Estimate Your Seller Closing Costs in NYC: https://www.hauseit.com/closing-cost-estimator-for-seller-nyc/ <br /> <br />Closing costs for buyers in New York City are 2.5% to 3% higher for condos compared to co-op apartments. Closing costs are higher for condos because of title insurance and the mortgage recording tax, both of which do not apply to co-op apartments. <br /> <br />To estimate your buyer closing costs in New York City, visit our industry leading closing cost calculator at https://www.hauseit.com/closing-cost-estimator-for-seller-nyc/ <br /> <br />Hauseit’s Closing Cost Calculator for Buyers in NYC is the most accurate closing cost estimator available in the industry. <br /> <br />So, what is title insurance? <br /> <br />Title insurance protects a buyer from any defects or future claims against the title which were unknown at the time of purchase. This means that you’ll be protected against financial loss if a former owner claims that he or she never sold the property to the seller of your property, which means the seller of the property didn’t have a right to sell it to you. <br /> <br />Title insurance is a bank requirement if you are financing your condo purchase. <br /> <br />FAQ on Title Insurance in NYC: https://www.hauseit.com/what-is-title-insurance-nyc/ <br /> <br />How much is title insurance? <br /> <br />Title insurance is around 0.4% to 0.5% of the purchase price. It is the third largest closing cost for condo buyers in NYC behind the mortgage recording tax and the mansion tax. <br /> <br />What is the mortgage recording tax? <br /> <br />The Mortgage Recording Tax in NYC, Explained: https://www.hauseit.com/mortgage-recording-tax-nyc/ <br /> <br />The New York City and New York State Mortgage Recording Tax of 2.05% to 2.8% is the largest closing cost for condo buyers in NYC. Buyers of co-ops in NYC do not have to pay the mortgage recording tax because the tax is imposed on ‘real property’ and co-ops are not ‘real property.’ <br /> <br />How much are buyer closing costs in New York City? <br /> <br />NYC Buyer Closing Cost Overview: https://www.hauseit.com/closing-costs-nyc/ <br /> <br />Buyer closing costs in New York City are between 1.5% to 5%. Closing costs are higher for condos than co-ops, and closing costs are always greater for ‘new construction’ ( also known as sponsor sales). In most cases, you will also pay higher closing costs if you are financing vs. making an all-cash transaction. <br /> <br />You can save thousands and reduce your closing costs by requesting a Hauseit Buyer Rebate on your purchase. Requesting a Hauseit Buyer Rebate is a legal and non-taxable way to discreetly save money while also receiving top-notch buyer agent representation throughout your purchase. <br /> <br />Because our partner brokers don’t openly discount, you can be assured that sellers and listing agents won’t treat you differently compared to other buyers just because you are receiving a rebate. <br /> <br />Request a Hauseit Buyer Rebate: https://www.hauseit.com/nyc-broker-commission-rebate/ <br /> <br />Established in 2014, Hauseit is New York City’s largest FSBO and Buyer Agent Commission Rebate Company.
