New York City real estate lawyer Natalia Sishodia releases a new article (https://sishodia.com/nyc-home-sellers-closing-costs-calculator/) discussing the 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.
According to the New York City real estate lawyer, “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.”
The lawyer explains that closing costs are typically deducted from the final sale proceeds. If the proceeds are insufficient to cover closing costs, the seller would have to pay them out-of-pocket.
Attorney Natalia Sishodia says that closing costs are important to consider. These costs include the broker's commission, New York City transfer and New York State tax taxes, building flip tax, moveout deposit, moveout fee, managing fee, bank satisfaction fees, residential Deed fee, filing fees for Automated City Register Information System, (ACRIS), and a building Flip tax. These fees can be combined with a closing cost calculator to help the seller determine what closing costs they should expect.
According to attorney Sishodia, it is not unusual for the seller to charge a buyer or seller a move-in or out fee if he is selling a cooperative. The majority of the time, after the application is received by the managing agent, the seller will pay a move-out fee.
“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,” says the real estate attorney.
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.
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