Friday, February 10, 2006
Closed
posted by IChiban at Friday, February 10, 2006

I have sold my apartment at 310 west 56th street yesterday, now I am left homeless, and hungry j/k. But moving back to Mom and Dad's and LL's apartment is pretty exciting, but I will miss my 7 min walking commute to work, and my 5 min walk to the park. On the brighter side in the weeks without my apartment my wallet will be slightly thicker.
Speaking of money this is the 1st time that sold my own apartment, I have never thought that the fees were this outrageous. I felt like a fallen zebra being devoured by 50 Lions. Like Chris Rock said, I felt like was getting "Jacked":
Attorney: Approx. $1,600 (Lawyers, you can't live without them)
Managing Agent Fee: $750 (Who?)
Move-out Deposit: $1,000 (Refundable after move-out if there is no damage, which means tip the super)
Move-out Fee: $100 (Why should I pay? I moved myself)
Mortgage Bank Attorney: $550 (he was not even there)
NYC Transfer Tax: $4500 (What?)
NY State Transfer Tax: $2000 (How?)
Miscellaneous Title Fees: $800 (800 bucks for misc does not sound too )
Payoff Fee to Title Closer: $600 (who is the tilte closer?)
UCC-3 Filing: $150 (all I know is that UCC makes good japanese coffee,)
Flip Tax: $500 (when did they begin charging people for doing summersaults?)
Stock Transfer Tax: $100 (its a sheet of paper that looks like my Grade school deploma)
Anyway in a few monthes I will be writing the same thing about (who?)(what?)(how?) on the closing fees on the purchase of my new apt.

BTW special thanks to LL,Eatgod, and Crazy Eddie on the move this week.
 
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At Friday, February 10, 2006 at 2:16:00 PM EST, Blogger Mini-DV

according to NY State transfer tax rate


since you paid $4500 for the tax, I assume the selling price is less than $500,000. so the tax rate would be 1.425% Therefore the selling price would be apprx $315,000. hey you are $315,000 richer now (for a month)

 

At Friday, February 10, 2006 at 2:22:00 PM EST, Blogger IChiban

Nice try, but its: 1% of price up to $500,000; or, 1.425% of price if $500,000 and over.

 

At Friday, February 10, 2006 at 2:58:00 PM EST, Blogger Mini-DV

噯呀.. I can't do multi-tasks after all..

 

At Friday, February 10, 2006 at 3:56:00 PM EST, Blogger Leigo

hey, think about how much you saved for selling it yourself.... imaging the 6% brocker fee?!

 

At Friday, February 10, 2006 at 4:34:00 PM EST, Blogger IChiban

Actually I sold the Apt at a discount, the broker told me that she will garentee that my net would be more then I am going to sell myself, and since I've known her for a while, we have agreed on a lower broker fee.. The only reason is I sold it to this guy is because he is got over 5 mill of assets, 1.5 liquid. Its a slam dunk for the BS coop-board.

 

At Wednesday, February 22, 2006 at 11:40:00 AM EST, Anonymous Anonymous

congrats on the closing!
I guess the attorney is sort like escrow officer in california (I used to work in an escrow company before) and have some idea how the transaction works...good that you know the broker and got a discount...how long did it take to sell your apartment after you listed it?

 


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