Seller’s Closing Costs


Cooperative sale


6% of purchase price

Broker Commission

Attorney Fee

$2,250 - $3,500 (on average for sales up to $1.5M)

New York State Transfer Fee

0.4% of purchase price

New York City Real Property Transfer Tax

Residential Transactions

 

1% of sales price if sale is $500,000 or less

1.425% of sales price if sale is greater than $500,000

Commercial/Bulk Sale Transactions

If two or more units are purchased simultaneously from the same buyer, the commercial transfer tax rate applies. 1.425% of sales price if sale is $500,000 or less. 2.625% of sales price if sale is greater than $500,000

New York State Capital Gains Tax

8.97% of estimated gain paid at closing. *Unless (1.) Seller is a NY State resident at time of sale or (2.) Property was Seller's principal residence for 2 out of the last 5 years or (3.) Seller has set up a 1031 Tax-Deferred Exchange

Federal Withholding Tax (FIRPTA)

10% of purchase price is withheld if Seller is a non-exempt foreigner

Move-out Deposit (refundable)

Move-out Fee (non-refundable)

Flip Tax (if applicable)

Stock Transfer Tax Stamps

Transfer Agent or Co-op Attorney's Fee

New York City Transfer Tax Filing Fee

Payoff Bank Attorney's Fee

UCC-3 Filing Fee

$500 - $1,000

$500 - $1,000

1-3% of purchase price

$.05 per share

$500 - $750

$100

$375 - $500

$75 - $125

 

Condominium sale


Broker Commission

6% of purchase price

Attorney Fee

$2,250 - $3,500 (on average for sales up to $1.5M)

New York State Transfer Fee

0.4% of purchase price

New York City Real Property Transfer Tax

Residential Transactions

1% of sales price if sale is $500,000 or less

1.425% of sales price if sale is greater than $500,000

Commercial/Bulk Sale Transactions

If two or more units are purchased simultaneously from the same buyer, the commercial transfer tax rate applies. 1.425% of sales price if sale is $500,000 or less. 2.625% of sales price if sale is greater than $500,000

New York State Capital Gains Tax

8.97% of estimated gain paid at closing. *Unless (1.) Seller is a NY State resident at time of sale or (2.) Property was Seller's principal residence for 2 out of the last 5 years or (3.) Seller has set up a 1031 Tax-Deferred Exchange

Federal Withholding Tax (FIRPTA)

10% of purchase price is withheld if Seller is a non-exempt foreigner

Move-out Deposit (refundable)

Move-out Fee (non-refundable)

Application / Waiver Fee

Satisfaction of Mortgage Recording Fee

Title Closer Pick-up Fee for Mortgage Payoff

$500 - $1,000

$500 - $1,000

$500 - $1,000

$100 per mortgage

$250 per mortgage

 

townhouse sale


Broker Commission

6% of purchase price

Attorney Fee

$2,250 - $3,500 (on average for sales up to $1.5M)

New York State Transfer Fee

0.4% of purchase price

New York City Real Property Transfer Tax

Residential Transactions

1% of sales price if sale is $500,000 or less

1.425% of sales price if sale is greater than $500,000

Commercial/Bulk Sale Transactions

If two or more units are purchased simultaneously from the same buyer, the commercial transfer tax rate applies. 1.425% of sales price if sale is $500,000 or less. 2.625% of sales price if sale is greater than $500,000

New York State Capital Gains Tax

8.97% of estimated gain paid at closing. *Unless (1.) Seller is a NY State resident at time of sale or (2.) Property was Seller's principal residence for 2 out of the last 5 years or (3.) Seller has set up a 1031 Tax-Deferred Exchange

10% of purchase price is withheld if Seller is a non-exempt foreigner

Federal Withholding Tax (FIRPTA)

Satisfaction of Mortgage Recording Fee

Title Closer Pick-up Fee for Mortgage Payoff

$100 per mortgage

$250 per mortgage


The information presented above is for informational purposes only and is not intended as a comprehensive listing of all closing costs. Actual closing cost will vary depending on the specific services used, and the amounts charged are determined by the individual service providers.