Selling 101


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Selling your home has tremendous financial implications. Owning a home typically is an individual’s single largest investment, so it is critical to be well represented when selling. You should expect professionalism, superior customer service, market knowledge, honesty and integrity from your real estate agent. All Charles Rutenberg, LLC agents strive to provide you with an experience which exceeds your expectations. The following steps will help make selling your home as effective and efficient as possible.

Closing Costs


The following guide will give you general closing costs associated with the purchase or sale of a cooperative or condominium. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney and financial advisor for specifics. We do not represent that these cover the spectrum of potential costs, but rather is a general guide.

Co-Op Closing Costs


FOR THE SELLER
  • Broker: Typically 6% depending upon size and marketing
  • Own Attorney: Consult your attorney
  • Co-op Attorney: $500+
  • Flip Tax: 1% to 3% of Price (if applicable)
  • Stock Transfer Tax: $0.05 per share (if applicable)
  • Move-out Deposit: One-time fee of $500+
  • NYC Transfer Tax: 1% of price up to $500,000; or, 1.425% of price if $500,000 and over;  plus $100 filing fee.
  • NY State Transfer Tax: $2 per $500 of price, or 0.4% of purchase price
  • Payoff Fee to Attorney: $400+
  • UCC-3 Filing Free: $75+

Condominium Closing Costs


FOR THE SELLER
  • Broker: Typically 6% depending upon size and marketing
  • Own Attorney: Consult your attorney
  • Processing Fee: $450+
  • Move-out Deposit:  One-time fee of $500+
  • NYC Transfer Tax: 1% of price up to $500,00; or, 1.425% of price if $500,000 and over; RPT filing fee $125
  • NY State Transfer Tax:  $2 per $500 of price, or 0.4% of purchase price
  • Miscellaneous Title Fees:  $200
  • Payoff Fee to Title Closer:  $300+
  • Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes. 
FOR THE PURCHASER
  • Own Attorney: Consult your attorney
  • Bank Fees: Points: 0% to 3% of loan value Application, credit check, etc.: $500+
  • Bank Attorney: $750+
  • Miscellaneous Bank Fees: $500+
  • Lien Search: $300
  • UCC-1 Filing: $75+
  • Appraisal Fee: $300+
  • Application Fee: $500+ (Credit Report/Appraisal)
  • Short Term Interest: Equal to interest for balance of month in which you close
  • Move-in Deposit: One time fee of $500+
  • Recognition Agreement Fee: $250+
  • Maintenance Adjustment: Monthly carrying costs, maintenance, and assessments, if any, are pro-rated depending on when the closing is held
  • Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.
FOR THE PURCHASER
  • Own Attorney: Consult your attorney
  • Bank Fees: Points: 0% to 3% of loan value
  • Application Fee: $500+ (Credit Report, Appraisal)
  • Bank Attorney: $750+
  • Tax Escrows: Two to six months
  • Appraisal Fee: $300+
  • Recording Fees: $400+
  • Mortgage Tax: 1.80% of amount of mortgage on loans up to $500,00; or, 1.925% of amount of mortgage on loans of $500,000 and over
  • Short Term Interest: Equal to interest for balance of month in which you close
  • Fee Title Insurance: Approx. $450 per $100,000 of purchase price
  • Mortgage Title Insurance: Approx. $200 per $100,000 of mortgage amount
  • Municipal Search: $400+
  • Managing Agent Fee: $250+
  • Common Charge Adjustment: Monthly carrying costs, common charges, real estate taxes, and assessments, if any, are pro-rated depending on when the closing is held
  • Real Estate Tax Adjustment: One to six months
  • Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.
  • Move-in Deposit: One time fee of $500+
  • Title Closer: $250

Enhance the look of your apartment

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The 20 Step Guide to Improve the Appearance and Increase the Value of Your Home

1 Scrub everything until it sparkles.

2 Wash all the windows.

3 Remove and repair all signs of water damage, mildew and other deterioration.

4 Repair holes and cracks in the ceilings.

5 Repaint walls with a commercial double coat of flat white and ceilings with eggshell white.

6 Repair existing wallpaper.

7 Repair or restore existing floor surfaces.

8 Re-grout wall tiles.

9 Clean floor-tile grout with a mild muriatic-acid solution.

10 Restore or repair existing bathroom fixtures.

11 Add a new shower curtain, rod and hooks.

12 Paint, repair or renovate kitchen cabinets, making sure all doors and drawers work.

13 Increase existing lighting. Replace old ceiling fixtures and increase bulb wattage.

14 Eliminate odors. Remove the garbage and any kitty or litter box, as well.

15 Conceal odors. Bake a loaf of bread, boil some cinnamon or set out flowers or potpourri.

16 Expand bathroom size with visual ploys. For example, install a mirror opposite the medicine chest.

17 Expand closet size with visual ploys such as thinning out the clothes.

18 Expand size of other rooms with mirrors at ends of hallways, in corners and adjacent to windows.

19 Replace broken window panes and mirrors.

20. Repair or replace the doorbell. Now you are ready to show your apartment at its best! Most of these suggestions only require “sweat equity” and should cost little or nothing.


Most of these suggestions only require “sweat equity” and cost little or nothing to improve your home value.
©: 2017 Charles Rutenberg, LLC 641 Lexington Ave., New York, New York 10022 | 212-688-1000 | e:info@rutenbergnyc.com
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