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Closing Costs Co-ops/Condos

    

 

         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
 
 
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 Commission
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.

      

Closing Costs: Condominium Apartments / Townhouses

 

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
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
 
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 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
* 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.

 

 

 

 

    

Gold Key Realty of NY LLC
Miller Place, NY 11764
Phone: (631) 764-2913
Email: larrylederer@goldkeyrealtyny.com
 
 
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Gold Key Realty OF NY LLC
4 Queens Road Miller Place, NY 11764 US
Phone: 631-769-1615 Website: www.goldkeyrealtyny.com