Why Are Seller Closing Costs Higher for Co-ops vs. Condos in NYC?
Hauseit
2018-06-21
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Condo vs. Co-op Seller Closing Cost Comparison for NYC: https://www.hauseit.com/closing-costs-co-op-vs-condo-nyc/
Closing costs for sellers in New York City are 1% to 2% higher for co-op apartments compared to condos. Closing costs are higher for co-ops because most co-op buildings charge sellers an additional closing cost which is called a flip tax. Total closing costs for sellers in New York City are between 8% to 10% of the sale price.
To estimate your seller closing costs in New York City, visit our industry leading closing cost calculator at https://www.hauseit.com/closing-cost-estimator-for-seller-nyc/
So, what is the largest seller closing cost in New York City?
The highest closing cost for sellers in NYC is the typical 6% real estate commission. Despite advances in technology, broker commissions in New York City have remained stubbornly fixed around 6%. To make matters worse, it's still very difficult for a seller to negotiate commissions.
As a seller in New York City, you can save up to six percent in commission by listing For Sale by Owner through Hauseit's agent-assisted Flat Fee RLS listing service.
Join hundreds of fellow New Yorkers who have sold on their own with the help of Hauseit's New York City Flat Fee RLS Listing Service. Not convinced? Google 'Hauseit Reviews' to see what customers are saying about us.
Sell FSBO in NYC: https://www.hauseit.com/fsbo-nyc/
Don't Have Time to Sell FSBO? List Full Service for Just 1%
Save thousands in commission by listing with a full-service, brand name listing agent in New York City for just 1% commission. Why pay 6% in broker fees just because you don't have the time or motivation to sell For Sale by Owner? To learn more about reduced commission options for sellers in New York City, visit www.hauseit.com
Consider a Full-Service Listing in NYC for Just 1%: https://www.hauseit.com/agent-managed-listing/
What is the second largest seller closing cost in NYC?
The second largest seller closing cost in New York City after broker commissions is the New York City and New York State transfer tax. Combined New York State and New York City transfer taxes are between 1.425% to 1.825%.
NYC Transfer Taxes FAQ: https://www.hauseit.com/nyc-real-property-transfer-tax-rptt/
Transfer taxes are always paid by sellers except in the case of new construction. For new developments and sponsor sales, the buyer usually pays the transfer taxes.
Established in 2014, Hauseit is New York City's largest For Sale by Owner and Buyer Agent Commission Rebate Company. For more New York City Real Estate insider tips and tricks, subscribe to our YouTube channel and join our forum at https://www.hauseit.com/forum/
Closing costs for sellers in New York City are 1% to 2% higher for co-op apartments compared to condos. Closing costs are higher for co-ops because most co-op buildings charge sellers an additional closing cost which is called a flip tax. Total closing costs for sellers in New York City are between 8% to 10% of the sale price.
To estimate your seller closing costs in New York City, visit our industry leading closing cost calculator at https://www.hauseit.com/closing-cost-estimator-for-seller-nyc/
So, what is the largest seller closing cost in New York City?
The highest closing cost for sellers in NYC is the typical 6% real estate commission. Despite advances in technology, broker commissions in New York City have remained stubbornly fixed around 6%. To make matters worse, it's still very difficult for a seller to negotiate commissions.
As a seller in New York City, you can save up to six percent in commission by listing For Sale by Owner through Hauseit's agent-assisted Flat Fee RLS listing service.
Join hundreds of fellow New Yorkers who have sold on their own with the help of Hauseit's New York City Flat Fee RLS Listing Service. Not convinced? Google 'Hauseit Reviews' to see what customers are saying about us.
Sell FSBO in NYC: https://www.hauseit.com/fsbo-nyc/
Don't Have Time to Sell FSBO? List Full Service for Just 1%
Save thousands in commission by listing with a full-service, brand name listing agent in New York City for just 1% commission. Why pay 6% in broker fees just because you don't have the time or motivation to sell For Sale by Owner? To learn more about reduced commission options for sellers in New York City, visit www.hauseit.com
Consider a Full-Service Listing in NYC for Just 1%: https://www.hauseit.com/agent-managed-listing/
What is the second largest seller closing cost in NYC?
The second largest seller closing cost in New York City after broker commissions is the New York City and New York State transfer tax. Combined New York State and New York City transfer taxes are between 1.425% to 1.825%.
NYC Transfer Taxes FAQ: https://www.hauseit.com/nyc-real-property-transfer-tax-rptt/
Transfer taxes are always paid by sellers except in the case of new construction. For new developments and sponsor sales, the buyer usually pays the transfer taxes.
Established in 2014, Hauseit is New York City's largest For Sale by Owner and Buyer Agent Commission Rebate Company. For more New York City Real Estate insider tips and tricks, subscribe to our YouTube channel and join our forum at https://www.hauseit.com/forum/
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