NYC real estate attorney Natalia Sishodia releases a new article (https://sishodia.com/nyc-home-sellers-closing-costs-calculator/) discussing the home sellers’ closing costs calculator in New York 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 Natalia Sishodia.
The lawyer mentions that closing costs are usually deducted from the final sale proceeds. If the closing costs are not covered by the final sale proceeds, the seller will have to pay them out of pocket.
Attorney Natalia Sishodia states that closing costs should be considered. These costs include the broker's fee, New York City transfer fees, and New York State taxes, as well as a moveout deposit, manage fee, managing fee, and residential deed fee. To help sellers determine the closing costs to expect, these fees can be combined together with a closing cost calculator.
Attorney Sishodia says it's not uncommon for a seller to charge buyers or sellers a move-in or out fee when he sells a cooperative. Most of the time, once the application has been received by the managing agents, the seller will be required to 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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