There are a number of variables that can affect the closing expenses, including the purchase price, the location of the property, and the type of financing. The following are some typical closing expenses you can face:
1. Legal costs for selling a home in New York: often between $1,500 and $2,000.
2. Transfer taxes: In New York City, the transfer tax is 0.4% for homes under $500,000 and 1% for homes over $500,000. The transfer tax varies from county to county outside of New York City.
3. Title check and insurance: Usually costs between $500 and $1,500.
4. The cost of the real estate broker commission could be reduced if you decide not to use a real estate agent.
When purchasing a home in New Jersey, there are a few costs to consider.