill fee, sewer fee, fuel, water, homeowner’s association dues, if applicable.
Wannacomet Water Company
(if on Town water)
If Financing: Bank fees: application fee, loan origination fee, points, appraisal fee, credit report fee, mortgage plot plan. Please note – these fees vary depending upon the lender.
Title Insurance: $4.00/$1,000 up to first million for owners. And $175 for lenders only if issued at the time of an owner’s policy. The cost of the premium typically drops as price/amount of coverage rises.
SELLERS
Broker’s Fee
Septic Inspection
(if property is on a septic system)
Oil Tank Upgrade
Tank needs to be upgraded to double walled tank when a property sells.
Legal fees:
Includes preparation of documents, title examination, recording fees. There is a range of costs depending upon the complexity of the property and the transaction.
Prorated expenses:
2023 Property taxes:
$3.21 per $1,000 residential tax rate
$5.46 per $1,000 commercial tax rate
Personal property taxes, if applicable
Property insurance, landfill fee, sewer fee, fuel, water, homeowner’s association dues, if applicable.
Deeds Excise Stamps: $4.56 per $1,000.
Capital Gains Taxes: Please speak with your accountant about how the sale specifically impacts your situation.
Note: There may be some other closing costs specific to certain developments such as Nashaquisset.
