Seller Closing Costs

A Breakdown Of What You Can Expect To Pay

Co-Op Closing Costs

Own Attorney

 

  • Varies

    * Check with bank/mortgage broker for additional fees. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584). These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

 

NYC Real Property Transfer Tax

  • 1% of purchase price if $500,000 or less
  • 1.425% of purchase price if more than $500,000 (Rate is 2.625% for muliple units purchased by a single purchaser if deemed a “bulk sale”.)

NYS Transfer Tax

  • 0.4% of purchase price

Stock Transfer Stamps

  • $.05 per share

UCC-3 Filing

  • $75

Flip Tax (if applicable)

  • Determined by co-operative building (unless otherwise stated or negotiated)

Payoff Bank Attorney (if applicable)

  • $250 and up

Managing Agent Fee

  • $650 and up

Move-Out Deposit

  • $500 and up

Broker Commission

  • 6% of purchase price

Estate Fees

  • Co-op may impose additional fees for estate sales

Lost Stock and Lease Fees

  • $250 and up

E Tax Filing (ACRIS)

  • $100

NYS Capital Gains Tax Withholding (Only applicable to non-NY residents)

  • 8.82% of taxable gain on sale

(FIRPTA) Only applicable to non-US residents

  • Buyer to withhold 15% of purchase price.

    * Additional taxes on capital gain associated with the sale of real estate including Federal, State and the specialized Medicare tax may apply. Please consult with your tax professional to ensure compliance with all applicable tax regulations. Corcoran is not a licensed tax advisor.

Condo & Townhouse Closing Costs

Own Attorney

  • Varies

    * Check with bank/mortgage broker for additional fees. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584). These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

NYC Real Property Transfer Tax

  • 1% of purchase price if $500,000 or less
  • 1.425% of purchase price if more than $500,000 (Rate is 2.625% for multiple units purchased by single purchaser if deemed a “bulk sale”.)

NYS Transfer Tax

  • 0.4% of purchase price

Reserve Fund Contribution (if applicable)

  • Determined by condominium board, payable by buyer unless otherwise stated (Not applicable to townhouses)

Payoff Bank Fees (if applicable)

  • $250 and up

Managing Agent Fees

  • $650 and up (Not applicable to townhouses)

Move-Out Deposit

  • $500 and up, usually refundable if no damage (Not applicable to townhouses)

Broker Commission

  • 6% of purchase price

E Tax Filing (ACRIS)

  • $100

Property Condition Disclosure Statement

  • $500

Waiver Fee

NYS Capital Gains Tax Withholding

  • 8.82% of taxable gain on sale (Only applicable to non-NY residents)

(FIRPTA) Only applicable to foreign persons

  • Buyer to withhold up to 10% of purchase price.

    * Additional taxes on capital gain associated with the sale of real estate including Federal, State and the specialized Medicare tax may apply. Please consult with your tax professional to ensure compliance with all applicable tax regulations. Corcoran is not a licensed tax advisor.

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