Closing costs are the fees and expenses you’ll be responsible for at the end of your home sale. They can add up to 8-10% of your home’s sale price, but there are several ways you can reduce them.

1. Save on realtor commissions with a discount real estate company

The biggest cost you’ll incur when selling your home is the agent’s commission. At 56% of your sales price, realtor fees can account for more than half of your closing costs. That’s why it’s essential to shop around for a low-commission agent. And you can get a huge savings by working with a discount real estate company like Clever Real Estate, which pre-negotiates exclusive discounts with top local agents all over New York.

2. Title insurance is another major closing cost that’s usually paid for by both thebuyer and the seller. In New York, title insurance usually costs 0.14% of your home’s final sale price — or $591 for a $411,861 home.

3. Residential deed transfer fee

A residential deed transfer fee is a small fee that’s required by law to be recorded at the close of your sale. This fee covers the cost of transferring your property’s title to your new buyer. Read more https://www.theturnerhometeam.com/

 

4. Other seller-related expenses

You can expect to pay a number of other fees and costs when you sell your home. These include a mortgage application fee, loan origination fees, title search fees and an attorney’s fee. You also might be responsible for things like taxes, insurance and maintenance fees, depending on where you live.

5. Concessions on closing costs

When you’re negotiating the sale of your home, your real estate agent may be able to negotiate for a seller concession on closing costs. These concessions are usually based on the state of the real estate market in your area. They’re a way for a seller to make a higher offer than they would otherwise have been able to.

6. Other seller-related expenses

In addition to the mortgage application fee, you might also be required to pay fees for a title insurance policy and a residential deed transfer fee. These fees are often included in the sale price of your home, but you’ll want to check with your agent for more information about them.

7. Other seller-related expenses

If your home is part of a homeowner’s association (HOA), you’ll be responsible for paying for your share of the HOA’s annual fee. These fees can be a substantial amount of money, so it’s important to work with an experienced real estate agent who can help you understand the details and ensure you don’t overpay.

8. Other seller-related expenses

You can also expect to pay for your own attorney, if you have one. A lawyer can help you draft documents and negotiate contracts for your sale. They can also help you review the contract terms with your buyer, make sure you’re not signing away rights and protect you from any potential legal pitfalls.