PAUL CIBRANO
REAL ESTATE PARTNER & ADVISOR
NYC & HAMPTONS REAL ESTATE GUIDE
Hi there! I'm Paul Cibrano from Nest Seekers International and I hope this book finds you well!
I am a Real Estate Agent who specializes in both the New York City and Hamptons markets and I work to help people expand their real estate portfolios across both markets. Included in this book, you will find a helpful guide to transacting in both NYC and the Hamptons, from buying, to selling, to renting, to investing and building. You will also find some insight into both markets as well as on how I operate and work to help clients create equity and wealth through real estate. If you are looking to the Hamptons for the upcoming summer or looking to add another asset to your portfolio, I can help identify your next real estate move.
Whether it is to help you explore and transact in the Hamptons or in the New York City market, I hope we can work together soon!
Best, PAUL CIBRANO VP, Managing Director Licensed Real Estate Salesperson REBNY Membership Committee Member
TABLE OF CONTENTS
4. ABOUT ME 5. MY MISSION 8. WHAT YOU CAN EXPECT FROM WORKING WITH ME 9. WHY NYC? 11. SELLER'S GUIDE FOR NYC 15. BUYER'S GUIDE FOR NYC 19. RENTER'S GUIDE FOR NYC 23. WHY THE HAMPTONS? 25. RENTER'S GUIDE FOR THE HAMPTONS 27. BUYER'S GUIDE FOR THE HAMPTONS 29. SELLER'S GUIDE FOR THE HAMPTONS 32. THE HAMPTONS CLOSING COST GUIDE 34. CONTACT
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3 | PAUL CIBRANO LICENSED REAL ESTATE SALESPERSON
ABOUT ME Who I am
Born and raised in New York City, Paul Cibrano has a deep, long lasting love and admiration that inherently exists in his DNA for the greatest city in the world. New York has provided him with the experiences and opportunities in his life that it would take a poet to accurately articulate the gratitude he feels. An avid musician, yogi, master puppy cuddler, unabashed fan of Yanni and Equinox member, Paul works diligently to provide a fantastic experience, bring immense value and offer nothing short of unparalleled service to his clients.
After finding success in the New York City market, Paul expanded his business to the East End of Long Island, covering the Hamptons and providing perspective to clients looking to traverse markets. Paul has been bringing New Yorkers to explore the immense value of the Hamptons and life long Hamptonites to NYC as it has become a large pocket of value in a post pandemic world. As both markets continue to evolve, it was a natural progression that has worked in all of his clients favor.
Paul Cibrano's brand is based upon a promise to his clients to work fervently on their behalf, help to create equity and wealth, establish a long lasting report and relationship that will exist well beyond the transaction of Real Estate. He is committed to being your unquestioned partner and advisor.
Paul Cibrano is the VP, Managing Director of Nest Seekers International, is on the REBNY Membership Committee, plays piano in a metal band called Nefariant and is a graduate of Hofstra University.
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MY MISSION — To Create Equity and Wealth For Clients Through Real Estate…
With some of the most iconic buildings in the world, constructed with millions of tons of steel and concrete, New York City is the envy of the world, not just for the skyline but for the people who constitute this city's lifeblood that gives all these recognizable buildings its uncompromising character.
Expanding to the Hamptons has allowed for that same love of NYC to transmit across markets with the goal of providing a real estate experience to clients unlike any other. The idea of Real Estate is not just about people simply finding their homes, it's about how we can work together in the creation of equity and wealth through developing a Real Estate portfolio.
Having been a New Yorker my entire life, the personal responsibility and affinity I feel for working with my clients in helping them achieve their goals is a challenge I both look forward to and cherish.
Whether you’re buying, selling, investing, renting or looking to further your education in an asset class responsible for 80% of global wealth, Paul Cibrano is your unquestioned Client Partner and Advisor.
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WHAT YOU CAN EXPECT FROM ME And What We Can Achieve Together...
• A COMPLETE UNDERSTANDING OF YOUR GOALS, NEEDS, AND DESIRES FOR YOUR NEW HOME.
• SELLING YOUR HOME THROUGH CREATIVE MARKETING TECHNIQUES TO DEVELOP THE MOST VALUE.
