Assuming this is a one family home in Brooklyn and your primary residence, your closing costs as a home seller will be as follows based on a $900,000.00 sales price:
1) Real estate commission. If there is a real estate agent involved in the sale you will have to pay them whatever commission you negotiated with them at the start.
2) You will have to pay New York City Transfer tax, on $900,000 that would be 1.425% or $12,825.00
3) Then you have New York State Transfer tax which would be 0.4% or $3,600.00
4) Most likely you will also have to pay a property condition disclosure law fee, which is a flat fee for $500.00
5) You will also have to pay your attorney, a good ball-park estimate would be $2,000.00 for a straight forward sale.
6) Capital gains taxes. This is tax that you pay of the profit you make on the sale. Assuming this is your primary residence, a single individual gets a $250,000 exemption and a married couple gets a $500,000 exemption. That means that the first $250,000 to $500,000 of profit will be tax free. It can be difficult to figure you whether or not you will have a capital gains tax burden because several factors come into play, you need to discuss this with your accountant. If you want you can call me and I can will go through it with you in more detail.
7) Then after that you would have to pay off any mortgage lien or debt attached to the property as you had mentioned in your question.
8) You may also incur some other incedentals depending on the circumstances, but that would be determined on a case by case basis.
If you need help selling your home, please call me as I would love the opportunity to help you. Also, if you have further questions, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783