Southbridge Towers Seller Closing Cost Calculator
Property Details
Sale price
Broker commission
Save up to 6% when you sell with Hauseit.
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Original owner? Original owners in Southbridge Towers pay a flip tax of 28% of the gross sale price. The flip tax is 2.5% for subsequent resales.
Existing mortgage?
Seller's attorney fee
Estimated Closing Costs
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Southbridge Towers Seller Closing Cost Glossary
NYC Broker Commission
The typical real estate commission in NYC is 5% to 6% of the sale price. However, more economical and equally effective options for sellers are available, such as 1% Full Service and Agent Assisted FSBO.
Southbridge Towers Flip Tax
The Southbridge Towers flip tax is paid by the seller and is 28% for original owners and 2.5% for subsequent resales. The flip tax for Southbridge Towers is calculated based on the gross sale price.
For the avoidance of doubt, the 28% rate only applies to the first sale by the original owner, while all subsequent resales or transfers at Southbridge Towers are subject to the lower 2.5% rate.
Looking for more details? View our full FAQ for Southbridge Towers here.
NYC Transfer Tax
Sellers at Soutbridge Towers are responsible for the NYC Transfer Tax, whic is a seller closing cost of 1% for sales below $500k and 1.425% for sales of $500k or more. In addition to the NYC Transfer Tax, sellers at Southbridge Towers 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
Sellers at Soutbridge Towers must also pay the New York State Transfer Tax, which is is 0.4% for sales below $3 million and 0.65% for sales of $3 million or more. The New York State Transfer Tax is authorized by New York Consolidated Laws, Tax Law – TAX § 1402.
Seller's Attorney Fee
The average real estate attorney fee for a sale transaction in NYC ranges from $3,000 to $4,000. These fees are typically structured as a flat rate, though the exact amount will depend on the complexity of your transaction.
Southbridge Towers Building Fees
Southbridge Towers charges sellers a $500 move-out fee that is non-refundable along with a $500 move-out security deposit.
Other Seller Closing Costs
Additional closing costs for sellers at Southbridge Towers include the co-op transfer tax filing fee and the co-op stock transfer tax. If there’s an existing mortgage, the seller is also responsible for the co-op UCC-3 termination fee and a bank loan satisfaction fee. The bank loan satisfaction fee is a relatively small closing cost and is usually a fixed amount, regardless of the size of the outstanding principal balance being paid off.
FAQ
How much are seller closing costs at Soutbridge Towers?
Seller closing costs at Southbridge Towers are approximately 35% for original owners and 10% for subsequent owners. This discrepancy is due to the flip tax, which is 28% for original owners and just 2.5% for subsequent owners. Save up to 6% when selling through Hauseit’s Assisted FSBO Listing Service, or consider 1% Full Service for a traditional yet lower cost sale experience.
Is it possible to reduce my seller closing costs in NYC?
Yes. You can save up to 6% when selling through Hauseit’s Assisted FSBO Listing Service, or consider 1% Full Service for a traditional yet lower cost sale experience.
How much money can I save with a Hauseit® Assisted FSBO Listing?
Save all 6% in broker commission if you find a direct buyer, meaning you’ll owe nothing at closing. If you decide to sell to a buyer represented by an agent, only pay the commission you chose to offer in the MLS which is typically no more than 3%. Learn more here.
Can I save money when buying real estate in NYC?
Yes. You can reduce your buyer closing costs and save up to 2% on your purchase by requesting a buyer agent commission rebate through Hauseit. Rebates are a legal and non-taxable way to reduce your buyer closing costs while receiving traditional, full-service representation from a seasoned buyer’s agent throughout the purchase process.
