Seller's Guide

 

First Steps To Selling

Understanding Your Fees: Below is a list of estimated fees. Keep in mind there may be additional fee's but the most standard are listed.

Considering a Broker: Its very important to understand the sales process, as well as the benefits of having a broker. There are many additional resources that brokers have access to that a seller does not. They will be responsible for all marketing of your property, and all correspondance regarding the sale of it. Your broker will also offer recommendations and help you through out the sales process.  

Estimated Fees:

Cooperative Apartment:

  • Broker Fees: Are typically 6% 
  • Attorney Fees: Approximately $1,500
  • Managing Agent: $450
  • Flip Tax: Consult Managing Agent
  • Stock Transfer Tax: $.05 per share
  • Move Out Deposit Fee: $1,000
  • New York City Transfer Tax: 1.00% of price up to $500,000 1.425% of entire price when it exceeds $500,000
  • New York State Transfer Tax: 0.4% (.004) of price
  • Payoff Bank Attorney: If seller has mortgage $30
  • UCC-3 Filing Fee: If seller has mortgage $350


Condominium/Townhouse:

  • Broker Fees: Are typically 6%. 
  • Attorney Fees: Approximately $1,500
  • Managing Agent: $450
  • Move Out Deposit Fee: $1,000
  • New York City Transfer Tax: 1.00% of price up to $500,000 1.425% of entire price when it exceeds $500,000
  • New York State Transfer Tax: 0.4% (.004) of price
  • Miscellaneous Title Company Fees: If seller has mortgage $200


Multi-Family Residential/Commercial Property

  • Broker Fees: Are typically 6%. 
  • Attorney Fees: Approximately $5,000
  • New York City Transfer Tax: 1.425% of price up to $500,000 2.625% of entire price when it exceeds $500,000
  • New York State Transfer Tax: 0.4% (.004) of price
  • Payoff Bank Attorney: If Seller has mortgage - $350 Miscellaneous $200 Transfer Security Deposit T.S.D.