Buyer's Guide

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How To Buy a Home

The Hamptons

Key Terms

Typical Costs of East Ends Transactions

For The Seller

New York State Real Property Transfer Tax
"Deed Stamps"

Estimated Cost

0.4% of sale price

Other closing costs to the seller include attorney fees, brokerage commission, capital gains tax and,
if necessary, costs to remedy non-compliance issues.

For The Buyer

Town Peconic Transfer Tax

First time home buyers are exempt if they meet
the criteria. Speak to your mortgage broker to
see if you qualify.

Estimated Cost

For the town of East Hampton, Southampton and Shelter Island, the tax is computed as follows:

2% on the value of all improved residential property over $250,000.

2% on the value of all residential land over $100,000.

The first $250,000 of consideration for improved land is exempt. For unimproved land the first $100,000 of consideration is exempt.

Mortgage Recording Tax

1% of mortgage, paid by borrower (-2% of mortgage recording tax is generally paid by the lending institution resulting in a cost to borrower of .8% of the amount of the loan.)

Additional New York State Real Property Tax
"Mansion Tax"

1% of sale for sale prices of residential properties over $1,000,000

Approximate Title Insurance Premiums

Title insurance for financed (i.e. mortgage loan) transactions will cost approximately 12% over the below rates.

$250,000 to $500,000: $1,200 to $2,200
$501,000 to $750,000: $2,201 to $3,000
$751,000 to $999,000: $3,001 to $4,000
$1,000,000 to $1.999,999: $4,001 to $7,100

Other costs to purchaser at closing may include legal fees, survey, applications for certificate of occupancy, fuel
adjustments, inspections, credit to seller for property taxes and if there is a mortgage, additional fees such as application,
appraisal, credit, legal, points, property insurance, mortgage insurance, prepayment of a property tax as well as a mortgage
payment. If there is a mortgage involved, the lender will provide a written estimate of closings costs. If there is not a lender, it
is recommended that the purchasers ask their attorney for such an estimate prior to signing a contract of sale.

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His love for real estate motivated him to learn the family business of developing and selling high-end luxury real estate. Subsequently, Robert would later add commercial real estate and expertise to his skill set and personal portfolio, by developing and selling both high-end residential and commercial property on both the North and South Forks.

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