Real Estate Law – What Expenses Will I Encounter When Selling My Home in New York?
- If you have signed up with a real estate broker and they find a buyer, then you have to pay a certain percentage to the broker however these fees are negotiable.
- If you have an existing mortgage on the property, you have to calculate the existing balance and subtract that from the gross selling price.
- There are also transfer taxes which can be sizeable in New York City.
- Some other common expenses include legal fees, fees for the title company representative who appears at the closing, and standard adjustments.
This short informational real estate law video was provided by Arnold Drucker, an experienced Jackson Heights Real Estate Lawyer.