I blogged about this issue twice last week. To answer your question, yes it is the realtor's role to edify his or her client as to a ballpark figure for closing costs. You have the transfer tax that just went up 40% to $10.50 per $1000 of purchase price, attorney fees of $500-$750, inspection of roughly $300, several months of assessments if it's a new construction, you have title insurance and any costs associated with the mortgage. I think, though, that you are guising personal anecdote as fact when you say that "too often buyer's agents are not educating their clients in advance of closing."
got a call from one such call from an agent this week (actually a really good one at at that) . asked him if his buyer was trying to beat the tax increase. he answered - oh, that went through? so clearly, not everyone knows, or advises their clients
as for the whinning about the tax increase itself, i ask my colleagues:
where were you earlier this winter (or summer or fall) when the deal was being cut in springfield? the state legislative bail-out included this tax increase and it was pretty much forced on the city council. its not like the aldermen had any choice (and yes, i AM loathe to defend them on this). they are being scapegoated
---- unless of course one of you out there publicly came forward with a better solution... which i would be very curious to hear about.
no - i do not like the tax increase (or increased title company charges or lender charges or property tax levies, or broker administrative fee increases either) but we live with all of them as well, and seem to still be making a living...
Manhattan is a wacky situation because RETT is traditionally paid by the seller except in cases of new construction, and buyers of new construction condos in New York are generally so hot for them that it doesn't make a difference.
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z
I know the transfer taxes went up in the city, but I thought they were all paid for by the seller. I understand that it's $7.50/$1000 buyer and $3.00/$1000 seller. Is that right?