NYC Seller Guide

East SideManhattanBrokerage 650MadisonAvenue

NewYork,NY10022

2126067660

DowntownManhattanBrokerage 149FifthAvenue,4thFloor NewYork,NY10010

2124312440

AssemblingYour Team

Preparing to list your New York City townhouse, cooperative, or condominium for sale requires careful planning and attention to detail to ensure you present your property in the best possible light.Sotheby?s International Realty offers this Seller?s Guideas aroadmap to make theprocess seamless.

SELLER'SAGENT

Aseller's agent plays is crucial in helping homeowners sell their property quickly and at the best possible price.The most important qualities for a seller's agent include:

1.MARKET EXPERTISE:Atop-quality seller's agent should havean in-depth understanding of the local real estate market,including recent sales,pricing trends,and neighborhood dynamics

2.NEGOTIATIONSKILLS:Negotiation is a key aspect of real estate transactions.Askilled seller's agent should be ableto negotiateconfidently on the seller's behalf to securethe best possibledeal

3.MARKETINGSAVVY:Theagent should have asolid marketing strategy to showcase theproperty's strengths, using professional photography,virtual tours,and effectiveonlineand offlinemarketing techniques.

4.NETWORKANDCONNECTIONS:Awell-connected agent can leveragetheir network of other real estate professionals,potential buyers,and other agents to promote the property and attract more potential buyers.Buyers may belocal but often they comefrom out of stateor out of country and your broker should havea global reach

5.CLIENT-CENTRICAPPROACH:Aseller's agent should prioritize theclient's needs and objectives Their actions and recommendations should bealigned with helping the seller achieve their goals

REALESTATEATTORNEY

Areal estate attorney ensures a smooth and successful property transaction.In New York,attorneys prepare the contract of sale and negotiate critical deal points with the buyer?s attorney The real estate attorney also coordinates the closing with the buyer?s attorney It is important to find an attorney who is experienced in the sale of residential property in New York City and exhibit the following quailities:

1 EXPERIENCEANDEXPERTISE:Look for an attorney with substantial experience in New York residential real estatelaw Familiarity with local regulations,practices,and market dynamics is essential An attorney familiar with city-specific regulations,zoning laws,and transaction nuances is invaluable

2.NEGOTIATIONSKILLS:Askilled negotiator can advocatefor your interests,whether you'rebuying,selling, leasing,or resolving disputes.

3.COMMUNICATION:Clear communication is crucial.Your attorney should explain legal terms and processes in a way you understand and keep you informed throughout

4.RESPONSIVENESS:Timely communication is key in real estate transactions.Your attorney should promptly respond to your questions and concerns

5.PROBLEM-SOLVING:Real estate deals can encounter obstacles.An attorney who can think creatively and find solutions is essential to keeping the transaction on track

AsYour RealEstateBroker

Sotheby?s International Realty will work with you to curate a pricing, sales and marketing strategy, bring your home to market locally and globally,conduct showings,follow-up with leads and provide consistent and ongoing feedback until we have secured a qualified buyer at the highest and best price Below are some steps you can take to lead to a successful sale:

1 DECLUTTERANDDEPERSONALIZE:Clear out unnecessary items and personal belongings to create aclean, spacious environment that allows potential buyers to envision themselves in thespace.

2.DEEPCLEAN:Giveyour home athorough cleaning,paying attention to every corner,surface,and fixture.Consider hiring professionals for a deep cleaning if needed

3.REPAIRSANDMAINTENANCE:Address any necessary repairs,from minor fixes to major issues Ensure all systems (plumbing,electrical,HVAC) are in working order.

