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!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783