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Transfer Taxes: The City and State charge the Seller taxes for selling a co-op or condominium. The rate for the State is $2.00 per $500.00 of the purchase price (or .4%) and for the City it is 1.425% for apartments above $500,000.00 and 1% for apartments less than that. Most contracts with Sponsors require the Buyer to pay these taxes, in addition to the Mansion Tax but, in today’s market, this is often negotiable.

For more information on the State transfer taxes click here – and for a bit more on the City transfer taxes click here.

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