Seller’s Closing Costs
CONDOMINIUM & TOWNHOUSES CLOSING COSTS |
Seller's Attorney: |
$1,200.00 and up |
NYC Transfer Tax (Residential): |
1% of sales price up to $500K
1.425% of sales price of $500K and up |
NYC Transfer Tax (Commercial): |
1.425% of sales price up to $500K
2.625% of sales price $500K and up |
NYS Transfer Tax: |
.4% of the sales price |
Managing Agent’s Fee (or Coop's Attorney Fee): |
$500.00 and up |
Condo Transfer Tax: |
Typically 1% to 3% of the sales price, if applicable |
Move-Out Deposit: |
$1,000.00 (refundable in most cases) |
Brokerage Fee: |
Typically 6% of the sales price |
Adjustments: |
Up to one month of common charges, real estate taxes or maintenance fees |
Mortgage Associated Fees |
Mortgage Payoff: |
Amount of outstanding mortgage, if applicable |
Bank Payoff Attorney: |
$250.00 and up |
COOP & CONDOP CLOSING COSTS (same as above in addition to the following) |
Coop Atty: |
$450 and up |
Stock Transfer Stamps: |
$.05 per share |
UCC Filing Fee: |
$100 |
Flip Tax: |
Typically 1% to 3% of the sales price, if applicable |
Estate Fees: |
May be required in some Coops for estate sales |
Additional Fees, if applicable: |
Gains Tax (out-of-state seller): |
7.7% of gain |
Non-US Resident (FIRPTA): |
10% of sales price withheld or paid |
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