Estimated Closing Costs
Condominium & Townhouse Sellers
- Broker: Typically 6%
- Seller’s attorney (negotiated flat rate) $2,500±
- NY City Transfer Tax: 1% of the sales price for sales of $500,000; or less 1.425% for sales in excess of $500,000
- NY State Transfer Tax: $2 per $500 (or 0.4% of sales price)
- Miscellaneous title company fees (if the seller has a mortgage): $450±
- Move-out deposit or fees (condo): $1,000 (varies)
- Managing agent fees (condo): $500±
These figures are presented as a general guideline only. Actual closings costs will vary for every transaction. Before signing any contract, sellers should have all closing costs explained to them by their attorney.
Co-Operative Sellers
- Broker: Typically 6%
- Seller’s attorney (negotiated flat rate): $2,500±
- NY City Transfer Tax: 1% of the sales price for sales of $500,000; or less 1.425% for sales in excess of $500,000
- NY State Transfer Tax: $2 per $500 (or 0.4% of sales price)
- Flip tax (if any)*: Often 2-3%, consult managing agent
- Managing agent fee: $600±
- Stock Transfer Tax: $0.05 per share
- Move-out deposit or fees: $1,000 (varies)
- Payoff bank attorney (if the seller has a mortgage): $500±
- UCC-3 filing (if the seller has a mortgage): Up to $100 per loan
*Flip taxes vary on amount and by whom they are payable (buyer or seller)
These figures are presented as a general guideline only. Actual closings costs will vary for every transaction. Before signing any contract, sellers should have all closing costs explained to them by their attorney.