SELLER'S GUIDE

When the time comes to sell your home, Town will put our proven expertise and vast reach to work to attract the most qualified buyers, achieve the highest price, and make the overall experience smooth and satisfying.

Partnering with Town gives you a distinct advantage in the quality of both the service and results you receive. We are not only industry experts, but marketing executives who know how to best showcase your property and shepherd all facets of your transaction to success to get you swiftly to the closing table.

An Overview of the Sales Process

Once you sign a listing agreement to let Town represent your property exclusively, your representative will work closely with you from start to finish of the sales process through to closing.

Price to Sell
A well-priced property, based on what the current market will bear, is the first and most important step to a successful sale and to ensuring that you get the best return on your investment. We draw upon our knowledge and conduct extensive research on current market conditions to provide you with a complete market analysis of comparable properties for sale in your price range, neighborhood and property type category.

Customized Marketing
Once pricing is established, Town creates a personalized marketing plan for your unique residence and implements a targeted promotional campaign to reach the widest possible pool of qualified buyers.

Presentation is Key
We help you prepare your property for viewings to maximize appeal as well as your sale price, and perform professional staging, if necessary, to bring out your property's best features, and showcase it in the best possible light.

Getting the Word Out
Town immediately spreads the word about your property to the entire New York City brokerage community so they can come preview it and start showing it to their customers. We also announce the listing directly to well-qualified buyers in New York, the U.S. and abroad using our vast database and extensive industry contacts. Our aggressive marketing efforts include prominently displaying your listing with full-color photographs and a professionally-written description on our highly-trafficked website, in addition to syndicated marketing on some of the most visited search engine real estate and consumer sites as well as print advertising and other vehicles.

Showing Your Home
When your property is ready for showing, Town arranges separate open houses for brokers and for customers which are widely publicized online and print advertising. We coordinate and oversee all open houses. We also arrange individual showings for brokers, their customers and ours, with all appointments scheduled at your convenience.

Ongoing Communication
We will keep you constantly updated on feedback from brokers and their customers, as well as all developments regarding the sale of your property.

Professional Service
Town representatives have seasoned experience in all areas of your real estate transaction, from bid management to liaising with attorneys and keeping all information flowing to ensure a prompt contract signing and closing.

Expert Board Package Preparation
Our expansive knowledge of buildings and boards is vital in our ability to assemble and submit surefire board packages for approval.

Outstanding Talent
Town is a unique brokerage comprised of some of the top names and most accomplished talent in the business, from our founders and executives down to every one of our sales representatives. We continually outperform with our incomparable high level of service, expertise, integrity, professionalism and results.

Closing Costs

Condominiums and Townhouses
For the Seller

Application/Waiver Fee $500 - $1,000
Pick-Up Fee for Mortgage Pay-Off $175 - $250
Real Estate Tax and Common Charge Adjustment Not really a "closing cost". Seller reimburses Purchaser for the portion of maintenance and/or Real Estate Taxes that the Seller failed to pay prior to Closing
General
Brokerage Commission 6% of Sales Price
Seller's Attorney's Fee Consult your attorney
Move-Out Deposit - refundable $500- $1,000
Move-Out Fee - non-refundable $250- $1,000
NYC Real Property Transfer Tax 1% of Sales Price - $500,000 or less
1.425% of Sales Price - greater than $500,000
Commercial/Bulk Sales Rate If 2 or more un-attached units are sold simultaneously to the same buyer, the commercial transfer tax rate applies - 1.425% of the Sales Price if $500,000 or less or 2.625% of Sales Price if greater than $500,000
NYS Transfer Tax 0.4% of Sales Price
NYS Estimated Capital Gains Tax 8.97% of estimated gain - paid at closing unless (i) Seller is a NY State resident at time of sale, or (ii) property was Seller's primary residence for 2 out of the last 5 years, or (iii) Seller has set up a 1031 Tax-Deferred Exchange (investment property only)
Transfer Tax Filing Fee $75
Federal Withholding Tax (FIRPTA) 10% of Sale Price if Seller is a non-resident foreigner
For the Purchaser

