Selling Your Property

Seller's Guide

Putting your home on the market can be a stressful process, especially when you don’t know what to expect. Fortunately, with our help and this easy to follow guide, you can complete the process successfully. The following steps will help you prepare so you can get organized and sell your home for the best price possible.​​​​​​​

Interested in learning more about our listing strategy and seller offerings? Download our custom guide.

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Enhance Your Property

Prospective buyers should ideally be able to easily envision themselves living in the property, and they should feel excited about it! Cleaning thoroughly, tidying, and removing extra furniture and personal items will help buyers imagine their lives and belongings in your space. Have windows professionally cleaned. Have the walls painted white. Upgrade lighting throughout. Sanding and refinishing heavily trafficked floors will have high ROI. Any signs of water damage, cracks or holes should be repaired. Homes that are showroom clean, brightly lit and sparsely appointed show most effectively.

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Select Your Broker

Selling your home is an undertaking that represents years of your time, money, emotions, and memories. The key to transforming this shifting and often nerve-wracking process into a guided tour to the closing table is to engage an experienced broker with the will to win and the integrity to represent your interests. How do you know when you’ve found the right match for you? Trust your instincts. Work with someone who is innovative and personally invested in your success; who speaks candidly while also making you feel understood, informed, and in control.

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Determine Selling Price

Pricing your property is one of the most important aspects of your selling strategy. The market will determine the value at which your property will ultimately sell (either higher or lower than the asking price), but the asking price will impact the number of motivated buyers who will see the property in person. Review all current data on recent sales in the neighborhood, current competing listings, recent sales in your building, most current market trends, etc.

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Your Listing's Marketing Strategy

All facts and figures pertaining to your property including floor plans, photographs and building policies will be shared with all other brokerage companies, so that every professional broker is made aware of your listing. The vast majority of properties in NYC are sold with the co-operation of two brokers. Selective, well-targeted advertising about your listing reaches the highest number of appropriate buyers, and drives traffic to open houses, broker’s open houses and private appointments. Most showings are through private appointments.

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Negotiating Accepted Offers

The strong negotiation techniques and strategies of your broker WILL affect the selling price. Through skillful dialog with all parties, your broker will reach a meeting of minds between you (the seller) and the best-fit buyer. If you are selling a co-op, your broker will pre-screen the financial status of all prospective buyers to qualify their odds of board approval.

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Executing the Contract of Sale

We continue to show the property to other prospective buyers during the due diligence period between “accepted offer” and “contract signed.” We also coordinate the efforts of both side’s attorneys and assist in the full execution of the contract.

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Purchase Applications and Board Approval

Our most critically important work often takes place at this stage, when assisting the buyer (or monitoring and helping the buyer’s broker) in presenting their best possible Purchase Application Package (representing the buyer’s financial and personal credentials) for the co-op or condo board’s review. Most condominiums have a board approval process for their waiver of right of first refusal. Virtually all co-ops have this process, which is much more comprehensive, and often stipulates minimum financial requirements for purchasing in the building. The primary concern of most boards is the extent to which the buyer has sufficient assets to continue paying their monthly maintenance in the event of job loss or sudden hardship.

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Closing

Once board approval or the waiver of right of first refusal has been granted by the co-op or condo board, a closing can be scheduled. At the closing, ownership of the property will be transferred to the new buyer according to terms established in the Contract of Sale.

Estimated Seller Closing Costs

 

CONDOS

CO-OPS 

TOWNHOUSES 

Seller's Attorney 

$2,500 and up 

$2,500 and up 

$2,500 and up 

Managing Agent Fee 

$450 and up 

$450 and up 

$0

Application/Waiver Fees 

$500 - $1,000 

$500 - $1,000 

$0

Move out Deposit/Fee 

$500 - $1,000 

$500 - $1,000 

$0

NYC Transfer Tax 

     Sale price up to $500,000 

1 % of sale price 

1 % of sale price 

1 % of sale price 

     Sale price over $500,000 

1.425% of sale price 

1.425% of sale price 

1.425% of sale price 

NYC Filing Fee 

$125

$100

$125

NYS Transfer Tax

     Sale price up to $3,000,000 

0.4% of sale price 

0.4% of sale price 

0.4% of sale price 

     Sale price over $3,000,000

0.65% of sale price 

0.65% of sale price 

0.65% of sale price 

Miscellaneous Title Fees 

if Seller has Mortgage 

$250

$250

$250

Miscellaneous Fees 

to Bank/Attorney if Seller has Mortgage 

$750 and up

$750 and up

$750 and up

FIRPTA 

if Seller is non-exempt foreign person or entity

15% of sales price withheld

15% of sales price withheld

15% of sales price withheld

Broker's Commission

Per Agreement

Per Agreement

Per Agreement

 

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What's Your Property Worth?

What's Your Property Worth?

For a complimentary market evaluation of your home, 111 please provide your contact information below.

Your Home Valuation

Thank You! We will be in touch a customized report with information on the value of your home.

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