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?
http://www.corcoran.com/guides/index.aspx?page=ClosingCosts
Closings costs on what? Condo? Coop?
8% for condo if you pay full broker fee.
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.
Add about 3% to whatever you're paying your broker.
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.
Where is it written, NY Law, that the Seller has to pay for Transfer Taxes?
it is negotiable who pays transfer tax but generally the seller pays. That said in new construction the buyer pays.