Legal Question in Real Estate Law in New York

Hello,

I am thinking of listing my Brooklyn, NY coop for sale. What is the standard fee for a real-estate attorney at closing? Is it a standard fee or a percentage of sale price?

Also, what are the capital gains taxes for a single individual (in a low to middle income tax bracket) selling a primary residence for over $250,000.

Thank you.


Asked on 6/28/10, 1:24 pm

1 Answer from Attorneys
Arnold Nager Arnold H. Nager, Esquire

There is no standard fee. Prices can range from $1250 up to what the traffic will bear.

If you have resided in the apartment at least two years of the past five years, the first $250,000 is exempt from tax and you would pay 15% on the balance any gains.

Brokerage fees are also negotiable, generally in the range from 3% to 6% of the selling price.

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Answered on 6/28/10, 4:56 pm


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