NYC Real Estate Lawyer Natalia Sishodia publishes a new article (https://sishodia.com/nyc-home-buyers-closing-costs-calculator/) explaining how NYC Home Buyer’s closing cost calculator works. The lawyer mentions that when someone buys a property in New York, buyers and sellers are subject to different closing costs. These closing cupboards will depend on the existence of financing and the type of property being sold.
“A buyer should expect to pay closing costs for both the real estate transaction itself and closing costs to the lender who is involved in financing the property. Typical closing costs for the buyer can vary from 1.5 to 6% of the purchase price of the property”, explains the NYC Real Estate Lawyer.
The lawyer explains that buyers need to be more aware of the closing costs for which they will be responsible. Having an online cost estimator can be helpful in giving the buyer an idea of what to expect from the transaction.
Lawyer Natalia Sishodia also lists the various fees the buyer should expect to pay. These costs include mansion tax, title search, survey, title insurance, filing fees, move-in deposit, move-in fees, attorney and agent fees. transfer, UCC filing fees, lien search fees, condominium fees, loan application fees, property tax. escrow, appraisal fees, attorney fees and many more.
In the article, attorney Sishodia says that mansion tax refers to the tax a buyer will have to pay if they buy a property for more than $1 million. Depending on the purchase price, this tax can range from 1% of the purchase price to 3.9% for properties priced at $25 million or more.
According to the real estate attorney, “While New York City and New York State transfer taxes are generally paid by the seller, they are generally passed on to buyers in the case of new New York City transfer tax is 1% of the purchase price up to $500,000 and 1.425% on anything over $500,000. of New York are $4.00 per million dollars of the purchase price, or 0.04%”.
Finally, the lawyer also stresses the importance of having an experienced lawyer when negotiating the purchase or sale of real estate, or any other real estate transaction. An experienced lawyer can help clients understand their rights and ensure they get the best deal possible.
About Sishodia LLC
Sishodia PLLC’s team of professional New York real estate attorneys prides itself on its ability to navigate the complex laws and intricacies of investing to offer the most comprehensive guidance and counsel possible to their clients. Sishodia PLLC attorneys take the time to fully understand each client’s unique objectives and circumstances, thereby minimizing potential risks and issues. Call them today at (833) 616-4646 for a consultation.
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