Do you know what your closing costs will be when you sell real estate?
“Selling your apartment in New York is like dating a manic-depressive.. you get used to cycles of elation and despondency. Every time someone would come to see the apartment, there was the thrill of the date. You want to be presentable, so you clean the place up, make sure it smells good, put on some mood lighting and mellow music.” -Anderson Cooper
After all the work you put in to selling your property, nobody wants any surprises at the closing table, so it’s important for sellers to know what to expect in closing costs when selling real estate.
In general, Sellers typically spend about 5-8% of the sales price in closing costs if the sale was brought about by a real estate broker; if no broker is involved, the costs usually run about 1-2% of the sales price.
Here’s a schedule we put together that shows estimated closing costs when selling real estate. Remember, these are just estimates and they focus on our local area - be sure to review your costs with your attorney to find out what they’ll be in your area.
SELLER’S REAL ESTATE CLOSING COSTS:
Transfer Taxes:
NY State - 0.4% of the sales price
Local - some municipalities impose local transfer tax in addition to NY state tax:
- Mt. Vernon - 1% of sales price
- Yonkers - 1.5% of sales price
- NY City - 1% of the sales price (if price is less than $500,000; or 1.425% of the sales price (if price is $500,000 or more)
- Warwick and Peconic Bay
Property Condition Disclosure: (if applicable)
$500 credit to the Purchaser(s)
Please note: The Property Condition Disclosure Credit does not apply for cooperative sales.
Loan Payoff Fees: (if applicable)
- Pick-up/payoff fee - $150-$250 each
- Recording Satisfaction - $100-$300 each
Varies - discuss with your real estate attorney.
Real Estate Broker Fee(s): (if applicable)
Usually 4%- 6% of the sales price
Miscellaneous Fees: (if applicable)
- Final Water Bill - usually $50 - $300
- Tax Withholding - if seller is a foreign person or corporation, or seller is not a NY resident, additional amounts are due.