The Selling Process
Buying and selling real estate in New York City is different than anywhere else in the US and the world. Therefore, it is
critically important to become an educated consumer. Of course your ResidentialNYC.com broker will help you every step of the
way. In addition, we are pleased to offer this online guide to this unique process.
When you list your property for sale with a ResidentialNYC.com broker, they use all of their experience, skill and expertise to obtain the highest possible price and the best possible terms for your property by providing the widest possible exposure to the most qualified buyers. Most sellers of prime New York City property appoint an exclusive broker to sell their homes. An exclusive listing ensures that the seller will get maximum exposure for their residence through a customized marketing program and expert networking with other brokers, both locally and often nationally.
WHAT YOUR RESIDENTIALNYC.COM BROKER WILL DO FOR YOU
- Assist in proper pricing of your home
- Suggest ways to present your home to its best advantage
- Inform members of the New York City brokerage community that your property is on the market, thereby alerting the largest pool of qualified buyers.
- Host broker open houses to generate excitement about the special features and assets of your property.
- Design a marketing program that includes advertising in appropriate media such as print publications, direct mail and on the Internet.
- Contact customers directly.
- Screen buyers, manage showings and conduct negotiations.
- Facilitate all paperwork and communications necessary to finalize a transaction.
STEPS IN SELLING YOUR HOME
Valuing your Property
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 marketing experts, 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 ResidentialNYC.com 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 ResidentialNYC.com portal. Our site is the most comprehensive, user-friendly, one-stop resource for buyers, renters and sellers in the industry. It attracts more potential buyers because it provides valuable information, providing links to essential services such as schools, neighborhoods, moving, finance, maps, etc.
- Arrange for your property to appear in your ResidentialNYC.com 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 ResidentialNYC.com agent is familiar with every aspect of your property. He/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 ResidentialNYC.com 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* Condominium Apartments & 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 |
|
Closing Cost Estimates* Cooperative 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.
