A
heads up information for the SELLER on the "Closing Costs" for
the sale of property in New York.
Closing costs vary depending on the type of property sold. Here is an
example of a closing cost for a condominium sale:
| Attorney's
fee |
$1,800
and up |
| Managing
agent fee |
$500
(approx.) |
| Move-out
deposit |
$500-800
(approx.)
|
| New
York City transfer tax |
1%
of condo price up to $500,000
1.425% of price over $500,000 |
| New
York State transfer tax |
$2
per $500 of price |
| Title
company fee |
$100
(approx.) |
| Bank
attorney for payoff |
$300 |
Additionally,
the brokerage commission is normally at 6% of the property price.
|