Home Selling in 11229>Question Details

MARIOLA5555, Home Buyer in Brooklyn, NY

how much i have to pay in tax and local fees buying appartment in brooklyn for $ 785,000?

Asked by MARIOLA5555, Brooklyn, NY Thu Jun 13, 2013

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Ask your loan officer and or attorney for a good faith estimates for all fees...
1 vote Thank Flag Link Thu Jun 13, 2013
Dear MARIOLA5555:

If you are the purchaser you will incur closing costs associated with the sale which typically would be about 5% of the mortgage amount (not the sales price per say). These closing costs for the purchaser include mortgage tax which is close to 2% plus title report fees, survey, appraisal, etc, etc. Sometimes you may even have to pay points (a point is 1% of the loan amount) to secure a better interest rate. Keep in mind that if the purchase price is greater than $1,000,000, you will also have to pay mansion tax which is an additional 1% of the sales price.

If you are a home seller, traditionally you will pay the real estate agents commission, New York City transfer tax (1.425%), New York State transfer tax (0.4%), a property condition disclosure fee ($500.00) and your attorney fee.

There are other nominal fees that can come into play, but for the most part that is it. If I can be o further assistance please contact me direct. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Thu Jun 13, 2013
It does depend on what type of apartment it is; co-op or condo, building fees and other factors, but as a general approximation allow 3% of purchase price to cover all closing costs on a co-op and up to 6% to cover all closing costs on a condo. But it could be more or less depending on the actual apartment/building that you are buying into.
Your buyers broker/agent should be able to advise you on all this for the apartment options that you are considering to look at, put offers in on etc.
With out knowing specifically what apartment, in what building and specifically how you plan on financing your purchase, no one can give you an exact number.
Yours,
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
0 votes Thank Flag Link Thu Jun 13, 2013
Depends on your down payment. The best way to know all the costs involved would be to obtain a Good Faith Estimate (GFE) from your Loan Officer. If you're in need of a reliable Loan Officer, I'd be more than happy to help you go over all the #s. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Thu Jun 13, 2013
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