When you sell a house in NY (mortgage, lawyer)

[Bettsnow]

Does anyone know what type of fees do you pay at closing?

[momix5]

I know in Suffolk County you pay transfer tax to the county, in addition to the commision for the real estate.

[Bettsnow]

Do you know how much the transfer tax is? Is it a percentage of sale of home? And I heard something about a mortgage tax?

[MissMul]

Usually fees, your mortgage lender should break it down, depending on the property you buy, our house cost 316,400.00, three years ago and our closing costs came to around 11,000.00. contact your lender.

[Minniemom]

As a general rule, you will pay a real estate agent a 4% commision on the sale price of the house.

The transfer tax is $4.00 for evey 1,000.00 of the sale.

[Giznot]

TEST
SELLING PRICE $790,000 $100,000
1.45% NYC Transfer Tax $11,455 $1,450
4 to $1000NYS Transfer Tax $3,160 $400
Satisfaction Mort $95 $95
3% Commission 3% $23,700 $3,000
Legal Fee $450 $450
Brokerage Fee $0 $0
Mort Balance Owe $0 $0
Total Est Disburse $38,860 $5,395

Walk Away $751,140 $94,605
Buy a House $600,000
Nest $151,140

[debhop]

Talk to your bank, they can give a list that could be a fee cost when you buy a house. I have two homes that I have bought. Closing costs of fees alone are at least $1000 - $2000 +, not including the money down. 20% down on a property will eliminate PMI , which is a monthly added cost to your mortgage payment. But, most people can not put 20% down.

[movinquick]

for everyone out there, i'm a real estate agent. the closing costs for a seller are:

1. transfer tax - $4 for every $1000 paid to NY State
2. real agent comp (normally 4%) -assuming you get one
3. lawyer fees (make sure you get a good lawyer)

these costs are normally added on to the selling price to help cut seller's cost.