Home Selling in 11385>Question Details

Pirin, Home Seller in 11385

I need an estimate of closing costs when I sell a property in Queens NY> Brokers are useless.

Asked by Pirin, 11385 Sun Aug 15, 2010

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Robin Silverberg’s answer
Gail, the problem is that you are quoting the NY state transfer tax only, which is minimal compared to NYC transfer tax that is paid in addition. I think Terry and I both gave a very comprehensive answer that should cover everything, which yours did not seem to do.
1 vote Thank Flag Link Sun Aug 15, 2010
Hi Pirin...here is a list of your closing costs...everything is based on your selling price-and I am assuming you are in Queens count y11385
1- 1.425 NYC transfer taxes if it sells over $500K (1% if under $500K)
2- $4.00 per $1000. for NYS transfer taxes
3- Your attorney fee
4- If you are using a agent/broker commssion is negotiable
5- If you have a mortgage that needs to be paid off-your total loan amount is due at closing
6- If you have any equity lines of credit- that too will have to be paid off
7- The capital tax gains on your sale will be paid or washed out when you do your income taxes next year.
8- Survey fee should be paid by buyer
9- Engineers inspection should be paid by buyer
10- If termites are found ususally taken care of by the seller.
That's about it in a nutshell...unfortunately there are brokers that do not deserve the title...but don't dismiss all because of some bad ones. It would be my pleasure helping you out with your specifics- it's free- give me call Terry K 718-614-3167 or email therese.korahais@elliman.com
1 vote Thank Flag Link Sun Aug 15, 2010
Hey...useless broker here to tell you that you will pay transfer tax of $4 per $1000 of sales price, you will pay the Realtor commission and your attorney.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sun Aug 15, 2010
Pirin, funny that I should tell you that the Prudential Douglas Elliman people will know the answer, and here they are telling you. If you cross reference our posts, you can get your answer, as we each left off a few things. As far as capital gains and pay-offs, that is not what I would consider a closing cost. The pay-offs will definitely have to be deducted from your selling price, however as far as whether you will have to pay any capital gains, you should consult an accountant.
Terry, were you the listing agent on that Palacios deal that we finally closed?
0 votes Thank Flag Link Sun Aug 15, 2010
Pirin, the most important thing here is to listen to people who are in-state, not out of state, especially when they are not a professional. If you want to know how much you will be left with in your pocket, which is what I suspect you really want to know, you should start with arriving at the commission you will pay the realtors. This is probably somewhere between 4 & 6%, but you will have to make the deal on that. If you selling price in less than $500,000, you will have a 1% NYC transfer tax fee, and .4% NYS. If your selling price is above $500,000, you can add .425% to the NYC fee. You will also have filing fees of about $250, property disclosure credit to the purchaser of $500, attendance fee to the title closer of $250 if you have 1 loan to pay off, $450 or so if you have 2 loans. You will also have to pay your own attorney, who will draft the contract of sale, negotiate on any issues, and attend the closing with you. This is for a 1-4 family or condo. If you are talking co-op, things are different.
Just an FYI, this is not really something that your broker should necessarily know, so I wouldn't consider them useless. Many of them do know however, especially if they are working for a larger company like Prudential Douglas Elliman, where they have that information provided to them by their company.
0 votes Thank Flag Link Sun Aug 15, 2010
The answer is a little more complicated than just a range, however the link below will give you a good idea. Heck, as a real estate agent myself, I am always willing to help people figure this stuff out, whether you are a client or not. Feel free to call me to run your scenario to give you a more accurate answer.

BTW, I agree with you, many brokers are useless. They are known as the jelly doughnut eating real estate agents. However, the good ones earn their money and act as the lube in a deal that is always trying to seize up. The good ones fight for your deals and are powerful negotiators!
0 votes Thank Flag Link Sun Aug 15, 2010
Your closing costs will be approximately 10% of your sales price.
0 votes Thank Flag Link Sun Aug 15, 2010
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