Sellers Guide

 

Closing Costs

Looking to sell your apartment? Take a look at the sections below to find out what you should be doing and when. Then, when you're ready feel free to contact Metropolitan Property Group. We will put you in contact with one of our best sales brokers to guide you through the process.

Things To Consider

  • Know your next move: Before you decide to sell, find a place to move. Finding your next home while still living at your current one will alleviate a lot of stress and pressure later. This will eradicate any sense of urgency you may feel that would, as a result, lead you to lower your asking price to expedite closing or move into another area too quickly. This will be your home. Take the time to research research research. Knowing the next step will allow you to better prepare financially and mentally for the long process ahead.
  • Get an appraisal: Most people rely on old numbers or estimates. It will be worth the money to find out the true value of your apartment. If you need help finding an appraiser, a Metropolitan agent can help.
  • Prepare your apartmnet: A good investment to make when selling your property is to make small repairs. If an apartment is visually attractive, it will sell faster and at a higher price. In addition, moving bulky furniture and clutter out of your home during showing hours gives the potential buyer a better idea of the layout and space of an apartment.
  • Organize: Prospective buyers will want to investigate every corner of your home. Make sure all rooms are clean and orderly. It also goes a long way to put out some flowers or cookies when people are do to look at your apartment. A homey atmosphere will allow buyers to imagine themselves living there.

How Your Broker Can Help You

  • Taking market conditions into account, your broker can tell you the best price for your apartment.
  • He/She can suggest ways to market your property and in what ways (internet, newspapers, realty databases, affiliate brokers, etc.). We will do the best possible job to get your home sold and at a great price. As such, we explore all avenues possible to list an open property.
  • Open houses are the most common way to generate publicity about your apartment. Your broker can work with you to decide on the best times and days to do so. Furthermore, he/she will invite fellow brokers and real estate professional to preview the property. This will give your apartment maximum exposure.
  • Most importantly, your broker deals with you directly. He/She will screen potential buyers, gather and complete all paperwork and communicate with you on a daily basis about the status of the transaction.

 

Why List With Metropolitan Exclusively

When you list with Metropolitan, you are guaranteed exposure to all of Manhattan's top real estate brokers. We take our responsibilities very seriously and will work around the clock until your property is sold.

A broker knows how to market and list an apartment so that it sells for the best price possible, knows how to deal with people and negotiate, and knows how to utilize the resources at his/her disposal. Most importantly, a broker has the knowledge and experience to close the deal quickly, effective and will all parties satisfied.

Thinking of selling your property? Give us a call. Let us do the work for you.

 

ESTIMATED CLOSING COSTS FOR SELLERS

For the Condominium Seller

  • Own Attorney: $1700 +
  • Processing Fee: $450 +
  • Move-out fees: $500-$1,000
  • NYC Transfer Tax:
    - If price <$500,000: 1%
    - If price $500,000+: 1.425%
  • Residential Deed Transfers: $75
  • NY State Transfer Tax: $4 per $1,000 of price.
  • NYS Equalization Fee: $75
  • Miscellaneous Title Fee: $200-$500
  • Pick-up/Payoff Fee to Title Closer:$100-$300
  • Miscellaneous Condominium charges: Vary by Building
  • Gains Tax Withholding (out of state Seller): 7.7% of price
  • Broker: Typically 6%

 

For the Cooperative Seller

  • Own Attorney: $1700 +
  • Co-op Attorney: $450+
  • Stock Transfer Tax: $0.05 per share
  • Move-Out Fee: $500 - $1,000
  • Flip Tax (if applicable): Typically 1% to 3% of price
  • NYC Transfer Tax: 
    - If price < $500,000: 1% 
    - If price $500,000+: 1.425%
  • Non-Deed Transfers: $50
  • Residential Deed Transfers: $75
  • NY State Transfer Tax: .04% of price
  • NYS Equalization Fee: $75.00
  • Pick-up / Payoff Fee: $250 - $500
  • UCC-3 Filing Fee: $100
  • Miscellaneous Coop Charges: Vary by building
  • Broker: Typically 6%

Fifth Avenue Office

212.353.2003

184 Fifth Avenue
Third Floor
New York, NY 10010

Lexington Avenue Office

212.850.0940

369 Lexington Avenue
Suite 1202
New York, NY 10017

West 36th Street Office

646.484.5111

255 West 36th Street
Suite 406
New York, NY 10018