CLOSING COST ESTIMATE: CONDOMINIUMS / TOWNHOUSES
FOR THE SELLER:
Own Attorney: $1,700 & up*
NYC Real Property Transfer Tax: 1% of purchase price if $500,000 or less 1.425% of purchase price if over $500,000 of the entire amount
NYS Transfer Tax: .4% (.004) of purchase price
Payoff Bank Fees (if applicable): $450*
Managing Agent Fee: $250 - $750
Move-Out Deposit : $500 - $1,000
Broker Commission: 6% of purchase price
E Tax Filing (ACRIS): $50
Gains Tax Withholding (out of state seller): 7.7% of gain
Non-US Resident (FIRPTA): 10% of price withheld or paid
* Check with bank/mortgage broker for additional fees . New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
FOR THE SELLER:
Own Attorney: $1,700 & up*
NYC Real Property Transfer Tax: 1% of purchase price if $500,000 or less 1.425% of purchase price if over $500,000 of the entire amount
NYS Transfer Tax: .4% (.004) of purchase price
Payoff Bank Fees (if applicable): $450*
Managing Agent Fee: $250 - $750
Move-Out Deposit : $500 - $1,000
Broker Commission: 6% of purchase price
E Tax Filing (ACRIS): $50
Gains Tax Withholding (out of state seller): 7.7% of gain
Non-US Resident (FIRPTA): 10% of price withheld or paid
* Check with bank/mortgage broker for additional fees . New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.