NYC real estate lawyer Natalia Sishodia releases a new article (https://sishodia.com/nyc-home-buyers-closing-costs-calculator/) explaining how the NYC Home Buyer’s closing costs calculator works. The lawyer mentions that when someone purchases a property in New York, both buyers and sellers are subject to different closing costs. These closing closets will depend on whether there is financing involved and on the type of property being sold.
According to the NYC real estate lawyer, “A buyer should expect to pay closing costs for both the real estate transaction itself and closing costs to the lender that is involved in financing the property. Typical closing costs for the buyer can range anywhere from 1.5 to 6% of the purchase price of the property.”
The lawyer explains that buyers need to be more aware of the closing costs they will be responsible for. Having an online cost estimator may be helpful to give the buyer an idea of what they should expect from the transaction.
Attorney Natalia Sishodia also lists the different costs that the buyer must expect to pay. These costs include mansion tax, title search, survey, title insurance, application fees, move-in deposit, move-in fees, attorney and transferring agent fee, UCC filing fees, Lien search fees, condo fees, loan-application fee, property tax escrow, appraisal fee, attorneys fees, and many others.
In the article, attorney Sishodia says that the mansion tax refers to the tax that a buyer will have to pay if they purchase a property for over $1 Million. Depending on the purchase price, this tax can range from 1% of the purchase price to 3.9% for properties with prices of $25 million or more.
According to the real estate lawyer, “While New York City and New York State transfer taxes are typically paid by the seller, these are usually passed on to the buyers in the case of new developments. The New York City transfer tax is 1% of the purchase price up to $500,000 and 1.425% on anything priced over $500,000. New York state transfer taxes are $4.00 per $1 million of the purchase price, or 0.04%.”
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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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.
SOURCE: Press Advantage [Link]
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