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. Please consult a tax professional for exact figures.
CLOSING COST’S (SELLER)
SBT Flip Tax 28% or 2.5% of Gross Sale Price
Broker’s Commission 5% – 6% 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 Tax)
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.
