Closing Costs: Co-operative & Condominium Apartments and Townhouse
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 |
|
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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 |
|
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Miscellaneous Expenses
|
Legal fees, bank costs, managing agent/building fees, flip tax |
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Broker Commission
|
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. |
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:
|
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Origination Costs – points
|
0 - 3% value of loan
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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)
|
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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
|
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 |
|
Closing costs: Co-operative Apartments
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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)
|
Broker Commission
|
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
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