Manhattan Real Estate Lawyer Natalia Sishodia Explains Who Pays Real Estate Closing Costs in New York

Manhattan real estate lawyer Natalia Sishodia releases a new article (https://sishodia.com/who-pays-real-estate-closing-costs-in-new-york/) that explains how real estate closing costs are paid and who is responsible for paying them in New York. The lawyer mentions that closing costs are charges that are over and above the price of the real estate that is due at closing.

According to the Manhattan real estate lawyer, “Whether you are a buyer or a seller, closing costs can either take a chunk out of your sales proceeds or significantly affect your purchasing power. It's important to be prepared, so it isn’t a surprise when you least expect it.”

The lawyer explains that closing costs may be negotiated between a buyer and a seller. It will be to the advantage of a buyer or a seller to explore other options that are available to them. In New York City, a real estate transaction will be subject to some type of closing costs.

Attorney Natalia Sishodia says that the seller may have to pay closing costs that can run more than 8% of the sales price. The seller is responsible for paying the real estate commission for the sale. As a seller, the biggest percentage of the closing costs can be the commission. These commissions typically range from 5 to 6 percent of the sales price.

In the article, attorney Sishodia mentions that the seller is also responsible for any city and state transfer fees. There is a 1% transfer fee for properties valued under $500,00 in New York. For properties over $500,000, the transfer fee is 1.425%. There is also an additional 0.40% or 0.65% state transfer fees for properties over $3 million.

Furthermore, the real estate lawyer also explains that the buyer should expect to pay closing costs ranging from 2 to 5% of the property’s purchase price. The closing costs can also depend on the mortgage terms and property type variables which include lender’s fee, mortgage recording tax, attorney’s fees, title insurance premiums, and others.

Lastly, Manhattan real estate attorney Natalia Sishodia emphasizes the importance of having a knowledgeable real estate attorney when it comes to matters like buying or selling a real estate property. Having a knowledgeable real estate attorney may be able to help the client by handling the sales and guiding the client on issues that may occur.

About Sishodia PLLC

Sishodia PLLC’s team of professional Manhattan real estate attorneys pride themselves on their ability to navigate complex investment laws and intricacies to offer the most comprehensive advice and guidance possible for their clients. The lawyers at Sishodia PLLC take time to fully understand each client’s unique goals and circumstances, minimizing potential risks and issues. Call them today at (833) 616-4646 for a consultation.