below are title premiums for purchases in New York City in effect as of the publication date of this booklet. Purchase Price $750,000 $1,000,000 $1,250,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 Title Insurance Premium $2,836.00 $4,281.00 $5,151.00 $6,021.00 $7,761.00 $9,501.00 $11,241.00 In addition to paying the title insurance premium, you will be required to pay approximately $795 for the municipal searches conducted by the title company, $100 for policy endorsements required by your lender, and approximately $535 for the cost of recording the deed and the mortgage. • Mortgage Recording Tax. The State of New York imposes a tax on the money borrowed for the purchase of a residential condominium unit or a house (co-op loans are exempt although there is legislation currently being considered that would eliminate this exemption). Mortgages on a one or two-family dwelling or on an individual residential condominium unit in New York City are taxed as follows: for all mortgages securing less than $500,000, the tax is one point eight zero (1.80%) percent of the loan amount; for all mortgages securing $500,000 or more, the mortgage recording tax is one point nine two five (1.925%) percent of the loan amount. If a purchaser will be purchasing two adjoining condominium units simultaneously, the mortgage recording tax is two point eight zero (2.80%) percent of the loan amount. The mortgage recording tax in Westchester and Rockland Counties (except Yonkers) is one point zero five (1.05%) percent of the loan amount. The mortgage recording tax in Yonkers is one point five five (1.55%) percent of the loan amount. The mortgage recording tax in Nassau and Suffolk Counties is point zero eight (.08%) percent of the loan amount. • Mansion Tax. If you purchase a single family home, condominium unit or co-op apartment with a purchase price of $1,000,000 or more, New York State imposes a transfer tax on the purchaser according at the following rates:
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