SELLERS CLOSING COSTS:

Often sellers are less aware of costs that they are responsible for other than brokerage commissions, and legal fees. Thought costs may vary per transaction, in effort to help set better expectations, we have compiled this list of types of seller expenses that we have seen on settlement statements.

Co-op Seller Closing Costs:

  • –  Brokerage fee: 6% on an average
  • –  Seller Attorney: find out from attorney directly. Some attorneys work on a flat fee, on hourly basis.
  • –  Co-op Attorney: Approximately $450 to $750
  • –  Flip Tax IF APPLICABLE: Usually based on sales price, net profit, or as set cost per share.
  • –  Stock Transfer Tax: $0.05 per share
  • –  Move-out Deposit/Fees:
  • –  NYC Transfer Tax: Under $500,000 : 1%.  Over $500,000: 1.425%

Coop Administrative Fees:

  • –  Non-Deed Transfers (i.e., Co-ops) = $50
  • –  NY State Transfer Tax: $4 per $1,000 of price
  • –  NYS Equalization Fee: $75.00
  • –  If paying off Mortgage there is aPick-up / Payoff Fee: $300-$500
  • –  UCC Filing Fee: $100

Additionally:

5 Items New York Coop Sellers Must Prepare

Coop Sellers are often caught off guard when asked to produce documents routinely necessary to insure accuracy of listing data and buyer due diligence.  5 Items Jackson Heights Coop Sellers Must Prepare:

  1. Copy of monthly maintenance bill
  2. Copy of Stock Certificate
  3. Three years of building financials
  4. Offering Plan
  5. Contact information for the Managing Agent/Company 0f the building

Accuracy and availability of data, even if verified by attorneys prior to contract signing, helps speed the process and elevates consumer confidence.


Condominium Seller Closing Costs:

  • –  Brokerage fee: 6% on an average
  • –  Seller Attorney: find out from attorney directly. Some attorneys work on a flat fee, on hourly basis.
  • –  Management Processing Fees: $450 and up
  • –  NYC Transfer Tax:
  • –  Residential Condominium:
  • –  Up to $500,000 : 1%
  • –  Over $500,000: 1.425%
  • –  Commercial Condominium:
  • –  Up to $500,000 : 1.425%
  • –  Over $500,000 : 2.625%

 

Condo Administrative Fees:

  • –  Residential Deed Transfers= $75
  • –  Commercial Deed Transfers = $165
  • –  NY State Transfer Tax: $4 per $1,000 of price
  • –  NYS Equalization Fee: $75
  • –  If paying off Mortgage there is aPick-up / Payoff Fee: $300-$500
  • –  Condominium Management Charges: will vary by building

IMPORTANT NOTE:  Often in new development condominium deals, the Purchaser may be passed on costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes.