Home Selling in Bronx>Question Details

Princess, Home Seller in Bronx, NY

What are sellers closing costs for a home?

Asked by Princess, Bronx, NY Tue Aug 17, 2010

Selling in Bronx, NY

Help the community by answering this question:


There usually about 5 -6%, that is not including transfer taxes if applies and dealing with New Construction. Your Realestate Atorney, will break it down for you. All these costs you will see on your closing, which is your HUD statement. The good thing is that the first year you close you can right off all your Points and Closing costs, ONLY Interest and TAXES on your Tax Return!

Good Luck!

Mildred Valentin, Realtor
Exit Realty Van Zandt
1314 Blondell Avenue
Bronx, NY 10461
email: valentin333@optonline.net
0 votes Thank Flag Link Wed Aug 18, 2010
Hi Princess,

I'm assuming you're selling a home in the Bronx, this a basic breakdown after the sale:

Transfer Tax
(1% of sales price if selling price is under $500,000)
(1.4% of sales price if selling price is above $500,000)

State Tax
($4 per every $1000 of sales price)

Attorney Fee
($1200 average real estate attorneys fee)

Mortgage Payoff
($ amount of mortgage balance)

Additional Fee also applies if you use a realtor in the sale. As well as misc. closing cost if any (ex. water/tax liens)

After all this, that will give you your net walk away dollars.

I would love to give you the exact net proceeds so please contact me so I can run the numbers with an exact sales price plus an exact mortgage balance.

Thank you & best of luck!

John Lajara
REALTOR/Notary Public
Exit Realty Search
3928 E. Tremont Ave
Bronx, NY 10465
Web Reference: http://JohnHomeSales.com
0 votes Thank Flag Link Wed Aug 18, 2010
Seller's are responsible for transfer tax,attorney fee's,broker commission,title search,any liens or judgements,and mortgage if applicable.Your attorney will give you the break out of all the expenses
0 votes Thank Flag Link Tue Aug 17, 2010
Your attorney can give you an estimate of closing costs as they will apply in your specific situation--the following will give you an idea--attorney fee, broker fee, transfer tax, any existing mortgage if applicable, any leins if applicable, miscellaneous fees if applicable, etc.
0 votes Thank Flag Link Tue Aug 17, 2010
Obviously, if you are in New York, it would be best if you asked a state certified agent. But is you were in Pennsylvania, the costs would be the commission (5-6%), transfer tax depending on the area (1% in Bucks County, Pa) and a combination of some lower costs which would add up to about $400).It all depends on charges in your local area but again, the greatest cost in PA is transfer tax and commission. I hope this helps!

Good Luck!
Frank Dolski
Coldwell Banker hearthside Realtors-Lahaska, PA
Web Reference: http://www.FrankDolski.com
0 votes Thank Flag Link Tue Aug 17, 2010
Figure 4-5% of the sales price to play it safe and hopefully you will walk out of the closing room smiling about more than a new home!
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Tue Aug 17, 2010
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