Consideration $1,000,000 - $1,999,999 $2,000,000 - $2,999,999 $3,000,000 - $4,999,999 $5,000,000 - $9,999,999 $10,000,000 - $14,999,999 $15,000,000 - $19,999,999 $20,000,000 - $24,999,999 $25,000,000 or more Rate 1.00% 1.25% 1.50% 2.25% 3.25% 3.50% 3.75% 3.90% • Peconic Bay Transfer Tax. If you purchase a home in East Hampton, Riverhead, Shelter Island, Southampton, or Southold, you will be obligated to pay a transfer tax equal to two (2%) percent of the purchase price (there is an exclusion from taxation of $250,000 in the towns of East Hampton, Southampton, and Shelter Island). • Survey Inspection of the Property (House Only). Cost: $500 to $1,000. • Title Closer Gratuity. It is customary to give the title closer a gratuity for attending and representing the title company at the closing. Cost: $250 to $300. Additional Closing Costs - Applicable to Co-op Purchases Only You will be required to pay the following additional closing costs prior to or at the closing: • Lien Search. After the contract is signed, your attorney will order a lien search from a title or abstract company to examine the public records for any judgments or liens against you, the seller, and the co-op corporation. Your lender will require that any outstanding judgments or liens against you or the seller or any outstanding loans filed against the apartment must be satisfied (paid-off) at or prior to the closing. Cost: $350. Unlike title insurance, the title or abstract company does not provide a certificate of title, although one can be obtained for an additional premium. • Uniform Commercial Code (UCC-1) Fi C-1) Filing Fee. Prior to closing, you will sign a document that will permit your lender to file a lien against the shares allocated to your apartment in the county clerk’s office. Cost: $75 to $100. • Financing (Recognition Agreement) Fee. At the closing, you will be obligated to pay a fee to the co-op corporation or its
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