Home Selling in New York>Question Details

iamnamedamy, Home Buyer in New York, NY

What are the taxes and fees involved with selling a coop apartment worth about $800K?

Asked by iamnamedamy, New York, NY Wed Jun 13, 2012

I know there is the agent's fee ~6%, and taxes....but how much can I expect to pay in closing costs? Are there any other fees? There is no flip tax.

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Answers

8
This what it will cost you.

New York City Transfer Tax
…………….1.425% of entire gross purchase price,
if price exceeds $500,000.
New York State Transfer Tax……….......0.4% (.004) of gross purchase price.
Bank, Satisfaction of Mortgage Fees…..approx. $450, as determined by bank.
Recording, ACRIS, other fees ……….approx. $150.
Gains Tax Withholding………………. ….8.97% of gain.
(Out of State Seller)
Non – US Resident (FIRPTA)……………10% of price withheld or paid.
Stock Transfer Tax (Coops only) …$0.05/share.
2 votes Thank Flag Link Wed Jun 13, 2012
Hi,
Here's a comprehensive breakdown for a co op:
Broker's commission: 6%
Attorney: $1500-$2500 estimated
Co-op attorney/Managing Agent: $400-$600
Stock Transfer Tax: $0.05 per share
Move-out Deposit: Vaires ($500-$1000)
Move-out Fee: $250 and up
NYC Transfer Tax: 1.425% of the sale price, so $11,400.
Transfer Tax Filing Fee: $25-$40
NYS Transfer Tax: 0.4% of the sale price, so $3,200
Bank Attorney: $300
UCC-3 Filing Fee: $75 and up.
Estimated Sub Total (before commission and Stock Transfer Tax): $18,250.
Hope that helps!

If you have any questions, give me a call: 347.344.8307 or email me: nkochmer@citi-habitats.com

Good luck with your sale!
-Nissa
1 vote Thank Flag Link Wed Jun 13, 2012
Hi, NYC has a 1% of the purchase price transfer tax plus the NY state transfer tax of $4 per every thousand of the transaction. You'll also have an attorney fee.

Chris
1 vote Thank Flag Link Wed Jun 13, 2012
Ask your attorney for a good faith estimate; generally one can expect NYS transfer tax, NYC property transfer tax, attorney fees, any move out fees associated with the co-op, etc.
1 vote Thank Flag Link Wed Jun 13, 2012
Below all the closing costs are delineated already for you.

Here is a complete list:

http://www.buyandsellmanhattan.com/how-to-manhattan-apts/wha…

I thought it important to note that I am also a licensed part itme working appraiser in Manhattan. This gives my sellers an extra edge that most real estate brokers don't have. I know how to fight a low appraisal and price an apartment correctly for a successful closing.

You can learn more about our broker team at the web referrence listed below. I highly suggest doing your due diligence in the Manhattan real estate broker that you are looking to contract.

If I can be of service to you, please feel free to reach out to me at your convenience.

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
9172502284
0 votes Thank Flag Link Wed Jun 13, 2012
Co-op Attorney: $450+

Flip Tax: if applicable

Stock Transfer Tax: $0.05 per share

Move-out Deposit/Fee: Varies by building

NYC Transfer tax $500,000+ = 1.425%

NY State Transfer Tax: $4 per $1,000 of price

Payoff Fee: $250-$500

UCC-3 Filing Fee: $100

Miscellaneous Coop Charges: Vary by building
0 votes Thank Flag Link Wed Jun 13, 2012
Hi,

NYS transfer taxes, property taxes and Atty fees are part of the closing fees.

I would be more than happy to assist you with the selling of your coop.

Coffy Bailey
Call me at 646-773-8347
Exit Realty Power
0 votes Thank Flag Link Wed Jun 13, 2012
Please click on the link below. It will explain the closing cost involved with the sale of the property. Hope this helps.


Paul Macapagal
Associate Broker
Town Residential
paul.macapagal@townrealestate.com
917 612 2746
0 votes Thank Flag Link Wed Jun 13, 2012
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