Seller’s Closing Costs for Co-Ops and Condominiums in Manhattan
- Your attorney’s fee ($2500 and up)
- Brokerage commission: 6% of sales price is standard
- NYC transfer tax: 1% of purchase price up to $500,000; 1.425% if purchase price is over $500,000. There is also a $35 filing fee.
- NYS transfer tax: $2 per $500 of purchase price
- Managing agent or cooperative attorney: $550
- Move-out fee and/or move-out deposit: $500-$1000 (may be refundable)
- Payoff bank attorney fee: $300
- Flip tax, determined by the building; check your offering plan or managing agent (this usually only applies to co-ops)
- Stock transfer fee: $.05 per share
- UCC3 filing fee: $35
- Misc. Title Company Fees: $100
All information here is based on our best knowledge. Fees are subject to fluctuation and to omissions and changes in fact These numbers are given for purposes of estimating only. Please check this information with your attorney or accountant.
The new tax law, effective in 1997, states that if you have lived in the home for at least 2 years during the last five years before the sale, you can use the new capital gains exclusion for your sale ($250,000 per owner). There is no longer a one-time exclusion. There are no more age limitations (the exclusion applies to all ages). There is no more roll-over requirement (you don’t have to buy a more expensive property).