New York City Real Estate Closing Costs for Sellers

Estimated Closing Costs for New York City Sellers

 

Condominium & Townhouse Sellers

  • Broker: Typically 6%
  • Seller’s attorney (negotiated flat rate) $2,500±
  • NY City Transfer Tax: 1% of sales price for sales of $500,000; or less 1.425% for sales in excess of $500,000
  • NY State Transfer Tax: $2 per $500 (or 0.4% of sales price)
  • Miscellaneous title company fees (if seller has mortgage): $450±
  • Move-out deposit or fees (condo): $1,000 (varies)
  • Managing agent fees (condo): $500±
  •  
    These figures are presented as a general guideline only. Actual closings costs will vary for every transaction. Before signing any contract, sellers should have all closing costs explained to them by their attorney.

     

    Co-Operative Sellers

  • Broker: Typically 6%
  • Seller’s attorney (negotiated flat rate): $2,500±
  • NY City Transfer Tax: 1% of sales price for sales of $500,000; or less 1.425% for sales in excess of $500,000
  • NY State Transfer Tax: $2 per $500 (or 0.4% of sales price)
  • Flip tax (if any)*: Often 2-3%, consult managing agent
  • Managing agent fee: $600±
  • Stock Transfer Tax: $0.05 per share
  • Move-out deposit or fees: $1,000 (varies)
  • Payoff bank attorney (if seller has mortgage): $500±
  • UCC-3 filing (if seller has mortgage): Up to $100 per loan
  •  
    *Flip taxes vary on amount and by whom they are payable (buyer or seller)

    These figures are presented as a general guideline only. Actual closings costs will vary for every transaction. Before signing any contract, sellers should have all closing costs explained to them by their attorney.

     
     
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