what to expect in closing costs for a co-operative, condominium apartment or townhouse in nyc
condominium apartment or townhouse
FOR SELLER
Broker
6%
Own Attorney
$1,250.00 and up
Move-out Deposit
$500.00
New York Transfer Tax
1% of price up to $500,000.00; and 1.425% of price over $500,001.00 (Paid by seller, except sale by sponsor)
Miscellaneous Title Fees
$200
Payoff Bank Attorney
$400+
FOR PURCHASER
Attorney
$1,250 and up
Bank Fees
Points
0 to 2.5% of loan value (optional)
Applications,credit check
$500+
Bank attorney
$750-$900
Short-term
One Month
Bank Escrows
2-6 Months
Bank underwriting Fees
$350
Appraisal Fees
$300-$750 (dependent on the price of the apartment)
Recording Fees
$400
Mortgage Tax
1.8% of amount of mortgage on loans Under $500,000;and 1.925% of amount of mortgage on loans over $500,001
Fee Title Insurance
Approx $675 per $100,000
Mortgage Title Insurance
Approx $500 per $100,000
Violation Search
$275+
Managing Agent Fee
$250+
Common Charge Adjustment
1 Month
Real Estate Tax Adjustment
1 to 3 Months
Mansion Tax
1% where price exceeds
co-operative apartments
FOR SELLER
Broker
6%
Own Attorney
$1,250.00 and up
Co-op Attorney
$450+
Flip Tax
1% to 3% of purchase price
Stock Transfer Tax
$.05 per Share
Move-out Deposit
$500
NYC Transfer Tax
1% of price up to $500,000 1.425% of price over $500,001
NYS Transfer Tax
$2.Per $500. of price
Payoff Bank Attorney
$350
UCC-3 Filing Fee
$90-100
FOR PURCHASER
Own Attorney
$1,250 and up
Bank Fees
Points
0 to 2.5%
Application, credit check
$750-900
Bank Attorney
$450-$500
UCC-1
Filing Fee $100
Bank underwriting Fees
$350
Appraisal Fees
$300 to $750 (dependent on the price of the apartment)
Short-term Interest
One Month
Move-in Deposit
$500
Managing Agent or Co-op Attorney (Recognition Agreement Fee)
$150-200
Lien Search
$300
Maintenance Adjustment
One Month
Mansion Tax
1% where price exceeds $1,000,000
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.
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.