SBT – Closing Costs (Seller)

SBT – Estimated Seller Closing Costs

Please contact me anytime for more information regarding the SBT Closing process and costs associated with the sale of your SBT Cooperative.

Please see below for an example of Closing Cost deductions.


CLOSING COST’S (SELLER)

SBT Flip Tax                                                                                 28% of Gross Sale Price

Broker’s Commission                                                                  5% of Gross Sale Price

NYC Transfer Tax                                                                        Up to $500,000 = 1%

                                                                                                      _ Over $500,000 = 1.425%

NYS Transfer Tax                                                                         0.4% of Gross Sale Price

Stock Transfer Tax                                                                      $0.05 Per Share

Seller’s Attorney                                                                          $2,000 – $2,500

SBT Attorney Escrow Fee                                                           $700.00

NYC Administrative Fee (Non-Deed Transfer)                        $100.00

UCC-3 Filing Fee                                                                _          $100.00

Residential Equalization Fee                                                      $75.00

*Estate Document Review Fee                                                  $150.00

*Power of Attorney Review Fee                                                 $100.00

*Move-Out Deposit                                                                     _$500.00

Estimated Capital Gains Tax                                                      Case by Case

                                      (*If Applicable)


EXAMPLE:

1-Bedroom  |  $700,000

Broker’s Commission – 5% of Gross Sale Price

          $700,000  X  5%  =  $35,000

SBT Flip Tax – 28% of Gross Sale Price

          $700,000  X  28%  =  $196,000

NYC Transfer Tax – Over $500,000 = 1.425%

          $700,000  X  1.425%  =  $9,975

NYS Transfer Tax – $2.00 per $500.00 of Gross Sale Price

          $700,000  X  0.4%  =  $2,800

Stock Transfer Tax – $0.05 Per Share

          26.25 Shares X $0.05  =  $1.31

NYC Administrative Fee  =  $100

Seller’s Attorney  =  $2,500

SBT Attorney Escrow Check  =  $700

UCC-3 Filing Fee  =  $100

Equalization Fee  =  $75

TOTAL DEDUCTIONS  =  $247,251

TOTAL PROFIT:  $700,000 – $247,251 = $452,749

                                     (*Example does not include Capital Gains)


Michael A. Roché
Area New York
Broker of Record
85 Broad Street, 16th Floor
New York, NY 10004
Office: (212) 227-8281  |  Mobile: (917) 392-3534
Email: michael@areanyc.com
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www.areanyc.com

Area New York is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, or reliance on any information contained within the site. While the information contained within the site is periodically updated, no guarantee is given that the information provided in this website is correct, complete, and up-to-date.


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About the Author: Michael Roché