NYC Home Seller’s Closing Costs Calculator | Sishodia PLLC | NYC Real Estate Attorney (2024)

In any closing transaction in New York, there will be closing costs involved for both sellers and buyers.

As a seller, you may not consider your closing costs when selling your property, but the closing costs for a seller can be quite steep and can take a chunk out of the proceeds you may be expecting at the closing table. Seller’s closing costs in New York City can run around 8 to 10% of your sale price, depending on the type of property, so it is important to be prepared. To discuss the closing costs you may expect during your home sale, contact top rated NYC real estate attorney Natalia Sishodia today.

Closing costs for single-family homes and condominiums are fairly straightforward. But for those buying or selling a co-op, which represents the majority of New York City housing, closing costs can vary dramatically. While owning property is one thing, in the case of a co-op, you don’t own the property but a share in a corporate structure. Consequently, you are not an owner, but an investor in the corporation that owns the property.

Therefore, you will not only owe the usual city and state fees, but will also owe whatever fees are imposed by the co-op in the application process and administration of a change of hands.

In most cases, seller’s closing costs in New York and New York City are unavoidable, especially when it comes to filing fees, co-op fees, and other state and city taxes.

As either a buy or seller in today’s real estate market, it is always best to understand exactly what to expect in closing costs, so you aren’t unpleasantly surprised at the closing table. There are online closing cost estimators available so you have a good idea of what to expect at closing.

A real estate attorney will prepare the contract for sale based on the terms sheet prepared by the seller and the real estate agent. Most sellers’ lawyers start with a standard form, then add a rider that allows for additional terms to be negotiated between the buyer and the seller.

After the attorneys have completed the contract, both the seller and the buyer sign the contract. The buyer will then send the seller’s attorney a downpayment. If the buyer walks away from the deal without a reason, they can lose the downpayment money. In New York State, the downpayment for a purchase is 10%. The seller’s attorney will deposit this amount in an escrow account.

Once the contract is signed, the seller’s attorney will need to prepare for closing. The attorney will first review the title report that was ordered by the buyer’s lawyer to determine if any issues must be addressed before closing. Then, the seller’s attorney will also prepare all closing documents, including deeds and tax returns. The seller’s lawyer will then compute the amount owed at closing. If there is a mortgage loan, the seller’s attorney will request a payoff letter to determine the exact amount that is owed to the lender.

Lastly, the seller’s attorney will also represent them at closing. The lawyer will advise the seller about the documents they have signed and make sure all payments are made accurately.

Navigating any real estate transaction in New York can be complicated. Having a skilled New York real estate attorney by your side ensures that your transaction is a smooth one and that the closing costs you are paying as the seller are fair and accurate.

At Sishodia PLLC, our New York real estate attorneys pride ourselves on our vast knowledge and experience with real estate transactions throughout the city and the state. If you are selling a piece of real estate in New York, call us at (833) 616-4646 or contact us through our online contact form to schedule an appointment to discuss your transaction.