Seller's Closing Costs
- Law Office of Jeanne M. Reardon
- Jan 28, 2012
- 1 min read
Updated: Apr 5, 2023
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