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NYC Closing Costs: How much to budget and what drives them up/down
Manage episode 313196522 series 3261627
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Welcome to Episode 12 in my Series REAL ESTATE INVESTING IN NEW YORK!!
You can also watch this series on YouTube: https://youtu.be/LTNwxTltBRE
Also, check out my new website! ChristinaKremidas.com
In this Episode, I’m explaining everything about closing costs. I am providing example REAL closing costs for a both a condo and a co-op being purchased for $1,000,000 - for scenarios with and without a mortgage. After watching this video, you should be able to estimate your own anticipated closing costs with a pretty solid level of accuracy. I am also showing ways to seriously reduce your closing costs. You'll see how the range of closing costs can greatly vary - the examples I cover here range from $3,700 to $42,000, and every scenario assumes the same purchase price !!
Closing Costs differ between Condos and Co-ops, and typically include:
CONDO:
☆ Attorney fee
☆ Bank Fees
☆ Mortgage Application Fee
☆ Mortgage Processing Fees
☆ Appraisal Fee
☆ Bank Attorney Fee
☆ Tax Escrow collected by the bank
☆ Recording Fees
☆ Building Application fees
☆ Title Insurance
☆ Mortgage Tax
☆ Mansion Tax
CO-OP:
☆ Attorney fee
☆ Bank Fees
☆ Mortgage Application Fee
☆ Mortgage Processing Fees
☆ Appraisal Fee
☆ Credit Report Fee
☆ Bank Attorney Fee
☆ Lien Search fee
☆ UCC-1 Filing fee
☆ Recognition Agreements fee
☆ Building Application fee
☆ Mansion Tax
Thank you Milan Reyngach, Real Estate Attorney: https://www.reyngachlaw.com/team
Don’t miss Episode 13, where I’ll be sharing how to best work with your Real Estate Agent and how your agent is working in your best interests.
If you ever have Real Estate related questions, feel free to Email me anytime: Christina.Kremidas@elliman.com
Follow me on instagram: @downtownnative
Check out my website: ChristinaKremidas.com
Discover the value of your home: https://bit.ly/2Z91OLE
Please subscribe to this podcast and write me a review, I truly appreciate it! Your 5-star reviews help this podcast full of free and valuable information get recommended to more people❤️
Thank you all for listing, love you guys!
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