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Transfer Tax on Co-Op

Started by anonymous
over 18 years ago
Posts: 8501
Member since: Feb 2006
Discussion about
As a seller of a Co-op do I have to pay a NYC/State transfer tax similar to a condo, or is this waived for co-ops since it is not "real" property?
Response by anonymous
over 18 years ago
Posts: 8501
Member since: Feb 2006

For the Seller
Broker: Typically 6%
Own Attorney: Consult your attorney
Co-op Attorney: $450+
Flip Tax: Typically 1% to 3% of price (if applicable)
Stock Transfer Tax: $0.05 per share
Move-out Deposit: Varies by building
NYC Transfer Tax: 1% of price up to $500,000; or 1.425% of price if $500,000 and over.
NY State Transfer Tax: $4 per $1,000 of price
Pick-up / Payoff Fee: $250-$500
UCC-3 Filing Fee: $100
Miscellaneous Coop Charges: Vary by building

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Response by anonymous
over 18 years ago
Posts: 8501
Member since: Feb 2006

all these transaction costs / taxes are outrageous

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Response by anonymous
over 18 years ago
Posts: 8501
Member since: Feb 2006

yep -- but unfortunately they are real~!

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