For the Seller:
Own Attorney: Varies.
NYC Real Property Transfer Tax: 1% of sale price if $500K or less; 1.425% of sale price if more than $500K.
NYS Transfer Tax: 0.4% of sale price for transactions less than $3M.
0.65% of sale price for transactions greater than or equal to $3M.
Reserve Fund Contribution (if applicable): Determined by condo board; Payable by buyer unless otherwise stated.
Payoff Bank Fees (if applicable): $250 and up.
Managing Agent Fees: $650 and up.
Move-Out Deposit: $500 - $1,000 (usually refundable if no damage).
Broker Commission: 6% of sale price.
E Tax Filing (ACRIS): $100.
Property Condition Disclosure Statement Waiver Fee: $500 - $1,000.
NYS Capital Gains Tax Withholding: 8.97% of taxable gain on sale (Only applicable to non-NY residents).
Federal Withholding Tax (FIRPTA): 10% - 15% of sale price if sellers is non-U.S. resident.
(additional taxes on capital gain associated with the sale of real estate including Federal, State and the specialized Medicare tax may apply. Consult with your tax professional to ensure compliance with all applicable tax regulations. Corcoran is not a licensed tax advisor).
