| · closing costs: co-ops & condos apartments and townhouses |
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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 |
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New York State Real Property Transfer Tax
(paid by seller, except most sponsor sales) |
0.4% of sales price |
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Mansion Tax
(paid by buyer, only when price exceeds $1,000,000) |
1% of entire sales price |
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Title Insurance
(paid by buyer, condominium/townhouse only) |
approx. 0.5% - 0.8% of purchase price |
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Mortgage Tax
(paid by buyer, condominium/townhouses only, if financing ) |
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| Sales under $500,000 |
1.75% of entire mortgage |
| Sales over $500,000 |
1.85% of entire mortgage |
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| Miscellaneous Expenses |
legal fees, bank costs,
managing agent/building fees, flip tax |
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| Real Estate Broker Comission |
6% |
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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. |
| closing costs co-ops |
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| Closing Cost For The Seller |
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| Own Attorney |
$1,600 & up * |
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Stock Transfer Stamps
|
$.05 per share |
| NYC RPT Tax |
1% of purchase price if $500,000 or less of the entire amount |
| NYS Transfer Tax |
1.425% of purchase price if over $500,000 of the entire amount |
| UCC-3 Filing |
.4%(.004) of purchase price |
| Flip Tax (if applicable) |
$75 + up |
| Payoff Bank Fees (if applicable) |
Determined by co-operative building $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 |
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| Closing Cost For The Purchaser |
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| 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 where $1 million and over |
| Move-in Deposit |
$500 - $1,000 (usually refundable if no damage) |
| Fees In Connection To Mortgage: |
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| Origination Costs – points |
0 - 3% value of loan |
| Application, Credit Check, etc. |
$500 + up |
| Appraisal |
$275 + up |
| Bank Attorney |
$850 + 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: All property types |
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| Closing Cost For The Seller |
|
| Own Attorney |
$1,600 & up * |
| NYC RPT 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 |
.4% (.004) of purchase price |
| UCC-3 Filing |
$75 + up |
| 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 |
| 10% of price withheld or paid |
7.7% of gain |
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| Closing Cost For The Purchaser |
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| Own Attorney |
$1,600 + up* |
| Managing Agent Application 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) |
| Fees In Connection To Mortgage: |
|
| Origination Costs – points |
0 - 3% value of loan |
| Application, Credit Check, etc. |
$500 + up |
| Appraisal |
$375 + up |
| Bank Attorney |
$850 + 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) |
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| NYC RPT Tax |
1% of purchase price up to $500,000
1.425% of purchase price over $500,000
$4 per $1,000 of purchase price |
| NYS Transfer Tax |
$1,500 |
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| * 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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