Seller’s GUIDE

Standard Information

Selling your home, especially one you have lived in for years, is a huge financial and emotional undertaking. In addition to working with an experienced agent, here are a few things to know beforehand so you are adequately prepared for the process.

Standard Information

Price: Properly and evaluating and pricing your property is crucial in attracting and securing buyers. At SPiRALNY, we train our agents to accurately price apartments using comparative and robust data to support their recommendations. We also recommend hiring an appraiser to ensure you receive the highest possible asking price for your property. A SPiRALNY agent can help you find an accredited and experienced appraiser to price your property.

Type of Property: Because of New York City’s dynamic real estate market, the process of selling your home will vary on the type of property you have. For most co-ops and condominiums, you will need to contact your managing agent to get the rules and regulations for selling a property in your building.

Documentation: Apartments, especially the most attractive ones, can sell quickly in New York City. To ensure your property moves off the market quickly, have all documentation ready before going to market. Obtain documents, such as your building’s financials, questionnaire, purchase application, schedule of common charges and maintenance increases, from the managing agent and have them on hand. This will ensure no time is wasted once a buyer is interested.

Staging and Showings: In real estate, first impressions are everything! To ensure you sell your apartment for the optimal sale price quickly, ensure your apartment is in the best possible showing condition. When a buyer views a property, they need to be able to envision themselves living there. SPiRALNY agents are here to help sellers through the process of maximizing their property’s aesthetic appeal. However, it is never too early to start thinking about the staging process. Here are a few suggestions to promote the appeal of your apartment when buyers come to see it:

  • Use lighting to affectionately show off the best parts and angles of your apartment.
  • Organize your space and keep it clean.
  • Remove bulky furniture that makes the rooms in your apartment look smaller.
  • Invest in new appliances. Everyone loves stainless steel.
  • Paint walls, make minor repairs, and refinish floors where needed.
  • Fix any broken items.
  • Clean mirrors.
  • Photograph the results. Your SPiRALNY agent can help you with photographing your
    home and can even recommend a talented photographer to help.

Bidding: The bidding process is often an equally exciting and intense time for sellers as it is when you need to make sure you accept the best possible and most reasonable bid. However, it also means you are getting closer to closing with a buyer!
-Typically, the buyer’s first bid or offer is made through your real estate agent or co-broker, along with a presentation of the buyer’s qualifications.
-Bids or offers without a signed contract are not legally binding.
-You have the power to accept or counter any offer as part of a negotiation. If you are receiving bids or offers from multiple potential buyers, it is a good idea for you and your agent to come up with a strategy to get the best price and terms from the most qualified buyer.
-The bidding process concludes when you and your agent agree on a buyer and come up with an agreement for the price, terms, and closing date.
-In New York, a contract of sale is done through an attorney. Your attorney will prepare this contract and submit to the buyer’s attorney for review.

Estimated Fees:

  • Cooperative Apartment:
    For Seller:
    Broker Fees: Are typically 6%. Fees vary according to property size and amount of marketing
    Attorney Fees: Approximately $1,500
    Managing Agent: $450
    Flip Tax: Consult Managing Agent
    Stock Transfer Tax: $.05 per share
    Move Out Deposit Fee: $1,000
    New York City Transfer Tax: 1.00% of price up to $500,000 1.425% of entire price when it exceeds $500,000
    New York State Transfer Tax: 0.4% (.004) of price
    Payoff Bank Attorney: If seller has mortgage $30
    UCC-3 Filing Fee: If seller has mortgage $350For Purchaser:
    Own Attorney Fee: Approximately $1500
    Bank Fees/Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees: $1,600
    Short-Term Interest: One month max*
    Move-In Deposit: $1000
    Managing Agent or Co-op Attorney Fee: $600
    Lien Search: $300
    Maintenance Adjustments: One month tax
    Mansion Tax: 1% of entire price when price exceeds $1,000,000
    *Prorated for month of closing
  • Condominium/Townhouse:

    For Seller:
    Broker Fees: Are typically 6%. Fees vary according to property size and amount of marketing
    Attorney Fees: Approximately $1,500
    Managing Agent: $450
    Move Out Deposit Fee: $1,000
    New York City Transfer Tax: 1.00% of price up to $500,000 1.425% of entire price when it exceeds $500,000
    New York State Transfer Tax: 0.4% (.004) of price
    Miscellaneous Title Company Fees: If seller has mortgage $200

    For Purchaser:
    Approximately $1,500
    Bank Fees: Points 2%
    Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees: $1,600
    Short-Term Interest: One month max*
    Real Estate Tax: Escrows 2-6 months
    Recording Fee: $200
    Mortgage Tax: 1.75% of mortgage on loans under $500,000 or 1.875% of entire amount on loans over $500,000
    Fee Title Insurance: Approximately $450 per $100,000
    Mortgage Title Insurance: Approximately $200 per $100,000
    Miscellaneous Title Charges: $300
    Managing Agents Fee: $250

    Adjustments:
    Common charges: One month max*
    Real Estate Taxes: 1 to 6 months
    Mansion Tax: 1% of entire price when price exceeds $1,000,000
    *Prorated for month of closing
    *Expect to pay eight months Real Estate Taxes. These taxes are combined between seller as an adjustment and escrow established by lender.
    *Note: When purchasing condos from a sponsor, the purchaser will be required to pay New York City and New York State Transfer Taxes; see above for amounts.
    *Also, buyers are required to pay sponsor’s attorney’s fee; this fee is approximately $1,000.

  • Multi-Family Residential/Commercial Property

    For Seller:
    Broker Fees: Are typically 6%. Fees vary according to property size and amount of marketing
    Attorney Fees: Approximately $5,000
    New York City Transfer Tax: 1.425% of price up to $500,000 2.625% of entire price when it exceeds $500,000
    New York State Transfer Tax: 0.4% (.004) of price
    Payoff Bank Attorney: If Seller has mortgage – $350 Miscellaneous $200 Transfer Security Deposit T.S.D.

    For Purchaser:
    Own Attorney Fee: Approximately $5,000
    Bank Fees: Points 2%>
    Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees: $5,000-$10,000
    Short-Term Interest: One month max*
    Mortgage Tax: 2.75% of entire amount on loans over $500,000
    Real Estate Tax: Escrows 2-6 months
    Fee Title Insurance: Approximately $450 per $100,000
    Mortgage Title Insurance: Approximately $200 per $100,000
    Miscellaneous Title Charges: $1,000
    Adjustments: Rents* T.B.D. Real Estate Taxes 1-6 months *Prorated for month of closing