SMART SELLERS GUIDE

Selling your home in NYC can leave you stressed out. Allow the real estate attorneys at Fisher Stone ease your mind.

SMART SELLERS GUIDE

Selling your home in NYC can leave you stressed out. Allow the real estate attorneys at Fisher Stone ease your mind.


Questionnaire

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Preparation

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Sellers Requisites before Closing

The State of New York requires seller(s) — or a seller’s attorney — to write their own real estate transaction contracts. The State of New York also has strict guidelines with respect to the content requirements of a real estate transaction contract and closing procedure.
Fisher Stone P.C. is a law firm focused on residential real estate closings, both buyer and seller. If you lack faith in your ability to compose a legally-binding, valid contract or are not certain you understand or can manage a closing, the attorney’s at Fisher Stone P.C. can do so for you.


Closing Requisites in Addition to the Contract

In addition to the contract — as the seller — there is a list of items you will require at closing.
  • You Physically Present – You and whomever else is listed on the title must be present at the closing unless you’ve turned over power of attorney to a third party. If you’ve given someone power of attorney, the Power of Attorney document must be present at the closing as well as a copy of your ID and that of anyone else on the title.
  • Property Title
  • The Real Estate Sales Contract
  • Mortgage Payoff Documentation and Certified Funds – If the property has a mortgage, the mortgage payoff documentation must be present at the closing. Additionally, certified funds for the payoff must also be present at the closing or there must be language in the contract that dictates the mortgage will be paid off upon receipt of the funds from the real estate transaction.
  • Homeowners’ Association/Condo Association Information – If the property is governed by an HOA or CA, you must bring the information relevant to a sale.
  • Social Security Number and Forwarding Address

Sellers Guide for Residential Property

As a seller, a person must be concerned with costs. If you are selling a residential property, you can expect to pay up to 10 percent (10 %) of the sale price for things like commission, taxes and fees. While there is a laundry list of potential costs, there are several that are almost universal.

  • Connector.

    Commission

    Unless you sell the property or home yourself — unless you choose not to hire a broker, — you can expect to pay around six percent (6%) in commission. While some brokers charge less and others charge slightly more, that is the typical sum.

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    Taxes

    You will be required to pay for municipal, state and federal taxes. However, there are other types of taxes you may not be aware of, the Mansion Tax for example. If your home sells for more than $1 million, you will pay an extra one percent (1%).

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    Closing Attorney Fees

    In the State of New York, you can expect to pay a closing attorney around $2,000. It is important to make sure a closing attorney is competent because an attorney that is not can potentially damage or prevent a sale.

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    Saving Money as a Seller

    There are a number of ways to save money as a seller. For one, you can shop around for a broker. If you can find one with experience that will lower his fee, you can save money. But, there are other options in New York, particularly New York City.

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    Tax Abatement

    A means of saving money is by buying new. Often times, new properties have tax abatements. New properties with tax abatements are of particular value if you are not forced to pay for the developer’s closing costs.If you have about selling your residential property in the State of New York, contact the attorneys at Fisher Stone, P.C. for more information.

Our Clients Love Us


“Fisher Stone have the unique ability to know what they want and go get it!”
-Caitlin

“From the moment I stepped into Fisher Stone’s office, I knew I was in the right hands.”
-Nick

“It was very refreshing to feel like someone cared about me in my time of need. I am very appreciative of Fisher Stone, P.C.”
-Janelle

“They are always available to answer my questions and are great at communication.”
-Danny

 

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REAL ESTATE LAW OFFICE LOCATIONS

Charging Bull

25 Broadway, 10th Floor
New York, NY 10004
(212) 838-8500

300 Park

300 Park Avenue
New York, NY 10022
(212) 570-0003

Williamsburg

134 North 4th Street
Brooklyn, NY 11249
(718) 355-9671

Dumbo Heights

81 Prospect Street
Brooklyn, NY 11201
(718) 233-9058

Studio Square

3537 36th Street
Astoria, NY 11106
(718) 313-0191

Our Clients Love Us


“Fisher Stone have the unique ability to know what they want and go get it!”
-Caitlin

“From the moment I stepped into Fisher Stone’s office, I knew I was in the right hands.”
-Nick

“It was very refreshing to feel like someone cared about me in my time of need. I am very appreciative of Fisher Stone, P.C.”
-Janelle

“They are always available to answer my questions and are great at communication.”
-Danny