Home Selling in 11229>Question Details

Pam, Renter in Brooklyn, NY

How do I estimate the seller's cots on a two family house in Brooklyn?

Asked by Pam, Brooklyn, NY Mon Jun 11, 2012

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4
Hi, Typically closing costs are between 3-4% of the putrchase price, under a million.

Chris
0 votes Thank Flag Link Tue Jun 12, 2012
For an accurate picture of costs, ask your attorney for a good faith estimate....
0 votes Thank Flag Link Tue Jun 12, 2012
Dear Pam:

When selling a 2 family home in Brooklyn you have the following closing costs:

1) New York City transfer tax which is 1% of the sales price if sales price is $500,000 or less, if sales price is over $500,000 the it goes up to 1.425%,

2) New York State transfer tax which is 0.04%of the sales price,

3) Property condition Disclosure Law fee which is $500.00,

4) Your attorney fee,

5) Usually the seller will hire a real estate agent to help, in that case you will also be paying a real estate commission.

You have to negotiate the attorney fee with your attorney and the real estate fee with your real estate agent. In addition, you will have to pay off any leins and/or debts attached to the house at the closing table.

Also if you are making a profit you may have to pay capital gains taxes. You need to discuss that with your accountant.

If I had more details I can expound on the capital gains aspect of it. Feel free to call me if you like. Good luck!

Sincerely,
Mitchell Feldman
Associate Broker
Madison Estates & Properties, Inc.
917-805-0783
MFeldman@MadisonEstates.com
0 votes Thank Flag Link Mon Jun 11, 2012
Woops! Sellers cost is appx 1.5% of sale price. You have the first $500k deductible from a taxable srtandpoint - confer with your accountany for more detailed information & what you must do to avoid any tax burden going forward.
0 votes Thank Flag Link Mon Jun 11, 2012
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