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Seller Closing Costs

Started by fab94
over 14 years ago
Posts: 7
Member since: Feb 2012
Discussion about
Would you say that a conservative estimate for total seller’s closing costs are roughly 10% of sales price?
Response by crescent22
over 14 years ago
Posts: 953
Member since: Apr 2008
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Response by kylewest
over 14 years ago
Posts: 4455
Member since: Aug 2007

Closings costs on what? Condo? Coop?

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Response by JButton
over 14 years ago
Posts: 447
Member since: Sep 2011

8% for condo if you pay full broker fee.

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Response by fab94
over 14 years ago
Posts: 7
Member since: Feb 2012

Coop. This is assuming 6% broker's commissions and a flip tax. I'm just looking for a conservative, back of the envelope formula if you will to estimate seller's total closing costs.

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Response by jaime6504
over 14 years ago
Posts: 3
Member since: Aug 2011

Add about 3% to whatever you're paying your broker.

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Response by ab_11218
over 14 years ago
Posts: 2017
Member since: May 2009

6% + % of flip tax + $2K for attorney + $1K for closing at management + $500 for bank attorney(if there's a mortgage) + 1.4% for taxes if under $500K or 1.9% over.

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Response by houseguy
over 14 years ago
Posts: 4
Member since: Jul 2009

Where is it written, NY Law, that the Seller has to pay for Transfer Taxes?

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Response by JButton
over 14 years ago
Posts: 447
Member since: Sep 2011

it is negotiable who pays transfer tax but generally the seller pays. That said in new construction the buyer pays.

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