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Old 04-15-2008, 08:21 AM
10 posts, read 38,747 times
Reputation: 10


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.
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Old 04-15-2008, 07:21 PM
Location: Palm Coast, Fl
2,249 posts, read 8,510,876 times
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Are you in the city of Yonkers? If so, then...
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...
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.
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