Closing Cost Calculator for Buyers
The estimated New York City closing costs for buyers below should only be considered rough estimates. It’s essential to confirm the actual closing costs with your attorney and mortgage representative before proceeding with the transaction.
By clearly understanding your closing costs, you can prepare yourself financially and ensure that you have the necessary funds to complete the transaction. Therefore, it’s advisable to consult with your attorney and mortgage representative to get a comprehensive breakdown of the closing costs involved. It is important to note that a written engagement letter is required under NY State Law if the legal fee exceeds $3,000. On the other hand, if you are a seller, you can use the Seller’s Calculator.
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Closing Costs for Buyers Explained
The final closing costs for homebuyers depend on several factors, such as property type (co-op or condo) or new construction, level of financing, and purchase price. The buyer’s closing costs are typically 2-6% of the purchase price. If you are purchasing a condo or new construction, the closing costs will be higher, including transfer taxes; you’ll need to cover title insurance for a start. Set by New York State and comes with several administrative charges, which come to about $3,000 to $4,000.
Then there are the extra costs if you’ll need a mortgage. Bank fees run from $2,000 to $3,000, while bank attorney fees and the appraisal go from $500 upwards. If the loan is over $500,000, you’ll need to cover a mortgage tax of 1.925% for loans under $500,000. It’s 1.8%, something which only applies to condos.
Whether you’re buying a co-op or condo, you’ll need to pay your attorney’s fees, ranging from $2,000 to $3,000. The deal can be more complicated than usual if you set up an LLC to purchase a condo as an international buyer. Then the attorney costs will increase and require additional work in filing the LLC. For detailed information on the closing process for buyers, visit the NYC closing process.