Tyler Vincent Real Estate - Standardized operating procedures for the prerequisites prospective homebuyers must meet prior to receiving any services.
STANDARDIZED OPERATING PROCEDURES: homebuyers
PROCEDURES shall include but not be limited to the following:
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whether prospective clients shall show identification;
Prospective clients shall show identification as needed or required by the LISTING AGENTS or the SELLER/OWNER of the property.
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whether an exclusive broker agreement is required; An exclusive broker agreement will be required for a minimum of 30 days once representation has begun and a business relationship is created between the Broker and the homebuyer.
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whether pre-approval for a mortgage loan is required;
Pre-approval for a mortgage loan is required for homebuyers and is a vital component of the buying process. All homebuyers must contact a financial institution if buying with financing. When financing is NOT applicable proof of funds will be required.
Standard Fund Requirements: askimma.com
- Estimated Fees:
- Cooperative Apartment:
For Seller: Broker Fees: Are typically 6%. Fees vary according to property size and amount of marketing
Attorney Fees: Approximately $1,500
Managing Agent: $450
Flip Tax: Consult Managing Agent
Stock Transfer Tax: $.05 per share
Move Out Deposit Fee: $1,000
New York City Transfer Tax: 1.00% of price up to $500,000 1.425% of entire price when it exceeds $500,000
New York State Transfer Tax: 0.4% (.004) of price
Payoff Bank Attorney: If seller has mortgage $30
UCC-3 Filing Fee: If seller has mortgage $350
For Purchaser:
Own Attorney Fee: Approximately $1500
Bank Fees/Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees: $1,600
Short-Term Interest: One month max*
Move-In Deposit: $1000
Managing Agent or Co-op Attorney Fee: $600
Lien Search: $300
Maintenance Adjustments: One month tax
Mansion Tax: 1% of entire price when price exceeds $1,000,000
*Prorated for month of closing
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- Condominium/Townhouse:
For Seller: Broker Fees: Are typically 6%. Fees vary according to property size and amount of marketing
Attorney Fees: Approximately $1,500
Managing Agent: $450
Move Out Deposit Fee: $1,000
New York City Transfer Tax: 1.00% of price up to $500,000 1.425% of entire price when it exceeds $500,000
New York State Transfer Tax: 0.4% (.004) of price
Miscellaneous Title Company Fees: If seller has mortgage $200
For Purchaser:
Approximately $1,500
Bank Fees: Points 2%
Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees: $1,600
Short-Term Interest: One month max*
Real Estate Tax: Escrows 2-6 months
Recording Fee: $200
Mortgage Tax: 1.75% of mortgage on loans under $500,000 or 1.875% of entire amount on loans over $500,000
Fee Title Insurance: Approximately $450 per $100,000
Mortgage Title Insurance: Approximately $200 per $100,000
Miscellaneous Title Charges: $300
Managing Agents Fee: $250
Adjustments:
- Common charges: One month max*
Real Estate Taxes: 1 to 6 months
Mansion Tax: 1% of entire price when price exceeds $1,000,000
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- *Prorated for month of closing
*Expect to pay eight months Real Estate Taxes. These taxes are combined between seller as an adjustment and escrow established by lender.
*Note: When purchasing condos from a sponsor, the purchaser will be required to pay New York City and New York State Transfer Taxes; see above for amounts.
*Also, buyers are required to pay sponsor�s attorney�s fee; this fee is approximately $1,000.
- Multi-Family Residential/Commercial Property
- For Seller:
Broker Fees: Are typically 6%. Fees vary according to property size and amount of marketing
Attorney Fees: Approximately $5,000
New York City Transfer Tax: 1.425% of price up to $500,000 2.625% of entire price when it exceeds $500,000
New York State Transfer Tax: 0.4% (.004) of price
Payoff Bank Attorney: If Seller has mortgage - $350 Miscellaneous $200 Transfer Security Deposit T.S.D.
For Purchaser:
Own Attorney Fee: Approximately $5,000
Bank Fees: Points 2%>
Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees: $5,000-$10,000
Short-Term Interest: One month max*
Mortgage Tax: 2.75% of entire amount on loans over $500,000
Real Estate Tax: Escrows 2-6 months
Fee Title Insurance: Approximately $450 per $100,000
Mortgage Title Insurance: Approximately $200 per $100,000
Miscellaneous Title Charges: $1,000
Adjustments: Rents* T.B.D. Real Estate Taxes 1-6 months *Prorated for month of closing
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