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) |
|
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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 |
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Sales over $500,000
|
1.925% of entire mortgage |
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Miscellaneous Expenses
|
Legal fees, bank costs, managing agent/building fees, flip tax |
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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 |
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|
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)
|
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Broker Comission
|
6% of purchase price
|
|
Estate Fees
|
Coop may impose additional fees for estate sales
|
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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:
|
|
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Origination Costs – points
|
0 – 3% value of loan
|
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Application, Credit Check, etc.
|
$500 + up
|
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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.
|
|
| 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 Commission
|
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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