New York home seller’s shutdown cost calculator

Buyer’s Agent Fee: $18,265–$21,918

In the past, most home sellers have covered listing agents and buyer agent committees. However, after a landmark court settlement by the National Association of Real Estate Brokers, it is now expected that the buyer will make compensation directly with his own agents. If you are paying this to attract buyers or help with a deal, the price is $730,600 and the New York City median is $730,600, you can expect to pay $18,265-$21,918.

Detailed closure fee: $14,612 – $36,530

New York City’s closure costs usually account for an average of 2%–5% of home sales prices. Whether your property falls into the high or low end of this range depends on its value, conditions, purchase agreement, and the service you ultimately want to pay for. In a home with a median of $730,600, you might pay $14,612–$36,530. Here are some typical settlement fee types you can expect in a New York City home sales:

• Family preparation: To make your New York City stand out, you need to invest in curbing appeal improvements such as professional cleaning, landscaping, or real estate installments.
• Renovation/Repair: Fix or update a New York City home to meet buyer’s expectations or meet inspection requests.
• Ownership service fee: Verify legal ownership and help manage the ownership company required for property transfer. Buyers usually pay this fee in New York City.
• Owner’s ownership insurance: One-time insurance premium paid by the seller in New York City protects the buyer from ownership issues or ownership disputes. Traditionally, buyers pay this fee in New York City.
• Transfer Tax: New York home sellers pay a state transfer tax rate of $2 for every $500 of the property’s value. There are other city taxes. (See more below.)
• Recording fee: This is a relatively small fee you need to pay to the local city or county record office to formally record changes in property ownership.
• Buyer incentives: Since buyers are more hesitant in the current Houston market, you may need to offer offers or credits to add to the deal, such as paying the buyer’s agency fees or funding interest rate purchase rates.
• Other fees: You may have miscellaneous fees that are not covered in other categories, such as attorney fees and HOA transfers. (A lawyer is required to sell the home in New York.)
• Mobile fees: Technically, while paying for a porter or renting a truck is not a closing cost, you should include this fee in your budget, which costs from $883 to $7,000.

In addition to statewide taxes, the citywide transfer tax in New York City and the luxury home transfer tax on homes worth more than $2 million. New York State considers a $2 real estate transfer tax on every $500 on residential properties and an additional 1% luxury home tax on homes considered for $1 million or more. Depending on the sale price, the city of residential property transactions may range from 1% to 1.475%.