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