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Selling Guide

There's no substitute for the personal attention one of our agents can provide.  But this guide will help real estate sellers get started.

Are you a Coop Seller?  Here are the closing costs you can expect (may vary depending on the building):

  • Brokerage Fee, Normally 6%
  • Seller Attorney - Can be fixed flat rate or hourly, based on attorney's fee schedule
  • Coop Attorney - $450 - $750
  • Flip Tax, if applicable - Usually based on sales price, net profit or fee per share
  • Stock Transfer Tax: $0.05 per share
  • Moving Deposit or Moving Fee
  • NYC Transfer Tax, 1% if under $500,000, 1.425% if over $500,000
  • Coop Administrative Fees
    • NY State Transfer Tax:  $4 per $1,000 of price
    • NYS Equalization Fee: $75.00
    • If paying off mortgage, there is a Payoff Fee of $300 - $500
    • UCC Filing Fee $150

Items New York Coop Sellers Must Prepare:

  • Copy of monthly maintenance bill
  • Copy of Stock Certificate
  • Two years building financials
  • Offering Plan
  • Contact info of the Managing Agent

Are you a Condo Seller?  Here are the closing costs you can expect (may vary depending on the building):

  • Brokerage Fee, Normally 6%
  • Seller Attorney - Can be fixed flat rate or hourly, based on attorney's fee schedule
  • Management Fees to Process the sale: $400 or more
  • Moving Deposit or Moving Fee
  • NYC Transfer Tax, 1% if under $500,000, 1.425% if over $500,000
  • NYC Transfer Tax for Commercial Condos: 1.425% if under $500,000, 2.625% if over $500,000
  • Condo Administrative Fees
    • Residential Deed Transfer: $75
    • or Commercial Deed Transfer: $165
    • NY State Transfer Tax:  $4 per $1,000 of price
    • NYS Equalization Fee: $75
    • If paying off mortgage, there is a Payoff Fee of $300 - $500
    • Condo Management Company Fees will Vary by Building

 

See a Sample Settlement Statement online here:
http://www.hud.gov/offices/adm/hudclips/forms/files/1.pdf

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