U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 04-15-2008, 07:21 AM
 
10 posts, read 27,954 times
Reputation: 10
Default Co-op closing costs to the seller

Co-op closing costs - seller in Westchester County, NY
Originally posted in the NY forum, but no feedback.... I'm sure this has been asked plenty but my search didn't turn up too much.

What are the major closing costs to a seller of a co-op in Westchester county - Yonkers in particular.

So far the major ones I know are - attorney fees, bank attorney fees, flip tax imposed by the co-op, other co-op fees such as managing agent or move out fees, and NYS transfer tax of .4% of the purchase price.

What I'm particularly interested in - Is there a county transfer tax similar to what NYC has?

Thanks in advance.
Quick reply to this message

 
Old 04-15-2008, 06:21 PM
 
Location: Palm Coast, Fl
2,248 posts, read 5,781,436 times
Reputation: 967
Are you in the city of Yonkers? If so, then...
Quote:
There is a Real Estate Transfer Tax on the sale of all real property in the City of Yonkers. This tax is 1.5% of the selling price and the seller is required to pay the tax. The tax is due thirty days after the closing date.

If a sale is under $25,000, no tax is required.
City of Yonkers : Real Estate Transfer Tax

Then again...
Quote:
There are several different real estate transfer taxes that are applicable in New York State - the New York State Real Estate Transfer Tax (Tax Law 1400, et seq.); the New York City Real Property Transfer Tax (Title 11, Chapter 21, NYC Administrative Code; Tax Law 1201, et seq.); the Peconic Bay Region Community Preservation Fund (Real Estate Transfer Tax) (Town Law 64-e) (which covers the eastern portion of Suffolk County encompassing the Towns of East Hampton, Riverhead, Shelter Island, Southampton and Southold); the Yonkers Real Estate Transfer Tax; and the Mt. Vernon Real Estate Transfer Tax. [The transfer taxes in Yonkers and Mount Vernon (which would not impact on the types of transactions discussed here) and in Erie County will not be covered in this article.]
Nassau County Bar Association (broken link)

I think you should just call a real estate attorney office up there and ask. Seems pretty complicated to me...and I'm from NY, lol.
Quick reply to this message
 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top