Consumer Tips > How To Sell
It is knowledge of the current real estate market, including historical sales and current availability of similar properties, that allows your broker to accurately price your home. As a marketing expert, your broker will even offer suggestions as to how you might enhance the appearance of your home to help achieve the best sales price possible.
Marketing Your Property
Your REBNY member broker will launch an array of strategies to expose your home to prospective buyers.
Depending on the property, the broker may:
- Produce color picture postcards and professional brochures containing photos, floor plans and descriptions of your home which are then distributed to all cooperating New York City brokers and targeted purchasers.
- Share the listing of your property, making sure that all qualified brokers in your area are focused on your residence. Your property is broadcast on the REBNY Listing System (RLS) to over 370 cooperating co-brokerage firms.
- Advertise your home in relevant newspapers, magazines, and on the worldwide web.
- Showcase your property on the NY1Residential.com portal. Our site is the most comprehensive, user-friendly, one-stop resource for buyers, renters and sellers in the industry because it's updated more frequently and provides valuable information on neighborhoods, services, financing, etc.
- Arrange for your property to appear in your brokerage firm newsletter, in flyers and in other mailings.
- Host well-promoted open houses designed to bring qualified buyers to your property.
Selling Your Property
Your REBNY member agent is familiar with every aspect of your property. He or she will verify necessary information with managing agents. He/she will usually be present every time your property is shown, ready to highlight everything that makes your residence special. Your agent involves you only as necessary while shielding you from the endless details inherent in the selling process. He/she will answer all inquiries, screen all prospective buyers, and advise you as offers are made.
Closing the Sale
Once an initial offer is made, your REBNY member agent will begin negotiations on your behalf. He/she will handle all aspects of the transaction with authority and help you obtain the highest possible price for your investment. In addition, because your broker knows the real estate business, as well as the specific players involved in your deal, he/she can make your transaction proceed smoothly and rapidly as he/she negotiates and communicates with a myriad of other professionals: attorneys, mortgage brokers/bankers, appraisers, managing agents, co-op board members and settlement personnel.
Closing Cost Estimates
| For Condominium Apartments and Townhouses | ||
|---|---|---|
FOR THE SELLER |
||
Broker Commission |
Set by broker |
|
| Seller's Attorney | $1,250 and up | |
| Managing Agent Processing Fee | $450.00 - $750.00 | |
| Move-out Deposit | $500.00 - $1,000 | |
| New York City Transfer Tax | 1% of price for purchase of $500,000.00 or less | |
| 1.425% of price for purchase over $500,000.00 (Paid by Seller, except sale by Sponsor) | ||
| New York State Transfer Tax | 0.4% of price (paid by Seller, except sale by Sponsor) | |
| Miscellaneous Title & Recording Fees | $100.00 | |
| Mortgage Satisfaction Fee | $150.00 - $300.00 | |
FOR THE PURCHASER |
||
Purchaser's Attorney |
$1,250 and up |
|
| Bank Fees: | ||
| Points | 0 to 3% of loan amount | |
| Application, credit check, etc. | $500.00 | |
| Bank Attorney | $450.00 - $750.00.00 | |
| Short Term Interest | Up to one month | |
| Tax Escrows | 2 to 6 months | |
| Recording Fees | $150.00 | |
| Mortgage Tax | 2% ** of amount of mortgage on loans under $500,000.00 | |
| 2.125%** of amount of mortgage loans of $500,000.00 and over | ||
| Title Insurance Rates vary by NY law as insurance increases | ||
| Violation Search | $250.00 | |
| Managing Agent Fee | $250.00 | |
| Common Charge Adjustment | Up to one month | |
| Real Estate Tax Adjustment | 1 to 5 months | |
| Mansion Tax | 1% of price where price is $1,000,000.00 or more | |
| Title Closer Fee | $100.00 - $150.00 | |
For Co-operative Apartments |
||
FOR THE SELLER |
||
Broker Commission |
Set by broker |
|
| Seller's Attorney | $1,250 and up | |
| Co-op Attorney/Managing Agent | $400.00 - $800.00 | |
| Flip Tax | Varies by building, if any | |
| Stock Transfer Tax | $0.05 per share | |
| Move-out Deposit | $500.00 - $1,000.00 | |
| New York City Transfer Tax | 1% of price for purchase of $500,000.00 or less | |
| 1.425% of price for purchase over $500,000.00 (Paid by Seller, except sale by Sponsor) | ||
| Transfer Tax Filing Fee | $25.00 recording fee | |
| New York State Transfer Tax | 0.4% of price (paid by Seller, except sale by Sponsor) | |
| Payoff Bank Attorney | $300.00 | |
| UCC-3 Filing Fee | $25.00 | |
FOR THE PURCHASER |
||
Purchaser's Attorney |
$1,250 and up |
|
| Bank Fees: | ||
| Points | 0 to 3% of loan amount | |
| Application, credit check, etc. | Approximately $500.00 | |
| Bank Attorney | Approximately $450.00 - $800.00 | |
| UCC-I Filing | $75.00 | |
| Short Term Interest | Up to one month | |
| Move-in Deposit | $500.00 - $1,000.00 | |
| Recognition Agreement Fee | $250.00 | |
| Lien Search | $250.00 | |
| Maintenance Adjustment | Up to one Month | |
| Mansion Tax | 1% of price where price is $1,000,000.00 or more | |
*These are only estimates. Actual costs may vary.
