How Much Are Seller Closing Costs in NYC: [ Ссылка ]

Reduce Your Buyer Closing Costs in NYC: [ Ссылка ]

Seller closing costs in NYC are between 8% to 10% of the sale price. Seller closing costs are usually higher for co-ops than condos because most co-ops charge sellers a flip tax.

Closing costs include a 6% broker fee, NYC Transfer Taxes of 1.4% to 1.825%, legal fees, a flip tax for co-ops, building fees and miscellaneous fees.

The traditional 6% listing agent commission is the largest component of seller closing costs in New York City. The second largest closing costs are the NYC & NYS Transfer Taxes which are a combined 1.4% for sales at or below $500k and 1.825% for anything above $500k.

Seller closing costs also include real estate attorney fees, a bank loans satisfaction fee if there’s an outstanding mortgage, miscellaneous filing fees and move-out fees and deposits in the case of condos and co-ops.

Here are the closing costs you’ll pay as a seller in NYC:

Broker Commissions: 5% to 6%

The largest closing cost for sellers is the traditional listing agent commission of 5% to 6% of the sale price.

Flip Tax for Co-ops: ~1.5%

Most co-ops in NYC charge sellers a flip tax. The amount of the flip tax and how it’s calculated vary by co-op. As a general rule of thumb, an average flip tax in NYC is ~1.5% of the sale price.

A flip tax can either be a flat fee, a per-share amount, a percentage of the sale price, a percentage of profits or some combination of these methods.

NYC Transfer Tax: 1% to 1.425%

The NYC Transfer Tax is 1% for sale prices at or below $500k and 1.425% for anything above $500k.

NYS Transfer Tax: 0.4%

The NYS Transfer Tax is 0.4% of the sale price. The Transfer Tax rate does not vary based on the sale price. With that said, NYS does charge an extra Transfer Tax on sales above $1m. This is commonly referred to as the 1% Mansion Tax.

Because the Mansion Tax is customarily paid by buyers, it’s not typically included when discussing seller Transfer Taxes in NYC even though it’s actually a Transfer Tax.

Attorney Fees: $2,000 to $3,000

A typical real estate attorney in NYC charges a flat fee of $2k to $3k for a sale or purchase transaction. The fee includes contract review and negotiation as well as the closing proceedings.

Building Fees: ~$2,000

Most co-ops and condos charge sellers a handful of miscellaneous fees when selling. These may include move-out deposits and fees as well as a fee payable to the managing agent for the closing proceedings.

Other Fees: ~$1,000

Miscellaneous seller closing costs in NYC are generally less than $1,000. These fees may include a bank loan satisfaction fee if you’re paying off a mortgage as well as filing fees such as the Residential Deed Transfer Fee and ACRIS Filing Fees in the case of a condo or house.

For a co-op, you’ll need to pay a co-op attorney fee, a UCC-3 Termination Fee, a Non-Deed Transfer Fee as well as the Co-op Stock Transfer Tax.

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