Knowledge for Sellers


select your Listing AGENT

Your listing agent will be a close adviser from the start. Their role is help you evaluate your home and the current market to make an informed decision to sell now or at a later time based on your urgency, timing of another purchase, life stage change, and other factors that initiate the selling process. The listing agent will have a trusted team of professionals ranging from photographers, floor plan artist, cleaners, stagers, attorneys, architects, contractors, and title insurance to name the most common. Your listing agent will market to the real estate market and bring all offers to you for consideration. They will work with your building manangement comany to help faciliate the purchase process and make the process as seamless and smooth as possible. The listing agent should always be the individual who maintains a cool and calm control over the deal. Buyer and selling homes is such a personal and intimate transaction, but it’s the listing agent who needs to remember to keep emotions in check and to drive the transaction based on facts and numbers. Like the British WWII motto goes… “Keep Calm and Carry On”


CLOSING COSTS FOR CO-OPS

Disclaimer: These estimates are for guidance only and the actual amount can end up be be higher or lower than these estimates. Always work with your Real Estate Attorney for estimates that are relevant to your specific sale.

FOR THE SELLER

Own Attorney: Varies*

Stock Transfer Stamps: $0.05 per share

NYC Real Property Transfer Tax: 1% of sale price if $500K or less; 1.425% of sale price if more than $500K**

NYS Transfer Tax: 0.4% of sale price

UCC-3 Filing: $75 - $125

Flip Tax (if applicable): Determined by co-op building (unless otherwise stated or negotiated)

Payoff Bank Attorney (if applicable): $450 - $550

Managing Agent Fees: $650 and up

Move-Out Deposit: $1,000

Broker Commission: 6% of sale price

Estate Fees: Co-op may impose additional fees for estate sales

Lost Stock & Lease Fees: $250 and up

E Tax Filing (ACRIS): $100

NYS Capital Gains Tax Withholding: 8.97% of taxable gain on sale (Only applicable to non-NY residents) Federal Withholding Tax (FIRPTA): 10% - 15% of sale price if seller is non-U.S. resident (Additional taxes on capital gain associated with the sale of real estate including Federal, State and the specialized Medicare tax may apply. Consult with your tax professional to ensure compliance with all applicable tax regulations. Corcoran is not a licensed tax advisor.)


CLOSING COSTS FOR CONDOS

Disclaimer: These estimates are for guidance only and the actual amount can end up be be higher or lower than these estimates. Always work with your Real Estate Attorney for estimates that are relevant to your specific sale.

FOR THE SELLER

Own Attorney: Varies*

NYC Real Property Transfer Tax: 1% of sale price if $500K or less; 1.425% of sale price if more than $500K**

NYS Transfer Tax: 0.4% of sale price

Reserve Fund Contribution (if applicable)†: Determined by condo board; Payable by buyer unless otherwise stated

Payoff Bank Fees (if applicable): $250 and up

Managing Agent Fees†: $650 and up

Move-Out Deposit†: $500 - $1,000 (usually refundable if no damage)

Broker Commission: 6% of sale price

E Tax Filing (ACRIS): $100

Property Condition Disclosure Statement Waiver Fee: $500 - $1,000

NYS Capital Gains Tax Withholding: 8.97% of taxable gain on sale (Only applicable to non-NY residents)

Federal Withholding Tax (FIRPTA): 10% - 15% of sale price if seller is non-U.S. resident (Additional taxes on capital gain associated with the sale of real estate including Federal, State and the specialized Medicare tax may apply. Consult with your tax professional to ensure compliance with all applicable tax regulations. Corcoran is not a licensed tax advisor.)


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