Home Buying in East Flatbush>Question Details

scy4851, Home Buyer in New York, NY

how much would be typical buyer's closing costs on a 1 family home in Brooklyn, purchase price about $650,000 and all cash (no mortgage).?

Asked by scy4851, New York, NY Mon Apr 8, 2013

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Robin Silverberg’s answer
BEST ANSWER
I agree to ask the attorney. They can get you a title quote. However, on an all cash deal, you will still want an owner's policy, which your attorney might call something else, but the cost of it is $2647 if they use anyone other than Old Republic as their underwriter. Standard searches would probably cost no more than another $500, and you would probably pay about $250 to file your deed. If your lawyer thinks that you should have the property surveyed, then that would be an additional cost, somewhere around $600. You would have to adjust quarterly taxes with the seller, and may have to pay the upcoming quarter if it is very soon. Keep in mind that in most instances you would get a $500 property disclosure credit. If it is a new construction, you may have to pay transfer tax. Plus you have your attorney fee, and either an attendance fee or tip to the title closer of around $200.
2 votes Thank Flag Link Mon Apr 8, 2013
Good afternoon scy4851,

The person best equipped to answer this question is the Attorney representing you for the transaction. Your typical closing costs in a cash purchase transaction will include: Attorney fees, Title fees, Recording fees, Survey fee (if necessary).

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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1 vote Thank Flag Link Mon Apr 8, 2013
Thanks alot for your answer.
1 more question. What about transfer Tax? who pays that in NY? the buyer or seller?
Flag Mon Apr 8, 2013
i have an apartment in Brooklyn mail me on owen.hurley@hotmail.com so we can tell better
0 votes Thank Flag Link Sun Apr 21, 2013
Depends! Other than your attorney's fee, you might have some title costs as well. As suggested below, meet with your attorney and he/she should be able to provide you a better idea than any of us.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes Thank Flag Link Mon Apr 8, 2013
For an accurate picture of costs, ask your attorney the question....
0 votes Thank Flag Link Mon Apr 8, 2013
Hi scy4851 - a good estimate is 6% of the purchase price
0 votes Thank Flag Link Mon Apr 8, 2013
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