Condominium

New York Real Estate Lawyer Peter Zinkovetsky Explains Condominium Closing Costs for New York Sellers

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New York real estate attorney Peter Zinkovetsky (https://www.avenuelawfirm.com/condominium-closing-costs-nyc-sellers/) publishes a new article explaining condominium closing costs for sellers in New York. The lawyer mentions that real estate in New York is expensive and closing costs for sellers can be significant. In Manhattan, the average Manhattan condominium price in 2018 was $2,880,000, and closing costs paid by sellers can be as high as 8% of the selling price.

“Closing costs for sellers of a New York condo typically range from 8% to 10% of the purchase price. At closing, sellers typically must pay real estate brokerage commissions, New York State and New York State transfer taxes, construction fees, and real estate attorney fees,” says the New York real estate attorney.

The attorney mentions that one closing cost a seller should keep in mind is the real estate broker’s commission. Typically, this cost is 6% of the purchase price, paid by the seller and split between the seller’s broker and the buyer’s broker. This commission is usually negotiable and should be negotiated before hiring a real estate broker.

Lawyer Peter Zinkovetsky says another closing cost a seller should keep in mind is transfer taxes. The New York transfer tax rate is 0.4% of the purchase price up to $3,000,000. For transactions over $3,000,000, the transfer tax is 0.65%. Condominium fees are also important to consider for sellers. These fees include a “flip tax” that condominiums can impose on sellers.

In the article, the lawyer states, “Real estate transactions in New York are subject to additional rules that can complicate closings. A real estate lawyer should be able to help you understand all aspects of this process. It is important to seek out lawyers who specialize in real estate transactions.

Finally, attorney Zinkovetsky encourages emphasizing the importance of having an attorney when dealing with real estate transactions in New York. Having a qualified attorney can help a client understand their rights and ensure they get the most out of their transaction.

About Avenue Law Firm

Peter Zinkovetsky is the founder of the law firm Avenue. He is an experienced and highly rated New York lawyer who represents local and international clients. Attorney Zinkovetsky teaches continuing education courses, writes a legal blog, has written articles for the New York Real Estate Journal, and is a frequent guest speaker and speaker at conferences in the United States and around the world. His team of legal professionals at Avenue Law Firm have helped families with real estate matters. Call Avenue Law Firm today at (212) 729-4090 for more information on how they can help with real estate transactions.

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For more information about Avenue Law Firm, contact the company here:

Avenue Law Firm
Peter Zinkovetsky
(212) 729-4090
[email protected]
Avenue Law Firm
99 Park Ave 10th Floor, New York, NY 10016, USA

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