Homebuying Guide

Home buying guide · Staten Island

The Pinnacle Team - Home Buying Guide

Buying here comes with a few rules that don't apply everywhere. New York closings run through attorneys. The city charges its own mortgage recording tax and a mansion tax over a million. And since August 2024, you sign a written agreement with your agent before you walk through your first house.

This guide covers what you'll sign, what you'll pay at closing, and how the process really goes. We're The Pinnacle Team at RE/MAX Edge on Willowbrook Road, and we've walked a lot of buyers through this.

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Staten Island homes from above

Property Taxes Work Differently Here

Why two similar houses pay different bills

One, two, and three family homes are NYC Class 1. The city assesses them at 6% of market value, applies the Class 1 rate, which is roughly 20% of that assessed value, and caps how fast the assessed value can grow at 6% a year or 20% over five years. That cap is why a house someone's owned for twenty years often carries a much lower bill than the identical house next door that just sold. Pull the actual bill for any address on the NYC Department of Finance site before you make an offer. Don't guess from a percentage.

How Buying Works, Step by Step

  1. 01

    Get pre-approved

    Pre-approved, not pre-qualified. That means a lender has actually looked at your documents. Staten Island sellers ask for it before they'll take an offer seriously, and in a multiple offer situation a buyer without one is not in the running. Talk to a lender first. We work with several and can point you to the right one for your situation.

  2. 02

    Sign a buyer agreement

    Since August 2024, a written agreement between you and your agent is required before you tour homes. It spells out what your agent gets paid and how. That amount is negotiable, it's not set by law, and your agent can't collect more than what the agreement says, even if a seller offers more.

    It also means you've got someone whose obligation is to you, not to the seller. We go through it line by line before you sign anything.

  3. 03

    Search and tour

    We set you up on direct MLS alerts so you see listings the minute they hit, not a day later when the portals catch up. Tour with us. Ask your questions in the house while you're standing in it.

  4. 04

    Make the offer

    We build the offer around what actually wins with this seller, in this situation. That's not always the highest number. Financing type, deposit size, contingencies, and closing date all matter. We'll also tell you straight when a house isn't worth what they're asking.

  5. 05

    Attorney and contract

    In New York the attorneys draft and negotiate the purchase contract. You need one. Your attorney orders the title search, negotiates the contract terms, and holds your deposit in escrow. We'll give you names if you need them.

  6. 06

    Inspect it

    Hire your own licensed inspector. On Staten Island, add these to the standard scope when they apply: a buried oil tank scan, a sewer line camera, basement moisture, and a check for open DOB permits or ECB violations on the property.

  7. 07

    Mortgage, appraisal, commitment

    Your lender appraises the house and underwrites the loan. The mortgage contingency in your contract is what protects your deposit if the loan gets denied. Don't waive it without your attorney signing off.

  8. 08

    Walk through and close

    Walk the house the day before or the day of. Then the attorneys, the lender, and title close it out. From signed contract to keys usually runs 60 to 90 days on a financed purchase.

Not pre-approved yet? We'll connect you with a lender this week.

What You'll Pay at Closing

On top of your down payment:

Mortgage recording tax. Usually your biggest single line. On a one to three family home or a condo in the city, the buyer's share works out to about 1.8% of the loan amount if the loan is under $500,000 and about 1.925% if it's $500,000 or more. Co-ops don't have it.

Mansion tax. 1% of the purchase price on residential purchases of $1,000,000 or more. The rate steps up in brackets above $2,000,000. Buyer pays.

Attorney. Usually a flat fee.

Title search and insurance. The lender's policy is required. An owner's policy is optional and worth it.

Lender fees and prepaids. Origination, appraisal, prepaid interest, and the escrow setup for taxes and insurance.

Inspection. Paid up front, before contract.

Those tax rates are set by the city and the state and they change. Send us a listing you're looking at and we'll size the closing costs with your lender, so nothing surprises you at the table.

Communities

The Four Shores

We'll show you homes anywhere on the Island that fit what you've told us you want. Where you live is your call. Our job is to get you the facts to make it: the tax bill and what comparable houses actually sold for.

If you're still narrowing it down, our Staten Island zip code map breaks the Island down by ZIP, and our Staten Island guide covers what's around each area.

a lar white arch sitting next to a body of water

North Shore

St. George, Tompkinsville, Stapleton, West Brighton, Port Richmond. Closest to the ferry. Older housing stock, a lot of two and three families, new construction along the waterfront.

a large body of water with a city in the background

Mid-Island

Todt Hill, Emerson Hill, Westerleigh, New Springville, Bulls Head, Willowbrook. The Greenbelt runs through it. Widest range of lot sizes on the Island.

a large body of water with a city in the background

East Shore

New Dorp, Dongan Hills, Grant City, Oakwood, Midland Beach, South Beach. Near the water.

The sun is setting over a body of water and a silhouette of the Statue of Liberty

South Shore

Great Kills, Eltingville, Annadale, Huguenot, Prince's Bay, Tottenville, Woodrow, Charleston. Newer construction, bigger lots.

What Staten Island Housing Looks Like

There's more variety here than most buyers expect, and the type of house matters as much as the address:

Detached single family. The widest range on the Island, from small ranches to big new colonials. Driveway and yard come standard.

Semi-attached and attached. Very common here and often the entry point. One shared wall, your own lot, your own roof.

Two and three families. Heavy on the North and East Shores. The rental income can help you qualify, but lending works differently than a single family purchase. Talk to your lender before you tour one.

Condos and co-ops. A smaller slice of the market, with monthly common charges on top of taxes. Co-ops need board approval. Condos don't.

New construction. More of it here than in the other boroughs, mostly South Shore.

Condition and layout move the price as much as location does.

Common Questions

Do I have to sign something before I can see houses?

Yes. Since August 2024 a written buyer agreement is required before your agent tours you through a property. It states what your agent gets paid. That amount is negotiable and not set by law.

Who pays my agent?

Depends on the deal. Compensation for a buyer's broker can come from the seller, from the listing brokerage, or from you. It's negotiated on each transaction, and it can't be advertised on the MLS anymore. Your buyer agreement caps what your agent can receive, and we tell you that number before you sign.

How do Staten Island property taxes work?

One, two, and three family homes are NYC Class 1. Assessed at 6% of market value, taxed at roughly 20% of that assessed value, with growth capped at 6% a year or 20% over five years. Pull the real bill for the address on the NYC Department of Finance site before you offer.

Do I need an attorney?

Yes. In New York the attorneys draft and negotiate the contract, and your attorney holds your deposit. Budget for it.

Are there first-time buyer programs?

Yes. New York State runs SONYMA mortgage programs with down payment assistance, and New York City runs HomeFirst through HPD-approved counseling agencies. Both have income caps, purchase price caps, and a homebuyer education requirement, and the numbers change. Start with a lender who does SONYMA loans and an HPD-approved counselor. We can point you to both.

What should I inspect on a Staten Island house specifically?

The standard inspection, plus an oil tank scan if the house ever ran on oil, a sewer line camera, basement moisture, and open DOB permits or violations.

How long does it all take?

Pre-approval takes a few days. Finding the right house takes as long as it takes. Signed contract to closing runs about 60 to 90 days on a financed purchase.

Let's Get You Started

Set up MLS alerts, or just tell us what you're looking for and what you can spend. We'll take it from there. No obligation either way. You can also browse our current listings.

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RE/MAX Edge · 651 Willowbrook Rd, Staten Island, NY 10314 · 718-612-3088
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