4 STAGING:Consider professional staging to showcaseyour home's best features and create a welcoming ambiance

5.FRESH PAINT:Afresh coat of neutral paint can instantly refresh your home's appearance and appeal to a wider rangeof buyers

6.LEGALANDFINANCIALPREPARATION:Consult with your attorney and financial advisor to understand the implications of selling and plan for a smooth transaction.Takethe timeto closeany open permits prior to listing the apartment to avoid delays

Terms& FeesToKnow

ASSESSMENTS:An amount of money that a condominium/cooperative trust needs owners to pay in order to finance a project or outstanding debt that was not part of the annual budget/assessment.These projects are for the common good of thebuilding whether it behallways,lobbies,roofs,mechanical systems,water or even the building façade

CLOSINGCOSTS:Fees paid at the real estate closing when the property is officially transferred from the seller to the buyer Both buyer and seller can incur closing costs

ESCROW:Deposit or down payment a buyer puts into the custody of a neutral third party like a title company,broker,or attorney to hold until the deal is closed Once the deal is closed and the terms of the contract are met, the sum can be paid out to theseller.

FLIPTAX: A fee paid by a seller or buyer when purchasing in a co-op It is not a government tax It is a transfer fee to profit the building on the sale on an apartment Flip tax can be negotiated or a co-op will have a strict rule on whether buyer or seller pays

MORTGAGECONTINGENCY: A provision in a purchase contract saying that if the prospective buyer cannot get a mortgagewithin a fixed period of time with the specified terms, the buyer can call off the whole deal and get back his deposit

PROPERTYTAXABATEMENTS:The government grants a reduction or exemption from taxes for a specific period in order to stimulate real estate or industrial development The most common is 421a - this exemption lasts for 10 years, giving owners a 100 percent exemption from any increases in their real estate taxes for two years, then phasing out the exemption by 20 percent every two years over the remaining eight years In Upper Manhattan and the outer boroughs, theexemption can last for 15 or 25 years

REALESTATETAXES:For a condo,this is aseparate NYCtax bill

EstimatedFees& ClosingCosts

1 BROKER'SCOMPENSATION:

2 ATTORNEYFEE:

As set forth in separateagreement

$2,000- $5,000+ (~$5,000 when purchasing aTownhouse) 3 MOVE-OUTDEPOSIT(refundable): $500 - $1,000

MOVE-OUTFEE(non-refundable)

$250 - $1,000

4 NEWYORKCITYREALPROPERTYTRANSFERTAX: Varies (includes items such as points,application fee,commitment fee, underwriting fee,appraisal,etc )

4a Residential Transactions: 1% of sales priceif priceis $500,000 or less

4b Residential Transactions: 1425% of priceif price is over $500,000

4c Commercial / Bulk Sales:

5 NEWYORKSTATETRANSFERTAX:

6 TRANSFERTAXFILINGFEE:

7 CAPITALGAINS:

8 COOPERATIVEAPARTMENTSALESONLY:

8a Flip Tax (if applicable):

8b Stock Transfer Tax:

If 2 or moreunattached units are sold simultaneously to the samebuyer,the commercial transfer tax rateapplies (1425% of sales priceif saleis $500,000 or less,or 2 625% of sales priceif greater than $500,000)

0 4% of sales price if less than $3M

0 65% of sales priceif greater than $3M

$100 for coops ($150 for condos)

Non-NYSresidents pay up to 10 9% of estimated gain at closing ANYSresident,or anon-NYSresident who resided in the property as their principal residence for 2 out of thelast 5 years pays the gain tax when filing their annual federal income tax return All sellers also pay the NYCincome tax (up to 3 65% of the gain) with their annual income tax return

Typically 1% - 4% of purchaseprice

$0 05 per share

8c Transfer Agent/Coop Attorney Fee: $500 - $1,500

8d Payoff Bank Attorney?s Fee: $450 - $750

8e UCC-3 Filing Fee: $75 - 125

9 OTHERCHARGES:

9a Sales / Waiver Fee: $500 - $1,000

9b TitleCloser Pick-up Fee for Mortgage Payoffs: $250 per mortgage ?? 9c MortgagePayoff Recording Fee: $110 per mortgage ?? 9d Application/ Waiver Fee: $500 - $1,000

Thank you for entrusting Sotheby's International Realty with the saleof your home