Seller's Guide
Listing Your Property with JPGroup New York, representing Principal Connections Limited LLC
Anyone who has tried to sell a property on his/her own can tell you how time-consuming and hard work selling a property can be. Yet it could prove even harder selling it for the maximum price. That requires up-to-the-minute knowledge of today’s fast-paced Manhattan market with all its ins and outs.
Here are the reasons why selecting JPGroup New York makes all the difference:
Market Research and Pricing
We will research the present market conditions instantly and advise you on correct pricing strategy. Our contacts in the industry allow us access to “accepted offers” and “contract signed” prices which are not yet public. Providing you access to our comprehensive database will assure that you price your property correctly, and making it easier achieving the highest price at the shortest time.
Target Marketing: Maximum Exposure Equals Maximum Price
To get you the highest price for your property, we use Target Marketing. Our Sales Marketing Team will recommend the best marketing, promotion and advertising plan, and will help you set realistic goals. Each plan is custom-designed with your individual requirements and goals in mind. Not least, as members of REBNY we promise to co-broke your sales listing with every residential brokerage firm in Manhattan. We will share your listing with every REBNY member and non-REBNY member. And if the market shifts, we'll advise you of a need to shift strategy, in order to stay current and competitive.
Qualifying Buyers, Negotiations, and Showings
Keep in mind that showing your apartment requires serious time commitment and careful coordination. It is usually not a good idea for the owner to be present at the showings since buyers are less comfortable asking direct questions and examining the property with the owner nearby. Remember, offers in New York City are verbal, and contracts have financing and board approval contingencies. Our exclusive Sales Agent's determine which offers are serious and which prospects can actually obtain financing, pass the board and close the deal. We will help evaluate each offer, interview prospective buyers, and conduct credit reports and other financial investigations on your behalf, if applicable.
Making Deals Happen
Our Exclusive Sales Team will assure timely execution of the contract, assist the buyer in obtaining financing, coordinate appointments with appraisers, contractors, and inspectors. If problems or questions arise between buyer and seller, our agent will mediate and solve each problem independently. Our agent will coordinate between the lawyers, managing agents, banks and boards in order to assure a smooth and expeditious closing.
Closing Costs
The following closing cost guide is designed to give you the general perspective of costs associated with the sale of a cooperative, condominium or townhouse property. Please note that the Closing Cost below are only estimates and that a potential sellers should consult their real estate attorney or financial advisor for specifics.
Closing costs below are only to be used as a guide.
Co-ops
For the Seller :
Broker: Typically 6%
Own Attorney: Typically start at $1500
Co-op Attorney: $450+
Flip Tax: Typically 1% to 3% of price (if applicable)
Stock Transfer Tax: $0.05 per share
Move-out Deposit/Fee: Varies by building
NYC Transfer Tax:
-Commercial:
-Up to $500,000 = 1.425%, Over $500,000 = 2.625%
-Residential:
-Up to $500,000 = 1%, Over $500,000+ = 1.425%
-Other Admin. Fees:
-Commercial Deed Transfers = $165
-Non-Deed Transfers (ex., Co-ops) = $50
-Residential Deed Transfers= $75
Miscellaneous Coop Charges: Vary by building
NY State Transfer Tax: $4 per $1,000 of price
NYS Equalization Fee: $75.00
Pick-up / Payoff Fee: $200-$500
UCC-3 Filing Fee: $100
Miscellaneous Coop Charges: Vary by building
Condos
For the Seller :
Broker: Typically 6%
Own Attorney: Consult your attorney
Processing Fee: $300+
NYC Transfer Tax:
-Commercial:
-Up to $500,000 = 1.425%, $500,000 = 2.625%
-Residential:
-Up to $500,000 = 1%, Over $500,000 = 1.425%
-Other Admin. Fees:
-Non-Deed Transfers (ex., Coops) = $50
Residential Deed Transfers= $75
Miscellaneous Condominium Charges: Vary by building
Commercial Deed Transfers = $150+
NYS Equalization Fee: $75
NY State Transfer Tax: $4 per $1,000 of price
Pick-up/Payoff Fee: $200-$500
UCC-3 Filing Fee: $100
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.
Townhouses & Family Homes
For the Seller :
Broker: Typically 6%
Own Attorney: Consult your attorney
NYC Transfer Tax:
-Commercial:
-Up to $500,000 = 1.425%, Over $500,000 = 2.625%
-Residential:
-Up to $500,000 = 1%, Over $500,000 = 1.425%
-Other Admin. Fees:
-Commercial Deed Transfers = $150+
-Non-Deed Transfers (ex., Coops) = $50
Residential Deed Transfers= $75
NY State Transfer Tax: $4 per $1,000 of price
NYS Equalization Fee: $75
Miscellaneous Title Fees: $200-$500
Pick-up / Payoff Fee to Title Closer: $75-$300