Closing cost estimates for the seller of condominiums and single family homes are only for reference. The exact cost to the seller will be different on the closing cost details provided by the seller’s lender and attorney.
| For the Seller of Condos and Single Family Homes |
Estimated Cost | Notes |
| Broker’s Commission | 6% of the purchase price | Does the listing broker offer seller savings? Significant savings may be possible. |
| Seller’s Attorney | $1,500 – $2,500+ | |
| Managing Agent Fee | $500+ | |
| Flip Tax | Determined by the condominium by-laws and HOA | No flip tax if ownership exceeds a determined period of time. Single family homes do not have flip tax. |
| New York City Transfer Tax | 1% of price for purchase of $500,000 or less; 1.425% of price for purchase over $500,000 | Paid by seller. Exception applies to new construction sales by the Sponsor, the buyer will pay the NYC transfer tax. |
| New York State Transfer Tax | 0.4% of purchase price | $4 per $1000. Paid by seller. Except sale by sponsor on new constructions. |
| Move-out Deposit | $500+ | Usually refundable if no damage during the moving process. |
| Payoff Bank Fees | $200+ | Applies when closing out the original mortgage. |
| E Tax Filing (ACRIS) | $50 | NY uses the Automated City Registering Information System to file transfer taxes. |
| Property Condition Disclosure Statement | $500 | If the seller did not supply 6 page property condition disclosure statement to buyer. |
| NYS Capital Gains Tax Withholding | 8.82% of taxable gain on sale | Applicable to non-US residents. Consult with a tax professional. |
| FIRPTA | Buyer to withhold 10% of purchase price | Foreign Investment in Real Property Act, applies to non-US sellers. |
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