Whether you are selling or buying a home, you always have closing costs to pay. Many people, however, are unaware of closing costs and what they actually are. In this video, we cover what are closing costs in real estate for the sale or purchase of a residential home in New York City. It is important to note that the closing costs for buyers differ from closing costs for sellers. In some instances for buyers, their closing costs will even exceed their down payment on a house. Whether you are a first time home seller or first time home buyer or have bought or sold homes previously, it is important to get an accurate estimate of your ultimate closing costs early on in the process, so you can plan your budget accordingly. Please note that although we have many real estate closing costs explained in this video, this list is by no means exhaustive. For your specific purchase or sale, you will want to speak to your attorney for an accurate detailing of your closing costs, which will happen towards the end of your transaction typically. For sellers, your real estate professional can provide you with an estimate of your closing costs earlier in the process. For buyers, your lender can provide you with an estimate of your closing costs in the earlier stages of your transaction as well.
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