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NYC Real Estate Attorney Natalia Sishodia Explains NYC Home Seller’s Closing Costs Calculator

April 26, 2022
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NYC real estate attorney Natalia Sishodia releases a new article (https://sishodia.com/nyc-home-sellers-closing-costs-calculator/) explaining NYC home sellers’ closing costs calculator and how it works. The lawyer mentions that there will be closing costs involved for both sellers and buyers in a closing transaction in New York. As a seller, an individual must keep in mind the closing costs for their property.

“Closing costs for a seller can be quite steep and can take a chunk out of the proceeds you may be expecting at the closing table. Seller’s closing costs in New York City can run around 8 to 10% of your sale price, depending on the type of property, so it is important to be prepared,” says the NYC real estate attorney.

NYC Real Estate Attorney

The lawyer explains that closing costs usually come out of the proceeds of the sale and are deducted from the amount collected at closing. If the proceeds are not enough to cover the closing costs, the seller may have to pay them out of pocket.

Attorney Natalia Sishodia adds that there are many closing costs that the seller must keep in mind. These costs include the real estate agent/broker’s commission, a building flip tax, New York City transfer tax, New York State transfer tax, move-out deposit, move-out fee, managing agent fee, bank loan satisfaction fees, residential Deed transfer fee, and Automated City Register Information System (ACRIS) filing fees. With these fees, the seller may use a closing cost calculator that can help them set their expectation about the closing costs they will have to pay.

In the article, attorney Sishodia says that if the seller is selling a co-op, it is usually typical for both the buyer and seller to be charged a move-in or move-out fee. Most of the time, the seller will pay the move-out fee to the managing agent after the new owner’s application is submitted.

According to the attorney, “In most cases, seller’s closing costs in New York and New York City are unavoidable, especially when it comes to filing fees, co-op fees, and other state and city taxes. As either a buy or seller in today’s real estate market, it is always best to understand exactly what to expect in closing costs, so you aren’t unpleasantly surprised at the closing table. There are online closing cost estimators available so you have a good idea of what to expect at closing.”

Lastly, the lawyer also stresses the importance of having an experienced lawyer when negotiating the purchase or sale of real estate, or in any other real estate transaction. An experienced lawyer can help clients understand their rights and ensure they get the best deal possible.

About Sishodia PLLC

Sishodia PLLC’s team of professional NYC 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.

Sishodia PLLC | Real Estate Attorney and Estate Planning Lawyer | Assett Protection Law Firm | 1031 Exchange | Trust Set Up - NYC

600 Third Avenue 2nd Floor, New York, NY 10016, United States

(833) 616-4646



SOURCE: Press Advantage [Link]

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About Sishodia PLLC:

Sishodia PLLC is a boutique New York real estate law firm offering experienced, individualized legal solutions to clients ranging from first-time homebuyers to seasoned real estate investors.

Contact Sishodia PLLC:

Natalia Sishodia
Sishodia PLLC
600 Third Avenue 2nd Floor, New York, NY 10016, United States
+18336164646

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