transfer tax

i just sold a co-op and I paid the transfer tax.

During the boom, the buyer would pay the trafer tax and attorney fees when purchasing from the sponsor. Those days are gone.

10 yrs ago, you would pay those fees as well, but the apartments were significantly cheaper than resales. This applies to coops though.

The Seller usually pays the transfer tax, but in all but the worst markets, buyers of Sponsor units are usually forced to pay the transfer tax. That's just the way it's historically been, anything is negotiable (in the right market)

Note, the buyer pays the Mansion Tax (transactions over $1 million).

Even if that "Mansion" is a studio. I remember talking to some "townie" friend in Ithaca who had never been in NYC about selling an apartment for $200,000 and in his mind it was like a 5 BR colonial, just in a building. He flipped out when I told him it was a studio.

the condo is about 500k - so mansion tax is not an issue.

I found this link to be useful. I cannot verify the accuracy of the content:

http://www.harlemhomes.com/howTObuySELL/ClosingCosts.asp