Closing Costs

Closing Costs: Co-operative & Condominium Apartments and Townhouses
Closing Costs: Co-operative Apartments
Closing Costs: Condominium Apartments
Closing Costs: Co-operative & Condominium Apartments and Townhouses
New York City Real Property Transfer Tax
(Paid by seller, except most sponsor sales)		  
Sales under $500,000
 1% of sales price
Sales over $500,000
 1.425% of sales price
 
New York State Real Property Transfer Tax
(Paid by seller, except most sponsor sales)
 0.4% of sales price
 
Mansion Tax
(Paid by buyer, only when price exceeds $1,000,000)
 1% of entire sales price
 
Title Insurance
(Paid by buyer, condominium/townhouse only)
 Approx. 0.5% - 0.8% of purchase price
 
Mortgage Tax
(Paid by buyer, condominium/townhouses only, if financing )
  
Sales under $500,000
 1.8% of entire mortgage
Sales over $500,000
 1.925% of entire mortgage
 
Miscellaneous Expenses
 Legal fees, bank costs,
managing agent/building fees, flip tax
 
Broker Comission
 6%
 
Costs can change and vary for some transactions. All information is subject to errors, omissions and changes in facts or circumstances.
Always consult your attorney before signing a contract.
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Closing Costs: Co-operative Apartments

For The Seller

  
Own Attorney
$1,600 + up *
Stock Transfer Stamps
$.05 per share
NYC Real Property Transfer Tax
1% of purchase price if $500,000 or less of the entire amount
1.425% of purchase price if over $500,000 of the entire amount
NYS Transfer Tax
0.4% (.004) of purchase price
Flip Tax (if applicable)
Determined by co-operative building
Payoff Bank Attorney (if applicable)
$450 + up
Managing Agent Fee
$500 - $750
Move-Out Deposit
$500 - $1000 (usually refundable if no damage)
Broker Comission
6% of purchase price
Estate Fees
Coop may impose additional fees for estate sales
Lost Stock and Lease Fees
 $250 - $750
E Tax Filing (ACRIS) $50
Gains Tax Withholding (out of state seller) 7.7% of gain
Non-US Resident (FIRPTA) 10% of price withheld or paid
 

For The Purchaser

  
Own Attorney
$1,600 + up*
Managing Agent Application Fee
$750
Credit Report Fee
$50 - $100 per applicant
Lead Based Paint Disclosure Fee
$0 - $50
Mansion Tax
1% of purchase price when over $1 million
Move-in Deposit
$500 - $1,000 (usually refundable if no damage)
Mortgage Associated Fees:
Origination Costs – points
0 - 3% value of loan
Application, Credit Check, etc.
$500 + up
Appraisal
$275 + up
Bank Attorney
$500 + up
UCC-1 Filing
$50 + up
Recognition Agreement Fee
$200 + up
Lien Search
$350
Maintenance Adjustment
Prorated for month of closing
* Check with bank/mortgage broker for additional fees . New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
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Closing Costs: Condominium Apartments / Townhouses

For The Seller

  
Own Attorney
$1,700 & up *
NYC Real Property Transfer Tax
1% of purchase price if $500,000 or less
1.425% of purchase price if over $500,000 of the entire amount
NYS Transfer Tax
.4% (.004) of purchase price
Payoff Bank Fees (if applicable)
$450 *
Managing Agent Fee
$250 - $750
Move-Out Deposit
$500 - $1,000 (usually refundable if no damage)
Broker Comission
6% of purchase price

E Tax Filing (ACRIS)

 $50
Gains Tax Withholding (out of state seller)
 7.7% of gain
Non-US Resident (FIRPTA) 10% of price withheld or paid
 

For The Purchaser

  
Own Attorney
$1,700 + up*
Managing Agent Fee
$250 - $500
Credit Report Fee
$50 - $100 per applicant
Lead Based Paint Disclosure Fee
$0 - $50
Mansion Tax
1% of purchase price where $1 million and over
Move-in Deposit
$500 - $1,000 (usually refundable if no damage)
Mortgage Associated Fees:
Origination Costs – points
0 - 3% value of loan
Application, Credit Check, etc.
$500 + up
Appraisal
$275 + up
Bank Attorney
$500 + up
UCC-1 Filing
$50 + up
Mortgage Recording Tax
Up to $500,000 is 1.8% of mortgage; over $500,000 is 1.925% of mortgage
Title Insurance, Title Search & Recording Fees
Approximately 0.5% of purchase price
Building Searches
$200 - $400
Recording Charge
$17 per document plus $5 per page
Real Estate Tax Escrow 2-6 months

If Purchased Directly from Sponsor: ( ie:new construction)
NYC Real Property Ttransfer Tax
1% of purchase price up to $500,000
1.425% of purchase price over $500,000
NYS Transfer Tax
$4 per $1,000 of purchase price
Sponsor's Attorney Fee $1,500
   
* Check with bank/mortgage broker for additional fees . New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
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All information regarding a property for sale, rental or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.