Manhattan real estate lawyer Natalia Sishodia releases a new article (https://sishodia.com/nyc-home-buyers-closing-costs-calculator/) that explains how the NYC Home Buyer’s closing costs calculator works. The lawyer mentions that both sellers and buyers are subject to different closing fees when purchasing property in New York. These closing costs will depend on the type and amount of financing involved.
According to the Manhattan 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 more information about the closing costs that they will be responsible for. A buyer may find it helpful to have an online cost estimator so they can get an idea about what to 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.
According to attorney Sishodia, the mansion tax is the tax that a buyer must pay if they purchase property worth over $1 million. This tax can vary depending on how much the property is worth. Properties with a price tag of $25 million or higher may have to pay a 1% surcharge and properties worth less than $250,000 will be subject to 3.9%.
“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%,” says the real estate lawyer.
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.
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(833) 616-4646
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For more information about Sishodia PLLC, contact the company here:
Sishodia PLLC
Natalia Sishodia
+18336164646
natalia@sishodialaw.com
600 Third Avenue 2nd Floor, New York, NY 10016, United States
