Seller Closing Costs

Often sellers are less aware of costs that they are responsible for other than brokerage commissions, and legal fees. Thought costs may vary per transaction, in effort to set better expectations, we have compiled this list of types of seller expenses that we have seen on closing statements.

Co-op Seller Closing Costs:

Brokerage fees: 6% (divided into list side and buy side)
Seller Attorney: find out from attorney directly. Some attorneys work on a flat fee, on hourly basis.
Co-op Attorney: Approximately $450 to $750
Flip Tax IF APPLICABLE: Usually based on sales price, net profit, or as set cost per share.
Stock Transfer Tax: $0.05 per share
Move-out Deposit/Fees:
NYC Transfer Tax: Under $500,000 : 1% & Over $500,000: 1.425%

Coop Administrative Fees:

Non-Deed Transfers (i.e., Co-ops) = $50
NY State Transfer Tax: $4 per $1,000 of price
NYS Equalization Fee: $75.00
If paying off Mortgage there is aPick-up / Payoff Fee: $300-$500
UCC Filing Fee: $100

Condominium Seller Closing Costs:

Brokerage fee: 6% (divided into list side and buy side)
Seller Attorney: find out from attorney directly. Some attorneys work on a flat fee, on hourly basis.
Management Processing Fees: $450 and up
NYC Transfer Tax:
Residential Condominium:
Up to $500,000 : 1%
Over $500,000: 1.425%
Commercial Condominium: Up to $500,000 : 1.425% & Over $500,000 : 2.625%

Condo Administrative Fees:

Residential Deed Transfers= $75
Commercial Deed Transfers = $165
NY State Transfer Tax: $4 per $1,000 of price
NYS Equalization Fee: $75
If paying off Mortgage there is aPick-up / Payoff Fee: $300-$500
Condominium Management Charges: will vary by building

IMPORTANT NOTE: Often in new development condominium deals, the Purchaser may be passed on costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes.