New York Real Estate Lawyer Peter Zinkovetsky Explains New York Condominium Closing Costs for Sellers

NYC Real Estate Lawyer Peter Zinkovetsky publishes a new article (https://www.avenuelawfirm.com/condominium-closing-costs-nyc-sellers/) explaining the different New York condo closing costs for sellers. The lawyer mentions that in New York, closing costs for sellers can be significant and expensive. A condominium apartment in Manhattan can cost up to $2,880,000 and closing costs paid by sellers can reach up to 8% of the sale price.

“Closing costs for sellers of a New York condo typically range from 8% to 10% of the purchase price. At closing, sellers typically must pay real estate brokerage commissions, New York State and New York State transfer taxes, construction fees, and attorney fees,” said the NYC Real Estate Lawyer said.

The attorney explains that another closing cost a seller should be aware of is the real estate commission. A realtor’s commission is usually the single largest expense for a New York City apartment seller. It can go up to 6% of the purchase price. The seller generally pays the commission and the split between the seller’s broker and the buyer’s broker. These fees are usually negotiable.

Lawyer Peter Zinkovetsky adds that the seller should also bear in mind transfer taxes. In New York, the transfer tax is generally 0.4% of the purchase price up to $3,000,000. For transactions over $3,000,000, New York State transfer tax is 0.65%.

In the article, the lawyer states, “Most management companies and condominium boards charge sellers closing costs, moving costs, etc. In rare cases, condominiums may impose a “flip tax” on sellers. This is not a real tax but a fee levied by the condominium itself. Usually these fees are a percentage of the purchase price and can be as high as a few percent. You should get a list of all condo closing costs before you put your apartment up for sale.

Finally, attorney Zinkovetsky encourages emphasizing the importance of having an attorney when dealing with real estate transactions in New York. Having a qualified attorney can help a client understand their rights and ensure they get the most out of their transaction.

About Avenue Law Firm

Peter Zinkovetsky is the founder of the law firm Avenue. He is an experienced and highly rated New York lawyer who represents local and international clients. Attorney Zinkovetsky teaches continuing education courses, writes a legal blog, has written articles for the New York Real Estate Journal, and is a frequent guest speaker and speaker at conferences in the United States and around the world. His team of legal professionals at Avenue Law Firm have helped families with real estate matters. Call Avenue Law Firm today at (212) 729-4090 for more information on how they can help you with real estate transactions.

Avenue Law Firm

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(212) 729-4090

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Avenue Law Firm
Peter Zinkovetsky
(212) 729-4090
[email protected]
Avenue Law Firm
99 Park Ave 10th Floor, New York, NY 10016, USA