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CLOSING COSTS

ESTIMATED CLOSING COSTS - CONDOMINIUM PURCHASES

Seller

Buyer

Attorney:$1500 +

Attorney:$1500+

Processing Fee:$450+

Application Fee: $350

Move-out fees:$500-$1,000

Processing Fee:$330

NYC Transfer Tax:


- If price <$500,000: 1%
- If price $500,000+: 1.425%

 

Credit Report Fee:$50-$100/applicant

 

Residential Deed Transfers: $75

Lead Paint Based Disclosure Fee: $0-$50

NY State Transfer Tax: $4 per $1,000 of price.

Move-in Deposit: $500-$1,000 (usually refundable if no damage)

NYS Equalization Fee: $75

Mansion Tax (if prices over $1 million): 1% of purchase price

Miscellaneous Title Fee: $200-$500

Real Estate Tax Escrow: 2 to 6 months

Pick-up/Payoff Fee to Title Closer: $100-$300

Recording Fees: $250-$750

Miscellaneous Condominium charges: Vary by Building

Municipal Search: $350-$500

Gains Tax Withholding (out of state Seller): 7.7% of price

Fee Title Insurance: approximately 0.5% of purchase price

Broker: Typically 6%

Broker: Typically 6%

 

 

ESTIMATED CLOSING COSTS - COOPERATIVE PURCHASES

Seller

Buyer

Attorney: $1500 +

Attorney: $1500+

Stock Transfer Tax: $0.05 per share

Credit Report Fee:$50-$100/applicant

Move-out fees: $500-$1,000

Move-in Deposit: $500-$1,000 (usually refundable if no damage)

NYC Transfer Tax:
- If price <$500,000: 1%
- If price $500,000+: 1.425%

Mansion Tax (if prices over $1 million): 1% of purchase price

Non-Deed Transfers: $50

Lead Paint Based Disclosure Fee: $0-$50

NY State Transfer Tax: $4 per $1,000 of price.

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%

Residential Deed Transfers:$75

Bank Fees: $350-$750

Bank Attorney: $400 and up

Appraisal Fee: $300-$1,500 (depends on sales price)

NYS Equalization Fee: $75.00

Application Fee: $350

Pick-up / Payoff Fee: $250 - $500

Processing Fee: $330

UCC-3 Filing Fee: $100

Lien Search: $250-$350

UCC-1 Filing: $100

Miscellaneous Coop Charges: Vary by building

Recognition Agreement Fee: $200+

Broker: Typically 6%

Broker: Typically 6%

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