Financing in Brooklyn>Question Details

Maddad, Home Seller in Brooklyn, NY

what are the steps and costs involved with transfering the title of a house in Brooklyn,NY?

Asked by Maddad, Brooklyn, NY Tue Apr 17, 2012

Help the community by answering this question:


Dear Maddad:

If you already have a buyer and/or know who you will be transferring the title to, you should contact an attorney to help you. If you need to find a buyer the best first step would be to have a professional real estate agent in Brooklyn meet with you at your property and give you an evaluation as to how much the home is worth. Most agents (including myself) will do this free of charge and with no obligation. During that meeting you will be furnished with comparable sale information and insights as to market conditions. An agent can also answer any question you would have regarding selling.

When you sell a property in Brooklyn you will have to pay a New York City transfer tax of 1% if the sales price is less than $500,000 and 1.425% if the sales price is greater than $500,000. You will also have to pay a New York State transfer tax of 0.04% (that's $4.00 per thousand of the sales price). Most likely you will also have to pay a Property Condition Disclosure Law fee of $500 and if you hire a lawyer which you should, that will cost anywhere from $500 to $2000 or more depending on the circumstances.

In addition to that, if there is a real estate agent helping you you will have to pay the real estate commission (a worth while expense as it is a statistically proven fact that real estate agents get homeowners higher sales prices). If you have are making a substantial profit, you may also have to pay capital gains taxes. You should speak to your accountant about that or if you prefer give me a call and I can explain in more detail how capital gains taxes are determined (I need more details about you situation and it is too complex to get into here).

If I can be of further assistance, please let me know. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
0 votes Thank Flag Link Wed Apr 18, 2012
In order to best protect yourself, consider consulting with an attorney who specializes in real estate....
0 votes Thank Flag Link Tue Apr 17, 2012
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