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Sellers

At Wald Real Estate we know the importance of partnering with a trusted, well educated advisor who has a complete understanding of the real estate market. We expertly price a property to help the seller find the highest possible offer in a timely manner. Wald Real Estate is trusted by sellers to close deals efficiently at the most advantageous prices. Whether working with local, national, or international clients, Wald Real Estate streamlines the process to make every sale as seamless as possible.

Closing Costs
The Difference between Co-Operatives and Condominium

CO – OPERATIVES

– An apartment in a building owned by a corporation or trust, in which each owner purchases stock representing the value of a single apartment unit and receives a proprietary lease as evidence of title. Shareholders pay a monthly maintenance fees to cover building expenses including real estate taxes the shareholders portion of the underlying mortgage(if there is one) Generally sales are subject to approval by a board of directors, and buyers must submit a purchase application (board package). The board will also require an interview. Financing and subletting is restricted in most coops.
Closing Costs: CO – OPERATIVES

For The Seller

Own Attorney

varies

Stock Transfer Stamps

$.05 per share

NYC Real Property Transfer Tax

1% of purchase price if $500,000 or less of the entire amount
1.425% of purchase price if over $500,000 of the entire amount

NYS Transfer Tax

0.4% (.004) of purchase price

Flip Tax (if applicable)

Determined by co-operative building

Payoff Bank Attorney (if applicable)

$450 + up

Managing Agent Fee

$500 – $750

Move-Out Deposit

$500 – $1000 (usually refundable if no damage)

Broker Commission

6% of purchase price

Estate Fees

Coop may impose additional fees for estate sales

Lost Stock and Lease Fees
$250 – $750

E Tax Filing (ACRIS)
$50

Gains Tax Withholding (out of state seller)
7.7% of gain

Non-US Resident (FIRPTA)
10% of price withheld or paid

For The Purchaser

Own Attorney

varies

Managing Agent Application Fee

$750

Credit Report Fee

$50 – $100 per applicant

Lead Based Paint Disclosure Fee

$0 – $50

Mansion Tax

1% of purchase price when over $1 million

Move-in Deposit

$500 – $1,000 (usually refundable if no damage)

Mortgage Associated Fees:

Origination Costs – points

0 – 3% value of loan

Application, Credit Check, etc.

$500 + up

Appraisal

$275 + up

Bank Attorney

$500 + up

UCC-1 Filing

$50 + up

Recognition Agreement Fee

$200 + up

Lien Search

$350

Maintenance Adjustment

Prorated for month of closing

* Check with bank/mortgage broker 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) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

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CONDOMINIUM

– A multiunit structure or property in which persons hold fee simple title to individual units and an undivided interest in common areas(lobby, halls, stairways etc) Each individual apartment gets a separate tax bill from the city. There is also monthly common charges for building expenses. Financing and subletting is more flexible.

Closing Costs: Condominium Apartments / Townhouses and 1-3 Family Dwellings

For The Seller

Own Attorney

varies

NYC Real Property Transfer Tax

1% of purchase price if $500,000 or less
1.425% of purchase price if over $500,000 of the entire amount

NYS Transfer Tax

.4% (.004) of purchase price

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

E Tax Filing (ACRIS)

$50

Gains Tax Withholding (out of state seller)

7.7% of gain

Non-US Resident (FIRPTA)
10% of price withheld or paid

For The Purchaser

Own Attorney

varies

Managing Agent Fee

$250 – $500

Credit Report Fee

$50 – $100 per applicant

Lead Based Paint Disclosure Fee

$0 – $50

Mansion Tax

1% of purchase price when priced $1 million or more

Move-in Deposit

$500 – $1,000 (usually refundable if no damage)

Mortgage Associated Fees:

Origination Costs – points

0 – 3% value of loan

Application, Credit Check, etc.

$500 + up

Appraisal

$275 + up

Bank Attorney

$500 + up

UCC-1 Filing

$50 + up

Mortgage Recording Tax

Up to $500,000 is 1.8% of mortgage; over $500,000 is 1.925% of mortgage

Title Insurance, Title Search & Recording Fees

Approximately 0.5% of purchase price

Building Searches

$200 – $400

Recording Charge

$17 per document plus $5 per page

Real Estate Tax Escrow
2-6 months

If Purchased Directly from Sponsor: ( ie: new construction)

NYC Real Property Ttransfer Tax

1% of purchase price up to $500,000
1.425% of purchase price over $500,000

NYS Transfer Tax

$4 per $1,000 of purchase price

Sponsor’s Attorney Fee
varies

* Check with bank/mortgage broker 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) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

Selling Tips:
Keep your home clean and clutter free.

Fresh paint, including your front door and newly refinished floors.

Bright lights and all bulbs working!

Clean Windows a must!

De clutter and remove unnecessary furniture.

Fresh white bedding can do wonders.

Re grout bathroom tile if necessary.

Stage your home when necessary.

Professional renderings of what your home can look like after a 5 star renovation.

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