NFT: Home purchase closing costs

generally speaking in NY.. the seller is responsible for the Mortgage transfer tax

"Tax is computed at a rate of two dollars for each $500, or fractional part thereof, of consideration. An additional real estate transfer tax (sometimes referred to as the "mansion tax") of 1% of the sale price applies to residences where consideration is $1 million or more. The tax is paid by the grantor (seller)."

and of course your seller an broker fees... what ever you signed when you sold the house. 4% maybe 6%.. I don't know your deal?

when you buy the house your closing costs will include points if the mortgage requires any and taxes in escrow, lawyers fee, title search.. and some others..

$50 to 100K is not out of the question.. when I bought my last house at $400,000.. 20 years ago.. closing cost were close to 20,000 then.. most of it was property taxes.

transfer tax + your sales commission which will come out of your sale you could be near $25k...on the sale of your house... of course that comes out of the proceeds of your house.

Then when you close on your new house.. you figure 2% of the price of your house for closing and add in your escrow of property taxes.. probably could be in the same range as what was taken when you sold.. maybe $30k

so 55k total for the 2 transactions.. or somewhere abouts.. I

Just so you know I am not a realtor but we just sold my moms house for around what you are paying for your next house... It was around what I told you.

In comment 14043509 Tom from LI said:

Quote:

transfer tax + your sales commission which will come out of your sale you could be near $25k...on the sale of your house... of course that comes out of the proceeds of your house. Then when you close on your new house.. you figure 2% of the price of your house for closing and add in your escrow of property taxes.. probably could be in the same range as what was taken when you sold.. maybe $30k so 55k total for the 2 transactions.. or somewhere abouts.. I Just so you know I am not a realtor but we just sold my moms house for around what you are paying for your next house... It was around what I told you.

Don't forget about title bill on the purchase. If you are taking out a mortgage the lender takes its fees, per diem interest, etc. out of the amount so on a $600k mortgage you may only get $593k

we have been saving diligently for a long time and thought we had enough to afford it until we found out it would be another 50K in closing costs and fees. Back to saving :(

And its a condo.

Looking at around $12K.

We sold a Coop and paid abut $15K in closing.

is a bitch on the wallet.

By state and what is customary closing costs for buyer or seller. Further, if you are financing you really should be asking your lender when you are on the buy side. The Realtor won't know what the lender is going to charge in fees for your specific deal unless the lender provides it. Further the title company can certainly provide you with a closet break down almost certainly. Much of the closing costs are out of the Realtor's control so it can be difficult to give you a number and be confident it is correct. Generally, I advise clients on the buy side in my area to plan for 2% of purchase but every deal is different and there are fees that may apply on some homes that won't on others, and depending on existing property taxes, prorations can vary wildly. You have to have specific properties in mind with specific criteria and get the info from title and the lender...nobody here is going to be able to tell you because it just isn't that simple to plug in the purchase prices and get a number back.

I'm a Realtor in Florida, btw.