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When you sell any real property with a mortgage on the property, the first thing that must be paid back is the mortgage balance before you get any proceeds from the sale. Thus, if you sell for $650K and you owe approximately $417,500, then your take would be approximately $232,500. In addition to that amount, any overage in escrow which has to be determined after closing would be paid back to you.
As far as closing costs (including transfers and agent fees etc.), these vary with the terms of each sale and can be negotiated to be paid by either the buyer or seller or shared and this is something you and your real estate agent would have to negotiate into the sale contract
(so we cannot tell you accurately what closing costs would be as they vary). Here is a general average of what NY closing costs would be in a NY Co-op/Condo sale:
Real Estate Broker
Condo Attorney or Managing Agent
Stock Transfer Tax
$500 - $1,000 (usually refundable if no damage)
NYC Transfer Tax
1% of purchase price if purchase price is $500,000 or less; 1.425% of purchase price if purchase price is over $500,000
NYS Transfer Tax
.4% ($2 per $500) of gross purchase price
Payoff Bank Attorney
UCC Fling Fees
Once your final amount is calculated which would end up roughly at maybe $225,000, then you have to look at what you actually purchased the condo for when you first bought it to determine if the profits are capital gains, meaning you sold the condo for more than you put into buying it and capital improvements on it. Anything you make on this sale above what you originally paid plus capital improvements would be considered capital gains profits and would be taxed at the capital gains rate which would be anywhere from 15% to 35%, depending on your tax situation and your tax preparer would have to look at everything to see what he can reduce or adjust to minimize that tax for you.
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