WELCOME TO OUR HOME! |
The atmosphere in the office at 3 North Main Street is upeat and friendly. You are greeted warmly and you will be taken care of professionally and enthusiastically whether you are interested in buying or renting and regardless of the size of your budget. |
The owners of Devlin McNIff work side-by-side with the sales agents and are up-to-date on virtually all the office's customers. They are there to back-up and support your agent. |
As a reminder, any real estate sign or advertisement you see, regardless of what company name is on it, can be shown to you by your Devlin McNiff agent. We subscribe to the most comprehensive listing system in the Hamptons with up-to-date data on every listings in our market area. |
TAXES AND CLOSING COSTS: |
As a potential buyer of East End property, there are certain taxes and closing costs that you should be aware of in advance. Here is a brief summary of those taxes and costs that will generally be paid by the buyer: |
TAXES ON REAL ESTATE PROPERTY TRANSFERS: |
PECONIC TAX |
Amount |
|
2% of Purchase Price over exempt amount. Generally $250,000 improved property or $100,000 unimproved property. |
Payor |
|
Usually Buyer |
Technical Name |
|
Peconic Bay Region Community Preservation Fund. |
Caveat |
|
Applies to co-ops, condos, commercial and residential real property. |
| |
|
|
|
Amount |
|
1% of purchase price. |
Payor |
|
Usually Buyer |
Technical Name |
|
NYS Transfer Tax/Addition Tax. |
Caveat |
|
Imposed on Sales of $1,000,000 or more – if improvement is or could be used as a residence. |
| |
|
|
|
Amount |
|
0.75% (less $25) of the Loan Amount. |
Payor |
|
Usually Buyer |
Technical Name |
|
Mortgage Recording Tax. |
|
|
|
TRANSFER TAX:
|
Amount |
|
$4.00 per $1,000 of Purchase Price. |
Payor |
|
Usually Seller. |
Technical Name |
|
Real Estate Transfer Tax. |
| |
|
|
OTHER POSSIBLE CHARGES ON CONVEYANCES: |
Survey: |
|
Usually Buyer |
Home Inspections: |
|
Usually Buyer. |
Mortgage Brker Charges: |
|
Usually Buyer. |
| Lender Charges: |
|
Usually Buyer |
Title Insurance & Searches: |
|
Usually Buyer. |
Title Closer: |
|
Usually Buyer and/or Seller. |
Real Estate Broker: |
|
Usually Seller. |
