Manhattan Co-Op Closing Costs for Seller
New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP-584) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative| Attorney | $2,000 - $5,000* |
| Stock Transfer Stamps | $.05 per share |
| NYC Real Property Transfer Tax | Sales under $500,000 will be 1% of price and Sales over $500,000 will be 1.425%. |
| NY State Transfer Tax | 0.4% of Purchase Price. |
| Flip Tax (if applicable) | Determined by co-operative building |
| Payoff Bank Attorney (if applicable) | $450 & up |
| Managing Agent Fee | $500 - $750 |
| Move-Out Deposit | $500 - $1,000 usually refundable if there is no damage |
| Broker Commission | 6% of Purchase Price |
| Estate Fees | Varies, Co-op may impose additional fees for estate sales |
| Lost Stock and Lease Fees | $250 - $750 |
| eTax Filing Fee(ACRIS) | $50 |
| Gains Tax Withholding (This refers to Out of State Seller) | 7.7% of Gain |
| Non-United States Resident (FIRPTA) | 10% of Price withheld or paid. |
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* Check with bank/mortgage broker for additional fees .
Revised 12/15 |
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Co-Op Closing Costs - Seller |
Condo/Townhome Closing Costs - Seller |
Condo/Townhome Closing Cost - Buyer |
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Common Costs for Condo & Coop |
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1501 Broadway
12th FL
New York
NY
10036
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