A parent’s apartment, an estate or downsizing in Flatiron

The person with legal authority — an agent under a power of attorney while your parent is living, or the executor after a death — signs the sale. Gather the deed or co-op stock certificate, the proprietary lease, recent statements and the building’s contacts, and bring in an estate attorney early.

The executor named in the will cannot sell estate property until Surrogate’s Court grants letters testamentary or preliminary letters testamentary. Co-ops may require the estate to sell or to get board approval for an heir. Price from recorded sales, and clear the apartment before photography.

Consider carrying costs, stairs and building service, and what you’d net. The median sale in Flatiron is $1.94M, and many long-time owners have significant equity. A plan that covers where you’ll go next matters as much as the sale.

Sellers pay city and state transfer taxes. A primary residence may qualify for the federal capital gains exclusion of up to $250,000 ($500,000 for married couples). Talk with an accountant about cost basis and estate planning before you list.

The Senior Citizen Homeowners’ Exemption (SCHE) can lower property taxes for owners 65 and older, including co-op and condo owners, with combined income at or below $58,399. Apply with the NYC Department of Finance by March 15. Benefits don’t transfer to a buyer.

Sell it as-is at a price that reflects the renovation, or do a light refresh — paint, lighting, a deep clean. Many Manhattan buyers look specifically for estate-condition apartments they can renovate.

Sometimes. A post-closing occupancy agreement can let you stay for a set period after closing, if the buyer and (for co-ops) the board agree. It must be negotiated in the contract.

The shares and lease pass through the estate. Many proprietary leases allow transfer to a spouse or family member, often with board approval; otherwise the estate sells. The executor continues paying maintenance until closing.

Start with where they’ll go and when, then a floor plan of the new home to decide what moves. Senior move managers, estate-sale companies and donation pickups can handle the contents; the sale can be timed around the move.