Closing

ESTIMATED CLOSING COSTS FOR CONDOMINIUM PURCHASES

For the Condominium Seller For the Condominium Purchaser
  • Own Attorney: $1700 +
  • Processing Fee: $450 +
  • Move-out fees: $500-$1,000
  • NYC Transfer Tax:
    - If price <$500,000: 1%
    - If price $500,000+: 1.425%
  • Residential Deed Transfers: $75
  • NY State Transfer Tax: $4 per $1,000 of price.
  • NYS Equalization Fee: $75
  • Miscellaneous Title Fee: $200-$500
  • Pick-up/Payoff Fee to Title Closer: $100-$300
  • Miscellaneous Condominium charges: Vary by Building
  • Gains Tax Withholding (out of state Seller): 7.7% of price
  • Broker: Typically 6%
  • Buyer’s Attorney: $1700+
  • Application Fee: $350
  • Processing Fee: $330
  • Credit Report Fee: $50-$100/applicant
  • Lead Paint Based Disclosure Fee: $0-$50
  • Move-in Deposit: $500-$1,000 (usually refundable if no damage)
  • Mansion Tax (if prices over $1 million): 1% of purchase price
  • Real Estate Tax Escrow: 2 to 6 months
  • Recording Fees: $250-$750
  • Municipal Search: $350-$500
  • Fee Title Insurance: approximately 0.5% of purchase price

MORTGAGE ASSOCIATED FEES (if applicable)

  • Origination, Points: 0-3% of loan
  • Application, Credit Check: $500+
  • Appraisal Fee: $300-$1,500 (depending on sales price)
  • Bank Fee: $750
  • Bank Attorney: $650
  • Mortgage Tax: 0.8%
  • Mortgage Title Insurance: Approx. $130 per $100,000
  • Of Mortgage amount NYC Mortgage Tax:
    -If mortgage <$500,000: 1.80%
    -If Mortgage >$500,000+ on 1-3 family residential dwelling: 1.925%
    -Mortgage on all other property over $500,000.00: 2.80%

ADDITIONAL REAL ESTATE EXPENSES

  • - Common Charge Adjustment: Pro-rated for the month of closing
  • - Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected
  • - Miscellaneous Condominium Charges: Vary by building
  • - Short Term Interest: Equal to interest for balance of month in which you close

NEW DEVELOPMENT DIRECT PURCHASES FROM SPONSOR

For new development condominiums, the purchaser generally pays the NY and NYC Transfer Taxes normally paid by the Seller.

ESTIMATED CLOSING COSTS FOR COOPERATIVE PURCHASES

For the Cooperative Seller For the Cooperative Purchaser
  • Own Attorney: $1700 +
  • Co-op Attorney: $450+
  • Stock Transfer Tax: $0.05 per share
  • Move-Out Fee: $500 - $1,000
  • Flip Tax (if applicable): Typically 1% to 3% of price
  • NYC Transfer Tax:
    - If price < $500,000: 1%
    - If price $500,000+: 1.425%
  • Non-Deed Transfers: $50
  • Residential Deed Transfers: $75
  • NY State Transfer Tax: .04% of price
  • NYS Equalization Fee: $75.00
  • Pick-up / Payoff Fee: $250 - $500
  • UCC-3 Filing Fee: $100
  • Miscellaneous Coop Charges: Vary by building
  • Broker: Typically 6%
  • Buyer’s Attorney: $1700+
  • Credit Report Fee: $50 - $100/applicant
  • Lead Based Paint Disclosure Fee: 0 - $50
  • Move-In Deposit: $500 - $1,000 (usually refundable if no damage)
  • Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.
  • MORTGAGE CLOSING COSTS
  • NYC Mortgage Tax:
    - If mortgage < $500,000: 1.80%
    - If mortgage > $500,000+ on 1-3 family residential dwelling: 1.925%
    - Mortgage on all other property over $500,000: 2.80%
  • Bank Fees: $350-$750
  • Application Fee: $350
  • Processing Fee: $330
  • Appraisal Fee: $300-$1,500 (depending on sales price)
  • Bank Attorney: $650
  • Lien Search: $250-$350
  • UCC-1 Filing: $100
  • Recognition Agreement Fee: $200+
  • ADDITIONAL REAL ESTATE EXPENSES
    - Miscellaneous Co-op Charges: Vary by building
    - Maintenance Adjustment: Pro-rated for the month of closing
    - Short Term Interest: Equal to interest for balance of month in which you close

 

Fifth Avenue Office

212.353.2003

184 Fifth Avenue
Third Floor
New York, NY 10010

West 36th Street Office

646.484.5111

255 West 36th Street
Suite 406
New York, NY 10018