Seller Closing Costs for Condominiums / Townhouses
|
Seller Closing Costs: |
|
| Condominium Apartments / Townhouses | |
| Own Attorney | varies* |
| NYC Real Property Transfer Tax | 1% of purchase price if $500,000 or less |
| 1.425% of purchase price if over $500,000 | |
| NYS Transfer Tax | .4% (.004) of purchase price |
| Reserve Fund Contribution (if applicable) | Determined by condominium board payable by buyer or seller as specified |
| Payoff Bank Fees (if applicable) | $250 + up |
| Managing Agent Fee | $250 + up |
| Move-Out Deposit | $500 + up (usually refundable if no damage) |
| Broker Commission | 6% of purchase price |
| E Tax Filing (ACRIS) | $50 - $200 |
| NYS Capital Gains Tax Withholding | 7.7% of gain |
| Non-US Resident (FIRPTA) | 6.85% of estimated gain |
