Closing Costs For Sellers
Posted by Noah Rosenblatt on March 27, 2006 at 1.46 PM
A: I got this very useful information from Broker Scott Claster's website. It outlines the estimated closing costs that a seller will have to pay to close their real estate transaction.
*NOTE: You should always contact your attorney beforehand to go over what all your closing costs will be. There is a chance that future tax laws for New York City will change that affects what closing costs your are required to pay. Below is a good guide to go by to get a estimate of what your total closing costs will include.
CONDO CLOSING COSTS FOR SELLER
CO-OP CLOSING COSTS FOR SELLER
Comments (2)
For Co-ops;
The flip tax is not an automatic fee. it must be authorized in the Co-op documents. The formula varies . It is sometimes based on a per share basis , flat fee or % of gross or net profit. Each co-op that has one is different. check w/ the manging agent
PS NYS Transfer tax (.4%) is the same yet he expresses them in different terms (?)
Posted by 3 cents | March 31, 2006 3:30 AM
Actually, he made an error on NYS Transfer tax for co-ops--it's .4% of the purchase price or $2.00 per $500 of the Purchase Price (not per share price)
Posted by 3 cents | April 1, 2006 9:42 PM