Transaction Costs: Manhattan Condominium

For buyers, these costs generally equate to about 6 percent of the loan amount for financed purchases and roughly 2 percent of the price for cash transactions. Conversely, sellers encounter transaction costs of approximately 8 percent of the property's price, and the local equivalent to stamp duty is composed of government taxes like mansion tax and transfer taxes.

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About:  
Wei Min Tan is a Manhattan, New York property broker focusing on global investors of Manhattan condominiums.  Wei Min has been interviewed by CNBC, CNN, Wall Street Journal and New York Times on the Manhattan property market.  Wei Min can be reached at tan@castle-avenue.com