What are closing costs?

Closing costs are fees that are typically due at the end of the home-buying process when you are finalizing the sale of a residential property. In New York, closing costs typically include fees for an attorney, title company, surveyor, and appraisal, among others. These fees can vary greatly depending on where the home is located, the size of the property, and the complexity of the transaction. Typically, the buyer is responsible for the majority of these fees. The amount of closing costs to be paid by the buyer is usually outlined in the purchase agreement. It is important to be aware of all the fees associated with a residential real estate transaction before the purchase agreement is signed. The seller may also be responsible for some of the closing costs. Common closing costs for sellers in New York include real estate taxes, transfer taxes, and title insurance premiums. It is important for both buyers and sellers to understand their obligations for closing costs and review the details of the closing costs with their attorney before signing the purchase agreement. In summary, closing costs are fees that are typically due at the end of the home-buying process when you are finalizing the sale of a residential property in New York. These fees can vary greatly depending on where the home is located and the complexity of the transaction. It is important for both buyers and sellers to understand their obligations for closing costs and review the details of the closing costs with their attorney before signing the purchase agreement.

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