Esquire Realty Ciaramella & Co.

Your sale price is the starting point. Your net is what’s left after everything comes off the top. And those numbers add up quickly.

𝙁𝙞𝙧𝙨𝙩 𝙖𝙣𝙙 𝙪𝙨𝙪𝙖𝙡𝙡𝙮 𝙡𝙖𝙧𝙜𝙚𝙨𝙩 𝙞𝙨 𝙮𝙤𝙪𝙧 𝙢𝙤𝙧𝙩𝙜𝙖𝙜𝙚/ 𝙡𝙞𝙣𝙚 𝙤𝙛 𝙘𝙧𝙚𝙙𝙞𝙩 𝙥𝙖𝙮𝙤𝙛𝙛. If you have a loan, it gets paid in full at closing including your balance, interest through the day of closing, and any bank fees. For most sellers, this is the biggest deduction.

𝙉𝙚𝙭𝙩 𝙞𝙨 𝙘𝙤𝙢𝙢𝙞𝙨𝙨𝙞𝙤𝙣. You will pay your listing agent based on your agreement, and depending on how the deal is structured, you will likely also be paying a buyer’s agent. This is negotiable, but cutting corners here can cost you far more than it saves. The way your property is marketed, exposed, and negotiated will directly impact your bottom line.

𝙏𝙝𝙚𝙣 𝙘𝙤𝙢𝙚 𝙩𝙧𝙖𝙣𝙨𝙛𝙚𝙧 𝙩𝙖𝙭𝙚𝙨. State tax is 0.4 percent, and in NYC it ranges from 1 percent to 1.425 percent depending on the price. These are standard closing costs that come straight off the top.

𝘼𝙛𝙩𝙚𝙧 𝙩𝙝𝙖𝙩 𝙖𝙧𝙚 𝙖𝙩𝙩𝙤𝙧𝙣𝙚𝙮 𝙛𝙚𝙚𝙨. New York is an attorney state, and your attorney is responsible for the contract, clearing title issues, and getting you to closing. This is a protective role, not an optional one.

𝙔𝙤𝙪 𝙢𝙖𝙮 𝙖𝙡𝙨𝙤 𝙝𝙖𝙫𝙚 𝙩𝙞𝙩𝙡𝙚 𝙘𝙡𝙚𝙖𝙧𝙖𝙣𝙘𝙚 𝙞𝙩𝙚𝙢𝙨 that need to be resolved before you get paid. That can include satisfaction fees, old liens, or judgments. Some properties are clean. Others take work.

𝙏𝙝𝙚𝙣 𝙩𝙝𝙚𝙧𝙚 𝙖𝙧𝙚 𝙖𝙙𝙟𝙪𝙨𝙩𝙢𝙚𝙣𝙩𝙨.Property taxes, water, and sometimes fuel are prorated as of the day of closing. You may also see 𝙘𝙧𝙚𝙙𝙞𝙩𝙨 𝙛𝙤𝙧 𝙣𝙚𝙜𝙤𝙩𝙞𝙖𝙩𝙚𝙙 𝙧𝙚𝙥𝙖𝙞𝙧𝙨 𝙤𝙧 𝙬𝙖𝙡𝙠-𝙩𝙝𝙧𝙤𝙪𝙜𝙝 𝙞𝙨𝙨𝙪𝙚𝙨 𝙖𝙨 𝙬𝙚𝙡𝙡 𝙖𝙨 𝙩𝙚𝙣𝙖𝙣𝙘𝙮 𝙧𝙚𝙡𝙖𝙩𝙚𝙙 𝙖𝙙𝙟𝙪𝙨𝙩𝙢𝙚𝙣𝙩𝙨 𝙨𝙪𝙘𝙝 𝙖𝙨 𝙧𝙚𝙣𝙩 𝙘𝙧𝙚𝙙𝙞𝙩𝙨 𝙤𝙧 𝙨𝙚𝙘𝙪𝙧𝙞𝙩𝙮 𝙙𝙚𝙥𝙤𝙨𝙞𝙩 𝙩𝙧𝙖𝙣𝙨𝙛𝙚𝙧𝙨. Smaller fees are involved for preparation and recording of your transfer documents indeed, as well as paying the title closer at the table.

𝘼𝙣𝙙 𝙛𝙞𝙣𝙖𝙡𝙡𝙮, 𝙚𝙨𝙘𝙧𝙤𝙬𝙨. It is common for attorneys to hold money back for items like a final water bill or minor unresolved issues. That money is not handed to you at closing. It is released later once everything is cleared.At the end of the day, two properties can sell for the same price and result in very different net proceeds depending on how these numbers stack up.

If you are thinking about selling, you should know your net before you list, not when you are sitting at the closing table.

𝙃𝙖𝙫𝙚 𝙦𝙪𝙚𝙨𝙩𝙞𝙤𝙣𝙨? 𝙒𝙖𝙣𝙩 𝙩𝙤 𝙧𝙪𝙣 𝙩𝙝𝙧𝙤𝙪𝙜𝙝 𝙩𝙝𝙞𝙨 𝙬𝙞𝙩𝙝 𝙔𝙊𝙐𝙍 𝙨𝙥𝙚𝙘𝙞𝙛𝙞𝙘 𝙥𝙧𝙤𝙥𝙚𝙧𝙩𝙮 𝙙𝙚𝙩𝙖𝙞𝙡𝙨? 𝙍𝙚𝙖𝙘𝙝 𝙤𝙪𝙩.

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