• DEEP EXAMINATION OF MARKETS AND TRENDS TO HELP IDENTIFY THE MOST VALUE FOR YOUR HOME PURCHASE.
• CREATION OF EQUITY AND WEALTH THAT DEVELOPS SUSTAINABLE PORTFOLIO GROWTH.
• THE UNDERSTANDING OF APPRECIATION AND THE POWER OF NEW DEVELOPMENT/ CONSTRUCTION.
• AN INSIDE-OUT APPROACH TO WHAT WE CAN DO THAT BEGINS WITH THE END IN MIND.
• A THOROUGH AND COMPLETE EDUCATION OF THE NYC AND HAMPTONS MARKETS.
• A RELATIONSHIP THAT EXISTS FAR BEYOND THE TRANSACTION OF REAL ESTATE.
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WHY NEW YORK CITY? Why Now?
Buyers, sellers, renters and investors are realizing now that the bottom of the NYC COVID market is over and that we are on an upward trajectory- a trend that is going to continue well into 2022.
Even with the new variants, the vaccine has exponentially increased confidence in the market. Schools have returned to full-time, in-person learning, restaurants are open, and new businesses are opening in the place of those that closed at the beginning of the pandemic. Overall tourist and shopping activity along Fifth Avenue and Broadway in SoHo are noticeably more crowded, all of which are leading indicators that the economy is forging ahead.
9 | PAUL CIBRANO LICENSED REAL ESTATE SALESPERSON
• THE BUYER’S MARKET We have been telling our buyer clients for over a year now that if you can afford to buy in NYC, now is the time to do it. In the short term, the Fed will be raising rates at least twice before the end of 2022. Rising interest rates means that money becomes more expensive to borrow and leverage. We will continue to see prices increase in NYC as the pandemic ends. To illustrate, a $1 million apartment today will be worth $1.1 million in a year, as we see 5-10% increases in prices across the board. Getting into the market now allows you to maximize your ROI and leverage New York City’s track record of appreciation to build equity and wealth.
• THE SELLER'S MARKET Prices are leveling out in the resale market with the "COVID discounts" behind us. Apartments in high demand are going over asking, which was a far-fetched thought just 6 months ago. Buyers continue to maintain slight leverage as new development inventory is keeping the market competitive. Sellers have recovered a lot of competitive edge that they lost early on in the pandemic and many are more confident going to market. Market resilience to date has been tremendous as NYC is protected, even in down markets, by high demand. It being a safe haven of capital and a flight to quality continues to draw many international buyers. NYC is officially back!
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SELLER'S GUIDE FOR NYC What to Know Before Selling in New York City
Selling your home can be an emotional decision. That is why your agent can take the emotion out of it, and focus on the business part of it. Our job is to price the apartment just right so that you maximize your investment and close at an efficient pace. Having an exit strategy when selling your property is vital and executing it successfully the first time around is just as important. There are many moving parts to a sale in New York City that most owners overlook, which is why 9 times out of 10 properties are sold by a real estate professional.
• STEP 1 CHOOSE YOUR BROKER Selecting a broker that you can trust to get you the highest price for your property, while executing a transaction smoothly is vital. You will work very closely with this person throughout an emotional process, so it is important that your agent is level headed, knowlegdeable, and confident.
• STEP 2 PRICE YOUR HOME Your broker will be able to provide you with all information regarding recent comps in the neighborhood and in your building, current competing listings in the area, and market trends. It is important to understand that in a market where nearly everything sells, only the market itself will determine what your property will actually sell for: that means above or below the asking price. That being said, you should always discuss with your broker how quickly you need/want to sell, therefore determining initial price point.
• STEP 3 ADVERTISING THE LISTING All photographs, floor plan and facts about the listing need to be put together by your broker before launching the listing to the public. Once the content is gathered, the listing will be sent out to as many potential buyers as possible through ways of major media outlets, real estate sites, and the local and international brokerage community.
