Closing costs are the money you pay at the end of your real estate transaction. Sometimes, the buyer pays these costs, and sometimes, they are paid by the seller. Who pays will depend on your particular sales contract.
Some contracts call for the buyer to pay closing costs. Even in these cases, as the seller, there may still be some costs that you will need to pay at closing. With this in mind, you should strongly consider these costs when you decide whether or not to sell your house. You should factor these costs into the price that you will ask for your house, or you could lose money in the process!
Where you live will also impact who pays what and how much when it comes to paying closing costs. This means that it is important to ask who pays closing costs in NY State, not just ask who pays them in general.
Does the Seller Pay Closing Costs in NY?
Traditionally, it is the buyer who pays the majority of closing costs. However, it is important to understand what closing costs are and specifically who will pay them in your specific situation.
What Fees Do Sellers Pay When Selling a House?
Closing fees can add up to as much as 10% of the home’s purchase price. However, they generally run around two or three percent for the seller. A seller’s closing fees can include:
- Property Taxes
- Real Estate Commission
- Flip Taxes
- Attorney’s Fee
- Transfer Taxes
- Recording Fees
- Other Closing Fees
You may also have to pay off the old mortgage on your home. If this is necessary, you can use the sale proceeds for this. Some homeowners who sell their homes have to pay a capital gains tax. If you have lived in the home for less than a year, this tax will apply to you, except in special circumstances.
The property may need home repairs. Of course, you may sell your home as-is, but that will fetch a lower price and could be a deal-breaker for some buyers.
Average Closing Costs for Sellers in NY State
Your closing costs will ultimately be determined by the value of your home and your sales contract. The average cost to the seller for closing price in NY State is around $4500.
You can pay far less depending on your contract and how you ultimately decide to sell your home.
How to: Calculate Average Closing Costs in NY for Your House
How to Sell a Home in NY State
Selling a home in NY State can be a bit harder than it sounds. Many people don’t want to go with the traditional sales experience for several reasons. The biggest reason being that it can take a long time to find a buyer, and even then, you are often left waiting on financing and banks that could see your sale fall through.
Additionally, if a home has problems, such as a home needing repair, it can be more difficult to find buyers, especially at the price point the seller had been hoping for.
This is why many people choose to opt for a company that buys homes in NY State, like Handsome Homebuyer. Handsome Homebuyer can simplify the process by giving you a quick and easy quote and allowing you to close in as little as five business days.
This might sound too good to be true, but you don’t have to worry. Handsome Homebuyer has an upfront and transparent process that keeps you in the driver’s seat of selling your home.
Sell Your House in NY State
Do you have a property you’re ready to get rid of in the Empire State and are wondering who pays closing costs in NY? Ready to simplify the home selling process to close on your home promptly so that you can get into your new home as quickly as possible? If you need to “sell my house fast Long Island” or have a home you want to sell in NY State, call Handsome Homebuyer now!