JEANNE REARDON - Attorney at Law
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Real Estate Law Blog

Real Estate Closing Costs

New TRID Rules

On October 3, 2015, the Consumer Financial Protection Bureau’s (CFPB) new mortgage disclosure law, also known as the TRID went into effect. TRID will help consumers be more informed regarding the closing cost.

Here are11 things you should know about the new law:

1. Initial Good Faith Estimate (GFE) and Truth in Lending disclosure (TIL) are now combined into one new form called the Loan Estimate (LE).

2. Instead of the old forms such as the HUD-1 and Final TIL we now have the Closing Disclosure (CD).

Why You Need a Real Estate Lawyer When You Buy or Sell a House

Whether you are buying or selling a home, your team of expert advisers should include a real estate closing attorney. Real estate closings  are complicated matters and require a thorough knowledge of the law.  With a decision as serious as buying and selling real estate, it is important that you are guided throughout every step of the closing process by an experienced and knowledgeable real estate lawyer.  The purchase of a home is often the single largest financial transaction you will ever make in your life.

Purchaser's Closing Costs





Purchasing a home involves more out-of-pocket expense than just the down payment. There are also closing costs to pay for items such as title policies, recording fees, inspections and fees that a lender charges for obtaining a mortgage. The following schedule is an estimate of the closing costs that a buyer can typically expect to pay at closing.


PURCHASER’S REAL ESTATE CLOSING COSTS:
         
Taxes:(if applicable)

Mansion Tax                                                  1% of purchase price when $1,000,000 or over

Seller's Closing Costs




The following schedule shows estimated closing costs
when selling real estate.  These costs are just estimates
and should be reviewed with your attorney.


SELLER’S REAL ESTATE CLOSING COSTS:

Transfer Taxes:

NYS Real Property Transfer Tax                    0.4% (.004) of purchase price

NYC Real Property Transfer Tax
(Usually paid by Seller,
 except on new contruction sale)
• Sales under $500,000                                    1% of purchase price