Thinking of selling your home in Queens? Before you count your profits, itโs important to understand the closing costs youโll be responsible for as a seller. These expenses can significantly impact your net proceeds โ and many homeowners are caught off guard at the closing table.
In this guide, weโll break down the most common seller closing costs in Queens, who pays what, and how to plan ahead for a smooth sale.
๐ต What Are Closing Costs for Sellers?
Closing costs are the fees and expenses that must be paid when the property legally changes ownership. In New York City, sellers often carry a larger share of these costs than in other parts of the country.
๐ Common Closing Costs for House Sellers in Queens
| Closing Cost | Estimated Amount |
|---|---|
| NYC Transfer Tax | 1.0% of sale price up to $500,000 1.425% if over $500,000 |
| NY State Transfer Tax | 0.4% of sale price |
| Attorney Fee | $2,000 โ $3,000 |
| Broker Commission | 4% โ 6% of sale price |
| Move-out Costs / Final Utilities | Varies |
| Capital Gains Tax (if applicable) | Varies based on gain & exemptions |
| Satisfaction of Mortgage (filing fee) | $200 โ $300 |
| Recording Fees / Misc. Docs | $100 โ $500 |
Total seller closing costs in Queens typically range from 6% to 9% of the sale price.
๐ Example: Sale Price of $750,000
Letโs say you sell your house in Queens for $750,000. Hereโs a rough estimate of what you might pay in closing costs:
- Transfer Taxes (City + State): ~$13,688
- Broker Commission (6%): $45,000
- Attorney Fee: $2,000
- Recording & Misc Fees: ~$500
Estimated Total: ~$61,000+ (excluding mortgage payoff or taxes)
๐งโ๐ผ Who Pays What in a Queens Home Sale?
In most cases:
- The seller pays:
โ Broker commission
โ NYC & NYS transfer taxes
โ Their own attorneyโs fees
โ Any open liens, property taxes, or mortgage payoff - The buyer pays:
โ Title insurance
โ Mortgage fees
โ Their attorney
โ Appraisal and inspection costs
Note: In some sales (like new construction or investor deals), terms may vary โ your attorney will negotiate accordingly.
โ๏ธ Why You Need a Real Estate Attorney
As a Queens-based real estate attorney, I help sellers:
- Review and negotiate the contract of sale
- Ensure clear title and coordinate with title company
- Handle closing document preparation
- Help resolve any tax, lien, or permit issues that could delay the sale (with the assistance of third parties such as expeditors)
- Protect your legal rights โ and your money
๐ Final Thoughts
Selling a home in Queens can be financially rewarding โ but only if you understand your expenses. With the right legal guidance, you can avoid surprises and maximize your net proceeds.
๐ Selling a property in Queens? Contact our office today for a personalized closing cost estimate and full legal representation from contract to closing.
Recent Comments