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Closing Cost Estimator for Seller in NYC

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Estimated Closing Costs

NY State Transfer Tax
Move-Out Deposit
Move-Out Fee
Managing Agent Fee
Bank Loan Satisfaction Fees
Residential Deed Transfer Fee
ACRIS Filing Fees
Coop Attorney Fee
UCC-3 Termination Fee
Non-Deed Transfer Fee
Coop Stock Transfer Tax
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Have time to show your home yourself? Consider our self managed, For Sale By Owner listing option that gives your home the same marketing exposure as if you’d paid 6% commission to a traditional listing broker.

Thinking of buying? Estimate your buyer closing costs using Hauseit’s interactive closing cost calculator for buyers in NYC.

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Glossary

Typical NYC Broker Commission

The typical real estate commission in NYC is 5% to 6% of the sale price.  One of the main reasons why commissions remain elevated in NYC is because the vast majority of buyers work with buyer agents. The typical 5% to 6% commission paid by the seller is intended to be split equally between the listing agent and the buyer’s agent. Sellers are averse to offering less than 2.5% to 3% to a buyer’s agent because it may have an impact on how much demand the listing sees from represented buyers (who account for over 75% of the buyer base).

Sellers in NYC typically sign an exclusive listing agreement which stipulates a fixed commission rate to be paid at closing. If a buyer is unrepresented, the total commission is simply pocketed by the listing agent instead of being split with a buyer’s agent. Buyers are therefore incentivized to work with buyer agents because it’s perceived to be a free service since sellers are paying a fixed total commission no matter what. This creates a chicken and egg situation whereby sellers feel compelled to offer high commissions to buyer agents while buyers feel compelled to work with buyer brokers since it doesn’t cost them anything.

NYC Transfer Tax

The NYC Transfer Tax is a seller closing cost of 1% for sales below $500k and 1.425% for sales of $500k or more. Higher rates apply for commercial transactions and multifamily properties with 4 or more units. In addition to the NYC Transfer Tax, sellers in NYC must also pay New York State Transfer Taxes. The combined NYC and NYS Transfer Taxes are the second largest closing cost for sellers aside from broker commissions.

NY State Transfer Tax

The New York State Transfer Tax is 0.4% for sales below $3 million and 0.65% for sales of $3 million or more. The higher rate of 0.65% kicks-in at a lower threshold of $2 million for commercial transactions and residential properties with 4 or more units. Prior to the New York Tax Law amendments in 2019, the NYS Transfer Tax was previously a fixed 0.4% regardless of the sale price. The New York State Transfer Tax is authorized by New York Consolidated Laws, Tax Law – TAX § 1402.

Updated NYS Transfer Tax rates for NYC reflective of changes to the New York Tax Law Adopted in 2019.

Seller's Attorney Fee

The average real estate attorney fee for a sale transaction in NYC is $2,000 to $3,000. The flat fee rates you are quoted will vary based on the complexity of your real estate transaction. Lawyer fees can be as high as $5,000 for a more complex transaction and for new developments. Real estate attorney fees are typically taken at closing and will be part of the closing costs mentioned in your lawyer’s closing statement. Some lawyers may negotiate for half or some other portion of the fee to be paid upfront, with the remainder to be paid at closing.

Move-Out Deposit & Fees

Most condos and co-ops in NYC charge sellers a refundable move-out deposit in addition to a non-refundable move-out fee. Exact fees vary by building, and they are usually listed in the resale application (also know as board application). If you’ve already moved out and a unit is vacant, it may be possible for you to request an exception and bypass the fees. The easiest way to do this is by contacting the transfer agent of your building’s managing agent.

Managing Agent Fee

Your building’s managing agent may charge sellers a closing fee to compensate them for the time and effort associated with a real estate closing. While this fee is customarily paid at closing, it may be requested upon submission of the buyer’s board application package along with other fees such as the buyer’s financing fee, move-in/move-out fees and/or move-in/move-out deposits.

Bank Loan Satisfaction Fees

Most banks charge sellers a bank loan satisfaction fee which is payable at the time you pay off your outstanding principal balance. This is a relatively small closing cost, and it’s usually a fixed amount regardless of the size of the outstanding principal balance you’re paying off.

Residential Deed Transfer Fee & ACRIS Filing Fees

The Residential Deed Transfer Fee and ACRIS Filing Fees are relatively small seller closing costs which cover the nominal costs associated with physically recording the sale in public records.

Disclaimer: Hauseit’s Closing Cost Estimator for Seller in NYC provides estimates that are meant to be illustrative and used for reference purposes only. Exact closing costs in NYC will vary per transaction. Please consult the closing statement your real estate attorney will provide you for your exact closing costs. Hauseit and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. The services marketed on Hauseit.com are provided by licensed real estate brokers and other third party professional service providers. Hauseit LLC is not a licensed real estate broker nor a member of any multiple listing service (MLS).

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