Condo Seller Closing Costs in Queens NYC
We meet with Condo owners & potential sellers every week, and one of things we always do is go through their estimated net seller proceeds once we have appraised their apt. This is extremely important because there are several closing costs associated with selling Condos here in Queens. 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 Condo 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.
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:
G. NYS Equalization Fee:
H. Pick-up / Payoff Fee to Title Closer:
$100 – $300
I. UCC-3 Filing Fee:
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.
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).
Blog and site courtesy of George & Abigail Herrera with the Queens Home Team at Keller Williams Realty Landmark II.
*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.