15 |WILLOW 11 PAUL CIBRANO STREET, BROOKLYN, LICENSED REAL NY ESTATE 11201 SALESPERSON
• STEP 4 SHOWINGS AND OPEN HOUSES Show. Show. Show. As much as possible. The more you can allow access to an immaculate apartment, the better chance you have of selling it quicker and at a higher price. If you are demanding a premium price, then it should look and feel like a premium property.
• STEP 5 NEGOTIATING AND ACCEPTING AN OFFER The negotiating techniques and communication skills of your broker will affect the selling price. Also, understanding a potential buyer's financial situation is just as important as their offer number. In the situation of a co-op sale, your broker will also be determine what a prospective buyers chances are in receiving board approval.
• STEP 6 EXECUTING THE CONTRACT OF SALE Once an offer has been accepted, the attorneys will work diligently to iron out all details of the transaction. A deposit usually in the amount of 10% of the purchase price will be put down in the seller's attorney's escrow account.
• STEP 7 CONDO OR CO-OP APPROVAL This is where your agent will work hard with the buyer or buyer's agent to make sure they are approved by the building condo or co-op board. This can take anywhere between 2 weeks to 2 months depending on the board - generally co-ops take longer because of the extensive financial documents and references required, as well as the in-person interview that will take place.
• STEP 8 CLOSING Once the buyer is approved by the board and cleared by the bank, the attorneys and managing agent of the building will coordinate a date and time for closing.
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NYC SELLER CLOSING COSTS Based on an Average Sale Price of $1.87 Million Purchase of Existing Construction with a Mortgage
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CONDO SELLER CLOSING COSTS
CO-OP SELLER CLOSING COSTS
• $153,178 (8.19% of Sale Price)
• $181,728 (9.72% of Sale Price)
CONDO
CO-OP
NYC Broker Commission
(6%) $112,200
(6%) $112,200
NYC Real Property Transfer Tax (RPTT) & Filing Fee
(1-1.425%) $26,748
(1-1.425%) $26,748
NY State Transfer Tax
(0.4%) $7,480
(0.4%) $7,480
Seller’s Attorney
$2,500
$2,500
Move Out Deposit & Fees
$2,000
$2,000
Managing Agent Fee
$1,000
$1,000
Bank Loan Satisfaction Fee
$500
$500
Real Estate Tax/Common Charge Adjustment
$500
$500
UCC-3 Filing Fee
$100
$100
NYS Equalization Fee
$75
$75
Residential Deed Transfer Fee
$75
$75
Co op Flip Tax
-
(~1.5%) $28,050
Co op Attorney
-
$500
Co op Stock Transfer Tax
-
$50
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BUYER'S GUIDE FOR NYC What to Know Before Buying in New York City
Buying a home can be a life changing decision - often times the biggest financial commitment an individual can make. That's why it is vital to have an investment strategy in place before jumping into the New York City real estate market. You'll need a buyer’s agent, a mortgage broker, and a real estate attorney. Follow our step-by-step process for a smooth, enjoyable, and successful purchase here in NYC.
• STEP 1 DETERMINE YOUR BUDGET We always recommend our buyers to have a conversation with an experienced mortgage broker to help them determine what they can afford. Mortgage brokers can quickly tell you based off your level of income and assets what your budget can be. At this point, the mortgage broker will draft a “Pre-approval" letter indicating how much the bank is willing to lend you. This letter is also used when submitting an offer to prove to the seller that you are pre-approved by a bank and able to legitimately buy. Buyers who are not prepared with this step can often times lose out on properties because of delays in getting this letter which is why it is crucial to have this complete early on. This is also a great time to decide who will represent you legally in the transaction. You should always use an experienced Real Estate Transaction Attorney who does consistent business in the area and neighborhood you are purchasing in.
• STEP 2 UNDERSTANDING WHAT YOU WANT VS. WHAT YOU NEED Once you know what you can spend, you will then need to find out what your money can and can’t buy you. Having realistic expectations is very important when searching for your next home, and working with a buyer’s agent can help you manage those expectations by educating you on the current inventory. Is location more important than the size and quality of the finishes? Do you need a doorman and other building amenities? Do you have pets? Will you need to sublet the apartment in the future? Transportation access? These are basic questions that you should be asking yourself as a buyer and future owner, and prioritizing what is most important. Whether your budget is big or small, you will always have to compromise somewhere in the process.
