When you consider selling your property Cathy wants you to be informed and comfortable with the financial aspects. Here are some of the issues to consider.
The commission is built into the selling price and is agreed upon by the seller and the agency.
New York State Real Property Transfer Tax
("Deed Stamps") 0.4% of the purchase price.
This is a complicated tax that is best explained by your accountant and/or lawyer because it is based on your individual situation. It has to do with the profit from the sale, minus the costs of owning, renovating, building, financing, and the amount of time you owned the property.
Cathy suggests you have a conversation with your accountant to clarify exactly what that cost will be.
Also, please speak with your accountant about all tax issues.
The buyer and the seller retain their own attorneys. The attorney will insure that you have all the documentation needed for your closing. Retaining a local attorney can save time and money because of his/her knowledge of the local zoning and real estate process.
