Central Park New York Casas Office

Sell an apartment in New York City

a short checklist

What you need to ask yourself before selling a property

1 //Why are you selling?

There are various reasons for selling real estate in New York. You may be living here by yourself and have been wanting to move to a larger space or to another part of town. Or you may be relocating to another city or country. You may have an investment property you are ready to liquidate. In any case, we will help you go over the ins and outs of selling your place and explain to you what will take to get the job done.

2 //When do you need to sell by?

If it is your primary residence, you may want to sell within a certain amount of time. This will of course affect your selling strategy, where we may choose to price the property according to a level that will raise more interest in the market quicker. On the other hand, there may be no rush and we will look for the right person that values your apartment the most.

3 //What is your property worth?

When selling your property, it is important to have an idea of what it is worth. If it is priced too low, you could lose potential profit. If it is priced too high, you are setting yourself up for months of price drops and frustration. So, it is very important to have an idea of what potential buyers are willing to pay for your property. We, as your broker, will help gather the information necessary to make the right decision, such as:

  • Prices of comparable properties in the neighborhood
  • Prices of units in the same building
  • Overall demand and supply
  • Interest rates, common charges and taxes

4 //What are the closing costs?

Paid by the seller:

  • Broker's commission of 6% (negotiable for multi-million dollar properties)
  • State Property Transfer Tax (0.4%)
  • City Property Transfer Tax (1% of the first 500k, 1.425% thereafter)
  • Seller's attorney

Paid by the buyer;

  • Appraisal and inspection fees
  • Title search and insurance fees
  • Mansion Tax (1% to 3.9% for properties over 1 million)
  • Mortgage origination fee and points (1%-4%)
  • Mortgage recording taxes (1.75%-2.175%)
  • Buyer's attorney

5 //Why should I use a broker?

You can put your apartment up for sale on various websites to attract buyers. However, if you decide to do this on your own, bear in mind that the process of finding the right buyer can be very frustrating and time consuming. This is because the vast majority of properties in New York are marketed by brokers that are members of REBNY, the Real Estate Board of New York, which ensures that new properties for sale are shared first within the broker community. Having someone like us by your side will not only market your property to ALL potential buyers, we also bring you qualified buyers and we prepare all necessary paperwork. In an active market, it is imperative to act fast and concise, and to know the rules of engagement beforehand.

6 //What documents will I need to sign?

You will be asked to sign an “Exclusive Right to Sell” agreement. That means the listing broker will get paid the agreed upon commission regardless of who brings the buyer. In return, the listing broker will execute and pay for all marketing expenses to attract the most buyers as possible. In the fourth quarter of 2012 it took about 6 months on average for a NYC apartment to sell, which is why most agents will insist on exclusivity for at least six months to feel confident to get the job done.

7 //What is the difference in selling a Co-op or a Condo?

In a Condominium (Condo), pretty much anyone can buy your property. Sometimes there are light restrictions regarding financing, pets and subletting.

If you are selling a Co-op, the co-op board may not approve your buyer. Due to the application process, selling a Co-op generally takes longer (2-4 months).

8 //When should you sell?

What will the market do this year? Should you sell now or rent it out? If you sell, should you reinvest and where? You are welcome to contact us via our contact form and we will be happy to share our market knowledge with you.

9 //If you chose to work with us, what do we offer?

At New York Casas you will only work with highly educated (university degree), knowledgeable and dedicated people. Our brokerage has over a decade of sales experience in the New York market. Moreover, when signing our exclusive listing agreement, you will be handed a marketing plan for your property along with our guidelines to have your property in optimal condition. And most importantly, we work on weekends and we go above and beyond to make sure every potential buyer will view your property.

10 //What's next?

Based on these criteria, you will now have an idea of what to expect when selling your New York City property. Please contact us via our contact form and we will be happy to answer any additional questions.