15 |WILLOW PAUL CIBRANO STREET, BROOKLYN, LICENSED REAL NY ESTATE 11201 SALESPERSON
• STEP 3 VIEWING APARTMENTS Often times, the more apartments you see, the more you learn about the above step. So the more you see, the closer you will get to finding that perfect apartment. Working with a real estate agent who knows the market and is able to show you the best options efficiently will ultimately save you time and lead to that “this is it!” moment. Most buyers see between 10 and 30 apartments before making a decision, and 9 out of 10 transactions in the city are closed with a buyer’s agent.
• STEP 4 SUBMITTING AN OFFER AND NEGOTIATING TERMS In a market where most apartments are going for just about 3% below asking price and often times for full asking price, there are other major factors that play an important roll in the negotiating process: price, financing amount, contingencies, transfer taxes, flip fees, inclusions, exclusions, closing date, etc. Because the inventory is so tight, most sellers will have the upper hand in most of these factors - especially when there are multiple bidders. But understanding what your leverage is and why you are more qualified to purchase an apartment over another buyer can be the difference between securing your next home, or getting beat out. This is where your agent will advise you on what you need to do in order to get an accepted offer.
• STEP 5 GOING INTO CONTRACT Congratulations, you have an accepted offer! Not so fast. You don’t technically or legally ‘have’ anything yet. You still need to put down 10% for escrow and your trusted Real Estate Attorney needs to conduct his due diligence on the transaction. That may include looking at the building financials, the offering plan, and deal specifics. Usually this takes about 5 days. Once everything is cleared by your attorney, you are ready to sign the contract and put down your deposit.
• STEP 6 PURCHASE APPLICATION At this point, you will be handed a condo or co-op purchase application. This serves as your application to live in the building and be approved by it’s board members. As you may have heard, the condominium application approval process is much easier and quicker than the cooperative approval process by which you have to literally be interviewed in person by it’s board members. But don’t worry, your agent will walk you through each step and make sure that your board package is organized and impressive so that there are no issues getting approved.
• STEP 7 CLOSING While you wait for approval from the condo or co-op, your mortgage broker will be getting your loan cleared by the bank. Once you are approved and cleared, the agents, attorneys, bank and property managing agent will schedule a closing by which you will take possession and title of your new home. You will always be granted a “walk-through” before the closing to check that the apartment is in the same condition as when you first decided to purchase it. The keys will be handed over to you at the closing and you are now the owner of your new dream home!
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NYC BUYER CLOSING COSTS Based on an Average Sale Price of $1.87 Million Purchase of Existing Construction with a Mortgage
17 | PAUL CIBRANO LICENSED REAL ESTATE SALESPERSON
CONDO BUYER CLOSING COSTS
CO-OP BUYER CLOSING COSTS
• $68,748 (3.7% of Sale Price)
• $25,550 (1.4% of Sale Price)
• Final Closing Costs: $50,048 (2.7% of Sale Price)
• Final Closing Costs: $6,850 (0.4% of Sale Price)
CONDO
CO-OP
NYS/NYC Mansion Tax*
(1%) $18,700
(1%) $18,700
Buyer’s Attorney
$2,500
$2,500
Move-In Deposit
$500
$500
Title Insurance
$7,500
-
UCC-1 Filing Fee
-
$100
NYC/NYS Mortgage Tax
(2.05-2.80%) $35,998
-
Bank Attorney Fee
$750
$750
Bank Loan Origination Fee
$750
$750
Appraisal
$450
$450
Mortgage Application & Processing Fee
$500
$500
$100
$100
Title Search & Recording Fees
$1,000
$1,000
Financing/Recognition Agreement Fee
-
$200
NYC Real Property Transfer Tax (RPTT) & Filing Fee
(1-1.425%) $26,748
(1-1.425%) $26,748
NY State Transfer Tax
(0.4%) $7,480
(0.4%) $7,480
Legal Fees
$2,500
$2,500
For NYC Buyers Seeking Financing:
Additional Costs for Buying of New Construction in NYC:
*Mansion Tax Only Applies to Purchases over $1M
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RENTER'S GUIDE FOR NYC What to Know Before Renting in New York City
Renting an apartment in New York City is no easy task. The demand is high, the market is fast paced, and there is a lot of financial paperwork that landlords and management companies require in order to lock down a unit. The Internet is loaded with "bait and switch" ads, dishonest brokers and lots of false hope. Selecting an honest agent who knows the neighborhoods, is up front about fees, manages your expectations graciously, can make or break your moving experience in this crowded city. Understanding what you need to prepare and also what you should expect to spend up front is the first step in securing your next home.
