What Closing Costs Do Sellers Pay in NYC?
Hauseit
2019-03-05
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How Much Are Seller Closing Costs in NYC: https://www.hauseit.com/seller-closing-costs-nyc/
Reduce Your Buyer Closing Costs in NYC:
https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
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.
Looking to buy or sell a home in New York? Learn how you can save on commission and closing costs at https://www.hauseit.com
Save Money with a Hauseit Buyer Closing Credit:
https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
#hauseit #hauseitnyc
https://www.hauseit.com
Reduce Your Buyer Closing Costs in NYC:
https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
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.
Looking to buy or sell a home in New York? Learn how you can save on commission and closing costs at https://www.hauseit.com
Save Money with a Hauseit Buyer Closing Credit:
https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
#hauseit #hauseitnyc
https://www.hauseit.com
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