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Sellers

Selling your house in New York can be a complicated and daunting process. There are many key issues involved in selling the house in Manhattan. It’s critical to be well presented by a top Manhattan licensed real estate broker or agent when selling in NYC.

All Stephen.P.Wald agents have many years of experiences selling either co-op, condo or townhouse for our clients. We strive to provide you with an amazing selling experience by helping price your house, effectively marketing your house to potential buyers, reviewing house purchase documents and negotiating with buyers.

Manhattan Real Estate Seller

Closing Costs ── The Difference between Co-Operatives and Condominium in New York

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.

Condominium

– A multi-unit 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.

Cosing costs for co-op and condo sellers in NYC*It varies if you own attorney. 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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