RENTAL REQUIREMENTS INCOME • 40 - 45 x's the monthly rent (a $3,000 apartment would require you to make an annual salary of $120,000 to $135,000) • "Guarantors" aka "co-signers" will need to make 80 - 85 x's the monthly rent in annual salary CREDIT • 700 + credit score is ideal. Anything less landlords and management companies will require additional security deposit PROOF OF INCOME • 2 most recent tax returns • 3 most recent pay stubs • Offer or employment letter ASSETS • 3 most recent bank statements
15 WILLOW 19 | PAUL CIBRANO STREET, BROOKLYN, LICENSED REAL NY ESTATE 11201 SALESPERSON
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YOUR TRUSTED PARTNER AND A NEW YORK CITY T
21 | PAUL CIBRANO LICENSED REAL ESTATE SALESPERSON
D REAL ESTATE ADVISOR FROM O THE HAMPTONS
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WHY THE HAMPTONS? Why Now?
The Hamptons is one of the hottest and most desirable vacation markets in the world. Its luxurious lifestyle, beautiful beaches, scenic harbors and worldrenowned restaurants draw people from all over the world to its collection of towns and hamlets.
Though demand is high, the opportunity to grow your real estate portfolio is just as strong.
With our extensive footprint in the Hampton’s market, we can provide you with exclusive access to some of the finest properties the East End can offerboth on and off-market.
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• THE BUYER’S MARKET The Hamptons markets are heavily cyclical, and most ‘deals’ are found in the off season between mid-November and mid-March. As summer approaches, increased demand drives up prices for both rentals and purchases. Depending on the location and size of a home, rental income for a summer season can generate anywhere between $70,000- $1.5M for the summer from cottages to oceanfront estates.. Renting your home for even just a couple of months can pay for your mortgage and taxes for the entire year, leaving you with both an income-generating asset and a beach house to call your own. Prices have now leveled off in the Hamptons as COVID wanes, but continued demand for secondary homes indicates that prices will continue to trend upward over the next 2-3 years.
• THE SELLER'S MARKET The home that sold for $1.8 million 3 years ago is now worth over $3 million. Demand is at an all-time high in the Hamptons, where city-dwellers flock to escape from the crowded congestion of NYC. This is an incredible time to leverage the equity already in your home to sell and upgrade your lifestyle!
• THE INVEST AND BUILD MARKET The best-kept secret in the Hamptons is off-market, vacant land. Builders are taking advantage of cheap land costs, spending $1 million on land, $2 million dollars on a build for a home and then selling the home for $6 million once it is constructed. Most of these homes go into contract even months before construction is done. For more information about our exclusive land listings- both on and off-market-, please reach out directly!
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RENTER'S GUIDE FOR THE HAMPTONS President's Day weekend traditionally kicks off Hamptons rental season, so if you haven't gotten serious about your house hunt yet, it's high time you did.
Your Hamptons experience — and price tag — will be vastly different depending on where you choose to stay. If you're still unsure about whether you want to be in Southampton or Sag Harbor, working with a knowledgeable agent can point you in the right direction for your needs and wants.
AS A SEASONAL OR SHORT-TERM TENANT YOU PAY THE ENTIRE COST OF THE RENT UPFRONT.
The average 4 bedroom rental prices for Memorial Day through Labor Day are roughly from ~$50,000 to ~$350,000, depending on a variety of factors. This range also excludes the ultra-luxury market where rents can be upwards of $1 million for the entire summer. If you’re looking for a rental ‘deal’, look inland — the closer you are to the beach, the more expensive it’ll be and any property or town with a large amount of waterfront real estate, also factors into the high price points.
