When selling a home there are many costs that you need to consider. In New York, most sales require that you provide an updated abstract of title and many transactions require that you provide an updated survey. What are these documents and what do they cost?
Cost of Selling a House: Abstract of Title
The abstract of title is a history of the property, and may go back in time to the 1800s. It shows mortgages, deeds, liens and other items that affect the title to the property. It is usually a legal sized (8 ½ x 14) group of documentation that is bound at the top with a heavier backer that typically says Abstract of Title.
Updating this document is typically cheaper than having to have a brand new abstract created. The cost to update the abstract will depend on the area where the property is located as well as the amount of time since the document was last brought to date.
In Onondaga County, for instance, the cost to update an abstract can vary from about $175.00 to as much as $415.00, again depending on how long it has been since the abstract was last brought to date and where the property is located.
If you are unable to locate your original abstract of title to have it updated/brought to date then a new abstract of title must be ordered. In Onondaga County, for instance, the cost to prepare a new abstract of title starts at around $650.00 and increases depending on the complexity of the title. These complexities can include, but are not necessarily limited to, the following:
- Are there multiple estate or foreclosure proceedings involved?
- Is the property historical?
- Is the property a new development with multiple restrictions and covenants?
The location of the property and the company that prepares the search can also influence the cost of selling a house by increasing the cost to update or create a new abstract of title.
Cost of Selling a House: Survey
The survey is a drawing of the property that shows the boundary lines, fences and the shoeprint of the house and any buildings on the property.
The survey is important as it can indicate potential issues that may arise to the title of the property, like a neighbor whose woodshed extends over your property line. Surveys are required by many lending institutions in the area and a licensed surveyor must be employed to prepare the survey.
If you have an existing survey, most times it can simply be updated/brought to date. This cost is of course going to vary depending on the surveyor and the property being surveyed and can vary from as little as $250.00 to as much as $500.00.
Cost of Selling a House: Preparing a New Survey
If you are unable to locate the original survey and a new survey has to be prepared as a requirement of the contract or lender, then prices will again vary depending on the surveyor and the size of the property. Typically, the prices for a new survey start around $450 on the low end and can run as much as $1,200.00 or more on the higher end.
*Prices for Abstracts and Surveys are subject to change without notice and are determined by the individual or company providing the service and not MCV Law.
Cost of Selling a House: Real Estate Lawyers
When selling a home, you may be able to find a real estate lawyer that will represent you for as little as $450.00, but cheaper is not always best.
When you partner with MCV Law through this process, from contract to closing, you are not treated like a number. While our fee of $850.00** may not be the cheapest around we are committed to being thorough, detailed, professional and responsive to our clients and their needs during the process and after. There have been times when individuals have come to us after a closing feeling ignored and unimportant by their cheaper legal representation, wishing they had paid the little extra money for someone that cared and was responsive to their questions, concerns and needs throughout the entire process.
What is the Cost of Selling a House? Get a Free Consultation with an MCV Law Real Estate Lawyer
To discuss having our team assist you with your sale,
call MCV Law at 315-471-1664.
** Base price as of 5/29/19, is subject to change, does not include costs & disbursements (i.e. overnight fees, abstract or survey updates) and varies depending on complexity of the transaction.