Seller’s Obligations
- Purchaser’s offer negotiated and accepted
- Deliver & discuss the contracts of sale with your attorney for his approval
a.s.a.p. - Resolve any contingencies.
- Have your attorney arrange a title search & provide an extended abstract for the buyer’s attorney. An extension of your search (to bring the history of title up to date) is approximately $350. If it is lost the cost to create a new one will be substantial. Approximately $1000 & up.
- Have your attorney arrange for a property survey to be completed. An updated survey is approximately $350. The cost of a new survey is determined by a number of variables.
- Have the septic and/or water tested if applicable. This is performed by the Department of Health & the fees are approximately $200 – $400. Cost will depend on which county you live in.
- During the pending sale you must leave all utilities on & also maintain the lawn/snow removal.
- Your home at closing must be left “broom clean” & all personal items moved out unless otherwise agreed upon.
- When your attorney calls for the final arrangements & date for closing, you should call for the transfer of your utilities. Gas, electric & water must remain on until the time & day of the actual closing.
- At Closing: You will be paying out:
- The transfer tax (deed stamps): Presently NY State charges $4 per thousand of the sale price less the amount of any assumed mortgage. In Erie County $5 per thousand is added as a local tax to support the Rapid Transit System, bringing the total to $9 per thousand. A seller who is 62 years or older is exempt from this additional tax, however, this applies to their primary residence only.
- Recording the mortgage discharge: into the public record, if there is a present mortgage on property. The fee is approximately $60.
- Search & Survey Update.
- Real estate commission fees.
- Any other required town/city fees to meet the closing standards.
- Any concessions/loan fees or contributions if agreed upon with the buyer at closing.
- Your attorney fees.