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  • Writer's pictureLaw Office of Jeanne M. Reardon

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

• Sales $500,000 and over 1.425% of purchase price


Non-Resident Gains Tax Withholding

(out of state seller) 8.82% of gain

Non-US Resident (FIRPTA) 10% / 15% of price withheld or paid


Mortgage Payoff Fees: (if applicable)


Pick-up/payoff fee $150-$250 each


Recording Satisfaction $100-$300 each


Real Estate Broker Fee:

Commission 6% of purchase price (negotiable)


Legal Fees:


Seller's Attorney fee varies, but usually flat-fee basis (consult with your

attorney)


To speak with an experienced real estate attorney about a closing, call us at (516) 314-8433. To learn more about our real estate closing services visit us at: https://www.jreardonlaw.com/residential-real-estate-closings

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