So buyer closing costs - if you're not thinking about them now you should be, because the amount of your buyer closing costs is going to differ significantly depending on what type of property you're looking at. At the low end of the spectrum you have co-ops, co-ops are
technically personal property - you're buying shares in the building and the right to live in a specific apartment - so you avoid some of the other closing costs that we'll get to. For a co-op, you're really only going to be looking at the mansion tax if you're buying a property for over a million dollars, and then some miscellaneous application fees, financing fees, attorney fees. When you move over to condos and houses, now you're buying real property so you're
going to be subject to the mortgage recording tax and title insurance. That's going to be about two percent of the purchase price depending on the specifics of your transaction. Then when
you move over to new development they are going to be specific new development sponsor fees. So while it's all negotiable, at the beginning you're going to be expected to pay the transfer taxes, which are about 1.8 percent, for the sponsors attorney which will be $3,000, and then some other miscellaneous expenses. When you're thinking about what type of property you can afford, make sure to take into account your buyer closing costs because they can be a significant cash expense at the time of closing. Of course if you get a commission rebate from Yoreevo, we can use that to offset a large chunk, sometimes even all of the buyer closing
costs and if you'd like to go through the specifics of a transaction that you're thinking about I would encourage you to either reach out to me-my email is james@yoreevo.com and I'm happy to run through it or we also have a buyer closing cost calculator and you can find a link to that in the description of the video.