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New Construction closing costs

Started by RT26
almost 15 years ago
Posts: 1
Member since: Jan 2011
Discussion about
I am looking to purchase a new condo construction in Brooklyn, NY. I was informed that for new constructions the buyer pays all of the closing costs including transfer fee. Does anyone have any experience in how to work with the reality to have the developer take on some of the cost?
Response by juuceman
over 14 years ago
Posts: 84
Member since: Sep 2010

negotiate it. transfer taxes and sponsor's attorney costs are negotiable issues. woking capital investment might not be so negotiable. speak with your broker. or make such costs park of your offer. corcoran's website has a closing costs calculator, as do most of the title insurance company.

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Response by JR1
over 7 years ago
Posts: 184
Member since: Jun 2015

Reference this closing cost calculator for buyers: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/

You can toggle new construction vs resale

And yes, there are lots of these calcs on the web, but most of them are copied from Hauseit ... I would check out their latest version for the actual source

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Response by JR1
over 7 years ago
Posts: 184
Member since: Jun 2015

Yes it's negotiable. Get a good buyer's agent to do it for you.

And here are some sample / estimated closing costs you can play around with specific to your situation:

https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

Come on JR. It is a 7 year old thread. Be a little more honorable in promoting Hauseit. Just buy some ads on Streeteasy and pay them some money. Who owns Hauseit anyway? Who is the CEO? The website does not show any ownership or management.

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Response by CaptainOfTheGate
over 7 years ago
Posts: 78
Member since: Jun 2017

I think everyone pays enough already for SE don't you think? Listing agents by having their leads hijacked, and buyers' agents directly via Premier Agent

Rental agents through Premier Agent

Listing agents again through featured listings, etc.

Everyone pays a good amount of toll already I'd say, to be fair to the real estate professionals here

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Response by CaptainOfTheGate
over 7 years ago
Posts: 78
Member since: Jun 2017

though SE does a tremendous job of aggregating content, and they can do as they wish, it's a private business..

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