We meet with homeowners & potential sellers every week, and one of things we always do is go through their estimated net seller proceeds once we have appraised their property. This is extremely important because there are several closing costs associated with selling real estate here in Queens NY. With that said, below is a list of these expenses so that you can have an idea of what costs are involved when you sell a property in Queens. Many of these costs depend on the actual sale price so if you are curious what your closing costs might be, download our Estimated Net Seller Proceeds worksheet.
1-3 FAMILY HOMES
A. New York City Transfer Tax:
1% of sale price (for sale prices up to $500K)
1.425% of sale price (for sale prices over $500K)
B. New York State Transfer Tax:
$4 for $1,000 (or .004%) of sale price
C. Brokerage Fees:
Typically 4-6% in Queens
2-3% to Listing Broker
2-3% to Buyer’s Broker
D. Seller Attorney:
$950 and up
E: Residential Deed Transfers:
$75
F. NYS Equalization Fee:
$75
G. Miscellaneous Title Fees:
$200 – $500
H. Pick-up / Payoff Fee to Title Closer:
$100 – $300
I: Mortgage Payoff
Ask your bank/lender for a payoff balance or letter, and don’t forget to include any additional home loans, lines of credit, home equity loans, etc.
COOPS
A. New York City Transfer Tax:
1% of sale price (for sale prices up to $500K)
1.425% of sale price (for sale prices over $500K)
B. New York State Transfer Tax:
$4 for $1,000 (or .004%) of sale price
C. Flip Tax
Vary by development (Can be a % of sale price, % of profit, flat fee, or assessed by amount of shares)
D. Stock Transfer Tax:
$.05/per share
E. Brokerage Fees:
Typically 4-6% in Queens
2-3% to Listing Broker
2-3% to Buyer’s Broker
F. Seller Attorney:
$950 and up
G. Co-op Attorney:
$450 and up
F: Non Deed Transfers:
$50
G. NYS Equalization Fee:
$75
H. Pick-up / Payoff Fee to Title Closer:
$100 – $300
I. UCC-3 Filing Fee:
$100
J: Move-out Deposit/Fee:
Vary by building. Move out deposits are typically refundable as long as you don’t damage anything during your move, however, if it is a fee, it may not be refundable.
K. Miscellaneous Coop Charges:
Vary by development, check with your Coop’s management company to verify.
L: Mortgage Payoff
Ask your bank/lender for a payoff balance or letter, and don’t forget to include any additional home loans, lines of credit, home equity loans, etc.
NOTE:
For sponsor units in Coop developments, the Purchaser will typically pay costs normally paid by the Seller (most common are Transfer Taxes).
CONDOS
A. New York City Transfer Tax:
1% of sale price (for sale prices up to $500K)
1.425% of sale price (for sale prices over $500K)
B. New York State Transfer Tax:
$4 for $1,000 (or .004%) of sale price
C. Brokerage Fees:
Typically 4-6% in Queens
2-3% to Listing Broker
2-3% to Buyer’s Broker
D. Seller Attorney:
$950 and up
E. Processing Fee:
$450 and up
F: Residential Deed Transfers:
$75
G. NYS Equalization Fee:
$75
H. Pick-up / Payoff Fee to Title Closer:
$100 – $300
I. UCC-3 Filing Fee:
$100
J. Miscellaneous Condo Charges:
Vary by development
K: Mortgage Payoff
Ask your bank/lender for a payoff balance or letter, and don’t forget to include any additional home loans, lines of credit, home equity loans, etc.
NOTE:
If your condo is in a new development or very high demand area, you can ask the buyer(s) to pay costs normally paid by the Seller (Most common is Transfer Taxes)
*Please note that these are estimates and that Queens home sellers should consult their real estate attorney or financial advisor for specifics. We do not represent that these are the entirety of potential costs, but are only to be used as a guide.
