Seller’s Guide

When you decide its time to sell your property, RES will utilize the proven success and experience of its real estate professionals to give your property maximum exposure, attract the most qualified of purchasers, attain the maximum price, and make the entire process smooth and seamless for you. From the initial pricing of the unit, to negotiating the sale, to the professional preparation and submittal of a board package, to the closing of the transaction, RES will be there throughout to ensure the greatest chance of success in the sale of your property.

Seller Closing Costs: Co-operative Apartments*

  • Own Attorney: $2,000+
  • Co-op Attorney: $450+
  • Stock Transfer Stamps: $.05 per share
  • NYC Real Property Transfer Tax Up to $500,000: 1% of purchase price; $500,000+: 1.425% of purchase price
  • NYS Transfer Tax: $4 per $1,000 (.4%) of purchase price
  • UCC-3 Filing: $100
  • Flip Tax (if applicable): Determined by co-operative building (typically 1%-3% of price)
  • Payoff Bank Attorney (if applicable): $450+
  • Managing Agent Fee: $500 – $1,000
  • Move-Out Deposit: $500 – $1,000 (usually refundable if no damage)
  • Broker Commission: Typically 6% of purchase price
  • Estate Fees: Coop may impose additional fees for estate sales
  • Residential Deed Transfer: $75
  • Residential Equalization Fee: $75
  • Gains Tax Withholding (out of state seller): 7.7% of gain
  • Non-US Resident (FIRPTA): 10% of price withheld or paid
  • Misc. Co-op fees: Vary by building

Seller Closing Costs: Condominium Apartments / Townhouses

  • Own Attorney: $2000+.
  • NYC Real Property Transfer Tax: Up to $500,000: 1% of purchase price; $500,000+: 1.425% of purchase price
  • NYS Transfer Tax: $4 per $1,000 (.4%) of purchase price
  • UCC-3 Filing: $100
  • Payoff Bank Fees: (if applicable) $450+
  • Managing Agent Fee: $250 – $750
  • Move-Out Deposit: $500 – $1,000 (usually refundable if no damage)
  • Broker Commission: 6% of purchase price
  • Residential Deed Transfer: $75
  • NYS Equalization Fee: $75
  • Gains Tax Withholding (out of state seller): 7.7% of gain
  • Non-US Resident (FIRPTA): 10% of price withheld or paid
  • Misc. Condominium Fees: Vary by building

*All costs are estimates for informational purposes only. Please confirm closing costs for specific transactions with your attorney. Check with your payoff bank for additional fees. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584) .1031 Exchange Intermediaries will have separate costs.