Real estate fee hikes spell trouble for buyers, sellers in Long Island

Nassau, Suffolk residents to see huge spike in processing charges

New York /
Dec.December 04, 2015 02:03 PM

It’s about to get more expensive to refinance or buy a home in certain parts of New York state.

New legislation in Nassau and Suffolk counties significantly increases certain real estate administrative fees. The hikes will force those buying, selling or refinancing a home to pay hundreds, and sometimes thousands, of dollars more in fees.

As part of the increases, recording fees in Nassau County will be raised from $150 to $300, according to a notice by the New York State Land Title Association. The tax map verification letter fee will also jump from $75 to $250, CBS New York reported. The letter is required when deeds, mortgages, mortgage satisfactions and other transactions are filed with the county clerk. The fee hikes were used to avoid property tax increase, CBS reported. Officials expect the fees to tally over $35 million in new revenue and plug budget gaps.

Suffolk County is upping its tax map verification fee from $60 to $200. The purpose of the tax map fee increase, according to the resolution adopted by the county, was to “offset administrative costs.”

Nassau County’s fees become effective on Monday, and Suffolk C0unty’s new rules kick in on Dec. 18. [CBS NY] — Kathryn Brenzel

 

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