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What the the typical "seller" costs at closing?
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dapnkap
Our 3 angels
Member since 7/07 4824 total posts
Name:
Karen
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What the the typical "seller" costs at closing?
We're getting ready to put our house on the market and curious to know what kind of costs as a seller we should expect? I know there's the real estate commission to our agent, what else is there?
TIA!
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Posted 6/17/11 9:57 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: What the the typical "seller" costs at closing?
Your attorney's fees', real estate commission for the buyer.....
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| Posted 6/17/11 10:08 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: What the the typical "seller" costs at closing?
Seller pays New York State Transfer tax and City/county if applicable.
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| Posted 6/17/11 11:39 AM |
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Re: What the the typical "seller" costs at closing?
Closing costs are usually less than 1% of the sale for the seller, not including the real estate commission.
They are pretty minimal. You'll need to pay your attorney (it ranges, but I'd say anywhere from $700 on the low end to $1500 on the high end is the norm -- $1000 to $1200 is average in my area).
The transfer taxes are also low - The NYS tax is $4 per every $1000 of the sale. So on a $400K house, its $1600.
Re: the real estate commissions, there is no extra commission paid from the seller to the buyer's agent. You negotiate a commission with the agent who will list your house, and that agent will split the commission (maybe not 50/50, but there will be some split) with the buyer's agent. So it all comes out of the percentage you negotiate with the listing agent upon signing the listing agreement.
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| Posted 6/17/11 11:46 AM |
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babycakes18
LIF Adult
Member since 4/09 1281 total posts
Name:
Dani
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Re: What the the typical "seller" costs at closing?
Posted by Century 21 Dallow - Christine Braun
Closing costs are usually less than 1% of the sale for the seller, not including the real estate commission.
They are pretty minimal. You'll need to pay your attorney (it ranges, but I'd say anywhere from $700 on the low end to $1500 on the high end is the norm -- $1000 to $1200 is average in my area).
The transfer taxes are also low - The NYS tax is $4 per every $1000 of the sale. So on a $400K house, its $1600.
Re: the real estate commissions, there is no extra commission paid from the seller to the buyer's agent. You negotiate a commission with the agent who will list your house, and that agent will split the commission (maybe not 50/50, but there will be some split) with the buyer's agent. So it all comes out of the percentage you negotiate with the listing agent upon signing the listing agreement.
If you have a mortgage....you pay that off and the title closer charges a pick up fee of around $225-275....per mortgage being paid off.
If you do not fill out a Property Disclosure (most sellers do not) you credit purchasers $500.00 at closing.
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| Posted 6/17/11 10:55 PM |
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