Estimated Residential Condo Closing Costs In New York City

Estimated Residential Condo Closing Costs In New York City

For The Seller
Broker	As provided in exclusive agreement with broker
Own Attorney	Approx. $3,500-$5,000, varies as negotiated
Managing Agent’s Fee	Approx. $1,000, or as determined by building
Move-out Deposit or Fee	Approx. $1,000, or as determined by building
New York City Transfer Tax	See chart on reverse
New York State Transfer Tax	See chart on reverse
Satisfaction of Mortgage	Approx. $500, or as determined by bank, title co.
Recording, other fees	Approx. $150
Capital Gains Tax	Consult your accountant
Non US Citizen/Non Resident (FIRPTA)	15% of price withheld or paid towards amount owed
Flip Tax or Capital Contribution	Certain Condos, formula varies

_{*Tax is assessed on total price at the highest rate applicable to the total price, ie if price is $5.5m, transfer tax is 0.65% of $5.5m. NYS Transfer tax increases from 0.40% to 0.65% only in NYC and for residential property with a price of $3m or more and other property with a price of $2m or more.}

_{All costs are estimated, and will vary based on transaction details, changes in rates and taxes, and other factors. No representation is made as to the accuracy of these estimates. Parties to transaction must consult their own counsel and refer to transaction details for verification of all costs.}