15 WILLOW 25 | PAUL CIBRANO STREET, BROOKLYN, LICENSED REAL NY ESTATE 11201 SALESPERSON
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BUYER'S GUIDE FOR THE HAMPTONS What to Know Before Buying in the Hamptons
With remarkable landscapes, luxurious summers and home to some of the most expensive real estate in the world, the Hamptons market is a fast paced and growing market. Like any market, the Hamptons has its own particularities that will shape our search together.
HERE ARE 5 THINGS TO KEEP IN MIND AS WE SEARCH TOGETHER:
• 1. PURPOSE OF THE HOME There are a myriad of reasons why people buy in the Hamptons. Whether it’s to find a new primary residence, own a second/summer home, expand your overall real estate portfolio, or to leverage the home as source of additional income through rentals, understanding your reason for wanting to own in the Hamptons is paramount to finding the right home for you.
• 2. LOCATION IS KEY The old adage of “Location, Location, Location” weighs heavily here. Depending on which body of water you are closest to, how easy access to the beach or train the home is, being north or south of the highway are just some of the factors that will determine the price point of a home as well as its potential income from renting.
15 WILLOW 27 | PAUL CIBRANO STREET, BROOKLYN, LICENSED REAL NY ESTATE 11201 SALESPERSON
• 3. VARIOUS REGULATIONS When you are buying (or even building) a home, there are a variety of fees that you will need to be on the lookout for. The two that cover most transactions are... •The Mansion Tax: A 1% tax paid on property for which the purchase price is greater than or equal to $1 million, paid upon closing. •The Peconic Region Transfer Tax: This 2% tax is only in effect in East Hampton, Southampton, Shelter Island, Riverhead, and Southold and is used to support conservation work within a given town. In East Hampton, Southampton, and Shelter Island, the purchase price over $250,000 of “improved” land and $100,000 of vacant land is taxed; in Riverhead and Southold, the purchase price over $150,000 of “improved” land and $75,000 of vacant land is taxed. Some first-time home buyers may qualify for certain exemptions. Outside of fees, there are a variety of ordinances and zoning regulations to be aware of, such as additional village taxes, development restriction rights and potential, DEC waterfont limitations. This can all be a lot to keep track of, so it’s important to work with someone knowledgeable to save you time and help you navigate all the regulations and closing costs associated with purchasing a Hamptons home.
• 4. IT MAY TAKE SOME TIME The Hamptons market has been booming in a post-covid environment with people seeking more space and land to spread out on after quarantines and lockdowns. With that comes hyper competition for a low supply of homes. If you see something you love, you should move on it. In my experience, time kills all deals and in a market with a massive supply of buyers, that rings true.
• 5. DON’T GO IT ALONE One thing is clear, there is a lot of insider knowledge that goes along with purchasing a home in the Hamptons. Making sure you have the right people by your side will ultimately minimize friction and make the home-buying experience a success. It’s my job to create equity and wealth for clients through the purchase of real estate, an asset class responsible for 80% of all global wealth.
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SELLER'S GUIDE FOR THE HAMPTONS What to Know Before Selling in the Hamptons
The Hamptons are one of the most unique and competitive real estate markets in the world. From effectively leveraging your property above others, to understanding the negotiation process, there is a lot to comprehend when bringing your home to the market. At Nest Seekers, we work diligently to provide clients with free home evaluations, market analysis' and CMA's to prepare us before going to market.
SALES AGREEMENT Our Exclusive Right to Sell agreement outlines the parameters of the relationship between you and Nest Seekers. Marketing rounds in the Hamptons are seasonal and the more time you are able to commit to the marketing aspect of the sale, the more exposure we are able to get. Facts tell and stories sell, it’s our job to create the story and strategy to sell your home.
• STEP 1 PREPARING YOUR HOME FOR SALE We have reputable vendors who can help with everything from window cleaning, floor repairs, painting and de-cluttering. We’ll work directly with you in preparing the home to optimize our photography and video elements of our content collection to begin our marketing story.
