Closing Costs

Townhouses and 1-3 Family Dwellings / Condominium Apartments

For the Seller:

Own Attorney varies*
NYC Real Property Transfer Tax 1% of purchase price if $500,000 or less
1.425% of purchase price if more than $500,000
NYS Transfer Tax .4% (.004) of purchase price
Reserve Fund Contribution (if applicable) Determined by condominium board payable by buyer or seller as specified
Payoff Bank Fees (if applicable) $250 & up
Managing Agent Fee $650 & up
Move-Out Deposit $500 & up (usually refundable if no damage)
Broker Commission 6% of purchase price
E Tax Filing (ACRIS) $100
NYS Capital Gains Tax Withholding (out of state seller) 6.85 – 11% of estimated gain
Non-US Resident (FIRPTA) 10% of purchase price withheld

FOR THE PURCHASER:

Own Attorney varies*
Credit Report Fee $50 + up per applicant
Title Insurance, Title Search & Recording Fees approximately .5 – .8% of purchase price
Lead Based Paint Disclosure Fee 0 – $50
Mansion Tax 1% of total purchase price where price is $1 million or more
Move-in Deposit $500 & up (usually refundable if no damage)
Common charges, real estate taxes, and insurance premium adjustments pro-rated as of closing

MORTGAGE ASSOCIATED FEES:

Origination CostsĀ  points 0 – 3% value of loan
Application, Credit Check, etc. $500 + up
Appraisal $325 & up
Bank Attorney $600 & up
Mortgage Recording Tax up to $500,000 is 1.8% of mortgage less $30 for mortgage recording tax credit ; more than $500,000 is 1.925% of mortgage less $30 for mortgage recording tax credit
Real Estate Tax Escrow 2-6 months

EXCLUSIVE TO NEW DEVELOPMENTS:

NYC Real Property Transfer Tax 1-1.425% of purchase price
NYS Transfer Tax .4% (.004) of purchase price
Transfer taxes are calculated and added to purchase price (for tax purposes only) and then recalculated based on the bulked up price.
Sponsor Attorney Fee usually $1,500 & up
Working capital fund contribution onetime fee equal to 1 or 2 months common charges

Co-operative Apartments

FOR THE SELLER:

Own Attorney varies*
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 .4% (.004) of purchase price
UCC-3 Filing $75 – $125
Flip Tax (if applicable) Determined by co-operative building
Payoff Bank Attorney (if applicable) $600 – $1,000
Managing Agent Fee $500 + up
Move-Out Deposit $500 – $1,000 (usually refundable if no damage)
Broker Commission 6% of purchase price
Estate Fees Co-op may impose additional fees for estate sales
Lost Stock and Lease Fees $250 + up
E Tax Filing (ACRIS) $100
NYS capital Gains Tax Withholding (out of state seller) 6.85% – 9% of estimated gain
Non-US Resident (FIRPTA) 10% of purchase price withheld or paid

FOR THE PURCHASER:

Own Attorney varies*
Managing Agent (Recognition Agreement Fee) $250 + up
Credit Report Fee $50 + upper applicant
Lead Based Paint Disclosure Fee $0 – $50
Mansion Tax 1% of purchase price when over $1 million
Move-in Deposit $500 + up (usually refundable if no damage)
Lien Search $250 – $350

MORTGAGE ASSOCIATED FEES:

Origination Costs points 0 – 3% value of loan
Application, Credit Check, etc. $500 + up
Application, Credit Check, etc. $500 + up
Appraisal $275 + up
Bank Attorney Bank Attorney
UCC-1 Filing $75 + up
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.