Whether you are a buyer, renter, or seller, we’ve collected a wealth of real estate resources to make the transaction process smoother. We are brokers that will work with you so you know the ins and outs of each step of the deal. Below, you’ll find resources we’ve gathered to help guide you through every step of the process.
Table of Contents
Buyers, Renters, and Sellers Guides
Buyer’s Guide
Renter’s Guide
Seller’s Guide
NYC Real Estate Taxes
Real Estate taxes in New York City are challenging to decipher – the amount of annual tax is based on the assessed value of the property, which is a small fraction of the market value. Unfortunately, finding the assessed value of a property isn’t based on a hard formula and is not easily calculated. As such, each property’s yearly real estate taxes will be different, and the differences can be small, or vary widely.
Abatement Categories
In addition, if the co-op or condo is being used as a primary residence, the owner may qualify for NYC’s co-op/condo tax abatement and have their property taxes reduced, but the exact amount depends on the assessed value:
- $50,000 or less = 28.1% abatement
- $50,001-$55,000 = 25.2% abatement
- $55,001-$60,000 = 22.5% abatement
- $60,001 and above = 17.5%
Caveats
There are several caveats to this abatement, and you can find the most up to date requirements at nyc.gov’s article on the cooperative and condominium tax abatement.
At the end of the day, the in-depth details of a transaction are best reviewed with an experienced real estate broker. If you have any questions at all regarding NYC’s Real Estate Taxes or want more information about a specific property, feel free to reach out. We’d love to speak with you.
NYC Closing Costs
For the Seller
Condo Apartments, Townhouses, & 1-3 Family Dwellings
Own Attorney: Varies
NYC Real Property Transfer Tax: 1% of the sale price if $500K or less; 1.425% of the sale price if more than $500K
NYS Transfer Tax: 0.4% of the sale price for transactions less than $3M. 0.65% of the sale price for transactions greater than or equal to $3M
Reserve Fund Contribution (if applicable): Determined by condo board; Payable by buyer unless otherwise stated
Managing Agent Fees: $650 and up
Move-Out Deposit: $500 – $1,000 (usually refundable if no damage)
Broker Commission: 6% of the sale price
Property Condition Disclosure Statement Waiver Fee: $500 – $1,000
NYS Capital Gains Tax Withholding: 8.97% of taxable gain on sale (Only applicable to non-NY residents)
Federal Withholding Tax (FIRPTA): 10% – 15% of the sale price if the seller is a non-U.S. resident
(Additional taxes on capital gain associated with the sale of real estate including Federal, State, and specialized Medicare tax may apply. Consult with your tax professional to ensure compliance with all applicable tax regulations. Corcoran is not a licensed tax advisor.)
Co-Op Apartments
Own Attorney: Varies
Stock Transfer Stamps: $0.05 per share
NYC Real Property Transfer Tax: 1% of the sale price if $500K or less; 1.425% of the sale price if more than $500K
NYS Transfer Tax: 0.4% of the sale price for transactions less than $3M.
0.65% of the sale price for transactions greater than or equal to $3M
Transfer Agent Fee or Co-op Attorney’s Fee: $500 – $750
Flip Tax (if applicable): Determined by co-op building (unless otherwise stated or negotiated)
Payoff Bank Attorney (if applicable): $450 – $550
Managing Agent Fees: $650 and up
Move-Out Deposit: $1,000
Broker Commission: 6% of the sale price
Estate Fees: Co-op may impose additional fees for estate sales
NYS Capital Gains Tax Withholding: 8.97% of taxable gain on sale (Only applicable to non-NY residents)
Federal Withholding Tax (FIRPTA): 10% – 15% of the sale price if the seller is non-U.S. resident (Additional taxes on capital gain associated with the sale of real estate including Federal, State, and the specialized Medicare tax may apply. Consult with your tax professional to ensure compliance with all applicable tax regulations. Corcoran is not a licensed tax advisor.)
For the Purchaser
Condo Apartments, Townhouses, & 1-3 Family Dwellings
Own Attorney: Varies
Building Application: $500 and up
Title Insurance, Title Search & Recording Fees: 0.6% of the sale price and up
Move-in Deposit: $500 – $1,000 (usually refundable if no damage)
Contribution to the Superintendent’s Residence: Prices can vary so be certain to inquire
Common charges, property taxes & insurance premium: Adjustments pro-rated as of the closing
Mansion Tax:
- Over $1M but less than $2M = 1%
- $2M to less than $3M = 1.25%
- $3M to less than $5M = 1.5%
- $5M to less than $10M = 2.25%
- $10M to less than $15M = 3.25%
- $15M to less than $20M = 3.5%
- $20M to less than $25M = 3.75%
- $25M and up = 3.9%
Co-Op Apartments
Own Attorney: Varies
Building Management Agent Fee: $500 and up
Move-in Deposit: $500 – $1,000 (usually refundable if no damage)
Judgement and Lien Search: $450
Financing/Recognition Agreement Fee: $250 – $500
Maintenance Adjustment: Pro-rated for month of closing
Mansion Tax:
- Over $1M but less than $2M = 1%
- $2M to less than $3M = 1.25%
- $3M to less than $5M = 1.5%
- $5M to less than $10M = 2.25%
- $10M to less than $15M = 3.25%
- $15M to less than $20M = 3.5%
- $20M to less than $25M = 3.75%
- $25M and up = 3.9%
Mortgage Associated Fees
Condo Apartments, Townhouses, & 1-3 Family Dwellings
Origination Costs points: 0 – 3% of loan
Application, Credit Check, etc: Varies
Appraisal: Varies
Bank Attorney: $800 – $1,250
Mortgage Recording Tax: 1.8% for all mortgages less than $500,000; 1.925% for all mortgages of $500K or more minus $30 for townhomes
Real Estate Tax Escrow: 0 – 6 months, depending on lender requirements
Co-Op Apartments
Origination Costs points: 0 – 3% of loan
Application, Credit Check, etc: $500 and up
Appraisal: Varies
Bank Attorney: $800 – $1,250
UCC-1 Filing: $125
Exclusive to New Developments
NYC Real Property Transfer Tax: 1% to 1.425% of the sale price
NYS Transfer Tax: 0.4% of the sale price or 0.65% of the sale price for transactions greater than or equal to $3M (Transfer taxes are calculated and added to the sale price (for tax purposes only) and then recalculated based on the bulked-up price)
Sponsor Attorney Fee: $2,500 – $3,500
Working capital fund contribution: One-time fee equal to 1-2 months common charges, depending on condominium
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