Prodigy Real Estate - SI NY Real Estate Blog

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.

1. Mortgage expenses, which can range from 2% to 5% of the loan amount, might include application fees, appraisal fees, and other costs associated with getting a mortgage.
2. Title check and insurance: Usually costs between $500 and $1,500.
3. A home inspection may cost between $500 and $1,000.
4. Depending on where the property is located, property taxes can vary.
5. Recording fees: The price to have the local government register the ownership transfer.

It's vital to keep in mind that these expenses can change and could not be all-inclusive. A real estate lawyer and/or a mortgage lender should be consulted to obtain a more precise estimate of the closing fees based on your individual situation.