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