Seller's Guide

Steps in Selling your Home

Buying and selling real estate in New York City is different than anywhere else in the US and the world. Therefore, it is critically important to become an educated consumer.

Valuing your Property

It is knowledge of the current real estate market, including historical sales and current availability of similar properties that allows your broker to accurately price your home. As marketing experts, your broker will even offer suggestions as to how you might enhance the appearance of your home to help achieve the best sales price possible.

Marketing your Property

Your broker will launch an array of strategies to expose your home to prospective buyers.

Depending on the property, the broker may:

  • Produce color picture postcards and professional brochures containing photos, floor plans and descriptions of your home which are then distributed to all cooperating New York City brokers and targeted purchasers.
  • Share the listing of your property, making sure that all qualified brokers in your area are focused on your residence. Your property is broadcast on the REBNY Listing System (RLS) to over 370 cooperating co-brokerage firms.
  • Advertise your home in relevant newspapers, magazines, and on the worldwide web.
  • Arrange for your property to appear in our brokerage firm newsletter, in flyers and in other mailings.
  • Host well-promoted open houses designed to bring qualified buyers to your property.

Selling your property

Your agent is familiar with every aspect of your property. He/she will verify necessary information with managing agents. He/she will usually be present every time your property is shown, ready to highlight everything that makes your residence special. Your agent involves you only as necessary while shielding you from the endless details inherent in the selling process. He/she will answer all inquiries, screen all prospective buyers, and advise you as offers are made.

Closing the Sale

Once an initial offer is made, your agent will begin negotiations on your behalf. He/she will handle all aspects of the transaction with authority and help you obtain the highest possible price for your investment. In addition, because your broker knows the real estate business, as well as the specific players involved in your deal, he/she can make your transaction proceed smoothly and rapidly as he/she negotiates and communicates with a myriad of other professionals: attorneys, mortgage brokers/bankers, appraisers, managing agents, co-op board members and settlement personnel.

Closing Cost Estimates, Condominium Apartments & Townhouses

For the Seller

Broker Commission Set by broker

Seller's Attorney Consult your attorney

Managing Agent Processing Fee $450.00 - $750.00

Move-out Deposit $500.00 - $1,000

New York City Transfer Tax 1% of price for purchase of $500,000.00 or less

1.425% of price for purchase over $500,000.00 (Paid by Seller, except sale by Sponsor)

New York State Transfer Tax 0.4% of price (paid by Seller, except sale by Sponsor)

Miscellaneous Title & Recording Fees $100.00

Mortgage Satisfaction Fee $150.00 - $300.00

For the Purchaser

Purchaser's Attorney Consult your attorney

Bank Fees:

Points 0 to 3% of loan amount

Application, credit check, etc. $500.00

Bank Attorney $450.00 - $750.00.00

Short Term Interest Up to one month

Tax Escrows 2 to 6 months

Recording Fees $150.00

Mortgage Tax 2% ** of amount of mortgage on loans under $500,000.00

2.125%** of amount of mortgage loans of $500,000.00 and over

Title Insurance Rates vary by NY law as insurance increases

Violation Search $250.00

Managing Agent Fee $250.00

Common Charge Adjustment Up to one month

Real Estate Tax Adjustment 1 to 5 months

Mansion Tax 1% of price where price is $1,000,000.00 or more

Title Closer Fee $100.00 - $150.00

Closing Cost Estimates, Cooperative Apartments

For the Seller

Broker Commission Set by broker

Seller's Attorney $1,250 and up

Co-op Attorney/Managing Agent $400.00 - $800.00

Flip Tax Varies by building, if any

Stock Transfer Tax $0.05 per share

Move-out Deposit $500.00 - $1,000.00

New York City Transfer Tax 1% of price for purchase of $500,000.00 or less

1.425% of price for purchase over $500,000.00 (Paid by Seller, except sale by Sponsor)

Transfer Tax Filing Fee $25.00 recording fee

New York State Transfer Tax 0.4% of price (paid by Seller, except sale by Sponsor)

Payoff Bank Attorney $300.00

UCC-3 Filing Fee $25.00