Title Insurance - Owner's Policy Approximately $4 per $1,000 of insurance (fee regulated by statute) plus various search and recording fees totaling an additional $1,000
Title Insurance - Mortgage Only applies if the Purchaser is obtaining financing - variable depending on loan amount
Real Estate Tax and Common Charge Adjustment Not really a "closing cost". Purchaser reimburses Seller for the portion of common charges and/or Real Estate Taxes that the Seller has pre-paid
New York State Mortgage Recording Tax 1.80% if mortgage amount is less than $500,000
1.925% if mortgage amount is greater than $500,000
Title Closer Gratuity $250
Bank Fees (only applicable if Purchaser is obtaining a loan)
Includes items such as discount points, appraisal fee, origination fee, credit report fee, document preparation fee, courier fee, application fee Variable depending on lender and loan product
Bank Attorney fee $700- $950
General
Move-In Deposit - refundable $500- $1,000
Move-In Fee - non-refundable $250- $1,000
Purchase Application Fee $500- $1,000
Mansion Tax 1% of Purchase Price if $1,000,000 or more
Purchaser's Attorney Fee Consult your attorney
New Construction
Sponsor Attorney's Fee Consult your attorney
Sponsor's NYC and NYS Transfer Taxes Calculated and added to the Purchase Price (to arrive at the tax) and then recalculated based upon the grossed-up price (may trigger Mansion Tax)
Working Capital Fund Contribution 1 - 2 months of Common Charges


Cooperatives
For the Seller

Flip Tax Variable depending on the building (if applicable)
Stock Transfer Tax $0.05 per share
Transfer Agent Fee (Coop Attorney's Fee) $500 - $750
Maintenance Adjustment Not really a "closing cost". Seller reimburses Purchaser for the portion of maintenance that the Seller failed to pay prior to Closing
Brokerage Commission 6% of Sales Price
Seller's Attorney's Fee Consult your attorney
Move-Out Deposit - refundable $500- $1,000
Move-Out Fee - non-refundable $250- $1,000
NYC Real Property Transfer Tax 1% of Sales Price - $500,000 or less
1.425% of Sales Price - greater than $500,000
Commercial/Bulk Sales Rate If 2 or more un-attached units are sold simultaneously to the same buyer, the commercial transfer tax rate applies - 1.425% of the Sales Price if $500,000 or less or 2.625% of Sales Price if greater than $500,000
NYS Transfer Tax 0.4% of Sales Price
NYS Estimated Capital Gains Tax 8.97% of estimated gain - paid at closing unless (i) Seller is a NY State resident at time of sale, or (ii) property was Seller's primary residence for 2 out of the last 5 years, or (iii) Seller has set up a 1031 Tax-Deferred Exchange (investment property only)
Transfer Tax Filing Fee $100
Federal Withholding Tax (FIRPTA) 10% of Sale Price if Seller is a non-resident foreigner
Payoff Bank Attorney Fee $375 - $500
UCC-3 Filing Fee $75 - $125
For the Purchaser

Cooperative Application Fee $500 - $1,000
Judgment and Lien Search $250 - $350
Recognition Agreement Fee $150 - $250
Maintenance Adjustment Not really a "closing cost". Purchaser reimburses Seller for the portion of maintenance that the Seller for
Bank Fees (only applicable if Purchaser is obtaining a loan)
Includes items such as discount points, appraisal fee, origination fee, credit report fee, document preparation fee, courier fee, application fee Variable depending on lender and loan product
Bank Attorney fee $700- $950
UCC-1 Filing fee $75- $125
General
Move-In Deposit - refundable $500- $1,000
Move-In Fee - non-refundable $250- $1,000
Purchase Application Fee $500- $1,000
Mansion Tax 1% of Purchase Price if $1,000,000 or more
Purchaser's Attorney Fee Consult your attorney
New Construction
Sponsor Attorney's Fee Consult your attorney
Sponsor's NYC and NYS Transfer Taxes Calculated and added to the Purchase Price (to arrive at the tax) and then recalculated based upon the grossed-up price (may trigger Mansion Tax)
Working Capital Fund Contribution 1 - 2 months of Maintenance


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Headquarters: 33 Irving Place, New York, NY 10003 Phone: 212.557.6500 Fax: 212.557.6505
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