Listed below is general information regarding the costs for the purchase or sale of a condo in New York City. The specific numbers may vary depending on the price of the property being conveyed or the building in which a sale or purchase is transacted. However, the information here should only be used as a guide, and for a more exact calculation of the costs, please contact our office and speak with an attorney.
SELLER'S COSTS |
PURCHASER'S COSTS |
Transfer Taxes  New York State - 0.41% of sale priceNew York City- 1% of sale priceif sale is under 500,000,000 or more. 1.425% of sale price ifsale is $500,000.00 or more. Plus $50.00 Filing Fee Building Fees Move out deposit - $250-1000Flip Tax - Check with your buildingManaging Agent - Transfer Fee$450-650 Loan Payoff Pick-up Fee - $100-200Record of Satisfaction - $75-150Real Estate Broker Fee -Typically 6% of Sale Price*Tax Withholding Federal - Foreign persons (andcorporations) are required to have 10% of sale price withheld forFederal Tax. New York - Non-residents of New York must determine gain on sale and pay New York State income tax of 7.7% of any gain.Attorney's Fees - Varies |
|
Title Insurance
Purchase Price $500,000.00$750,000.00$1,000,000.00 $1,500,000.00 |
Combined Premium Assuming 80% Financing $3,130.00 $4,245.00 $5,439.00 $7,651.00 |
No Financing $2,518.00 $3,513.00 $4,508.00 $6,338.00 |
