New York City real estate attorney Peter Zinkovetsky explains NYC condo closing costs for buyers

Real estate lawyer in New York Peter Zinkovetsky publishes a new article (https://www.avenuelawfirm.com/condominium-closing-costs-nyc/) explaining the different closing costs for condominium buyers in New York. The lawyer mentions that apartments in New York are expensive. In 2018, the price of a condominium unit in the city is $2,880,000. However, many buyers and sellers do not take into account the additional closing costs of condominiums in the city.

“Buyer’s closing costs for a condominium unit in New York typically range from 2% to 4%. The biggest closing costs in New York for buyers are usually mansion tax, mortgage registration tax, and title insurance premiums and fees. In New York, buyers will also need to hire an attorney, whose fees can typically range between $2,500 and $4,000. Most condominiums also charge application, closing and move-in fees,” explains the Real estate lawyer in New York.

The attorney explains that one of the closing costs a buyer should consider is mansion tax. Mansion tax is a real estate transfer tax paid by the purchaser on transactions equal to or greater than $1,000,000. Rates start at 1% of the purchase price for properties with a purchase price between $1,000,000 and $2,000,000, increasing to 3.9% for purchase prices of $25,000. $000 or more.

Lawyer Peter Zinkovetsky adds that a buyer must also consider mortgage registration tax. If the purchaser takes out a mortgage, the operation will be subject to the mortgage registration tax. The mortgage registration tax rate starts at 1% of the purchase price for properties with a purchase price between $1,000,000 and $2,000,000 and can increase to 3.9% for purchases valued at $25,000,000 or more.

In the article, the attorney states, “In addition to mortgage tax, condo buyers in New York will have other expenses related to the loan, including application fees, appraisal fees, closing costs. the bank’s lawyer, the lender’s title policy, etc. We always advise our clients to obtain a list of all closing costs in writing from their mortgage brokers before submitting a loan application. »

Finally, Attorney Zinkovetsky encourages stressing the importance of having an attorney when dealing with real estate transactions in Nassau County or Suffolk County on Long Island. Having a qualified attorney can help a client understand their rights and ensure they get the most out of their transaction.

About Avenue Law Firm

Peter Zinkovetsky is the founder of the law firm Avenue. He is an experienced and highly rated New York lawyer who represents local and international clients. Attorney Zinkovetsky teaches continuing education courses, writes a legal blog, has written articles for the New York Real Estate Journal, and is a frequent guest speaker and speaker at conferences in the United States and around the world. His team of legal professionals at Avenue Law Firm have helped families with real estate matters. Call Avenue Law Firm today at (212) 729-4090 for more information on how they can help you with real estate transactions.

Avenue Law Firm

99 Park Ave 10th Floor, New York, NY 10016, USA

(212) 729-4090

###

For more information about Avenue Law Firm, contact the company here:

Avenue Law Firm
Peter Zinkovetsky
(212) 729-4090
[email protected]
Avenue Law Firm
99 Park Ave 10th Floor, New York, NY 10016, USA