• STEP 2 MARKETING Nest Seekers views itself as a globally integrated marketing company that sells luxury real estate. Our marketing plans, materials, strategy and concepts are grounded in creating an experience for the buyer even before they step into the home. Our site syndicates globally to 100’s of sites, attracting buyers from all over the world.
15 WILLOW 29 | PAUL CIBRANO STREET, BROOKLYN, LICENSED REAL NY ESTATE 11201 SALESPERSON
• STEP 3 SHOWING THE HOME No two buyers are the same and every showing is different. It is up to us as the agents to adjust on the fly to minimize buyer concerns and focus on the highlights of the home. Showing what the comparative advantages the home has against others in the market, provides it a unique value proposition in the eye of the buyer. Prior to showings, homes should be de-cluttered and de-odorized.
• STEP 4 OPEN HOUSES They are a great tool to generate traction, even from initially passive buyers who may turn more aggressive after seeing the home.
• STEP 5 OFFERS All offers are presented to the seller’s agent as relayed to them from the buyer’s agent. The seller’s agent presents the offer to you and discusses the opportunity for counter-offers and where they feel in their experience the buyer is.
• STEP 6 OFFER ACCEPTANCE AND CONTRACT SIGNING Once an offer is accepted, we put together a deal sheet and circulate that to the buyer’s attorney as well as your own. If you do not have a real estate attorney, we can work together in finding you one who has a thorough and complete understanding of the process. At this point, the attorneys discuss the finer points of the agreement; the buyer then signs the contract and gives a 10% deposit to be held in escrow by your attorney. Upon confirmation of the deposit, you then sign the contract. Once in contract the buyer’s team will then review Surveys, Title, Certificate of Occupancy, look for open building permits, order an appraisal and home inspection. If the buyer is financing, it usually takes anywhere for 45-60 days to for the bank to approve the loan.
• STEP 7 CLOSING Prior to closing, the buyer will do a final walkthrough of the property. Once the buyer has officially secured financing, the attorneys will then draft a closing statement. Any issues that have not been addressed by the time of closing (i.e. closing out of an open building permit) will have to have an agreed amount to be set aside in escrow until the issue is resolved.
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31 | PAUL CIBRANO LICENSED REAL ESTATE SALESPERSON
THE HAMPTONS CLOSING COST GUIDE
TAXES AND OTHER CONVEYANCES (Not intended as legal advice. Consult with an attorney or tax advisor for specific applications)
Deed Stamps: NYS Real Estate Transfer Tax
$4 per $1,000
Seller
Mortgage Recording Tax (only if buyer takes mortgage)
.80% (less $30) of loan amount
Buyer
Peconic Bay Region Community Preservation Tax (in East Hampton, Southampton, and Shelter Island)
2% of the purchase price over $250,000 improved and $100,000 unimproved
Buyer
Peconic Bay Region Community Preservation Tax (in Riverhead, and Southold)
2% of the purchase price over $150,000 improved and $75,000 unimproved
Buyer
Mansion Tax
1% of sale price of $1M or more on residences
Buyer
Title Insurance
Sliding scale from $6.67/$1,000 to $2.76/$1,000 depends on the price
Buyer
Survey Fees
Depends on the price
Buyer
Inspection Fees
Price varies - consult inspector
Buyer
Real Estate Commission
Amount agreed between broker and client
Seller
Legal Fees
Fees vary - consult counsel
Buyer and Seller
Adjustments
Dollar value for oil in tank and/or propane, prorated real estate taxes, etc., and/or credits due buyer/seller as per negotiations
Buyer and Seller
PCDA (Property Condition Disclosure Act)
Seller provides buyer with completed form or pays buyer $500 waiver fee consult your attorney for further information
Seller
Title Closer
Gratuity varies
Buyer
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33 | PAUL CIBRANO LICENSED REAL ESTATE SALESPERSON
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I HOPE YOU FOUND THIS GUIDE HELPFUL! IF YOU WOULD LIKE TO WORK TOGETHER OR HAVE ANY QUESTIONS, ALWAYS FEEL FREE TO REACH OUT!
PAUL CIBRANO | VP, MANAGING DIRECTOR LICENSED REAL ESTATE SALESPERSON REBNY MEMBERSHIP COMMITTEE MEMBER
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