CLOSING COSTS FOR CO-OPS

Buyer
Seller
Attorney Varies Attorney Varies
Bank Attorney $500 & up Stock Transfer Stamps $.05 per share
Application, Credit Checks, etc. $500 & up Flip Tax (if applicable) Determined by Co-op
Credit Report Fee $50 - $100 per applicant Move-out Deposit $500 - $1,000 (usually refundable if no damage)
Move-in Deposit $500 - $1,000 (usually refundable if no damage) NYS Transfer Tax $4 per $1,000 of sale price
Appraisal Fee $300 & up NYC Real Property Tax Up to $500,000 = 1% + $50 Filing
$500,000^ = 1.425%
Lien Search $250 & up Non-Deed Transfer (i.e., Co-ops)

$75
Recognition Agreement $200 & up Residential Deed $165
UCC-1 Filing $50 & up UCC-3Filing $75 & up
Mansion Tax 1% of purchase price (1 million and over) Payoff Bank Fees (if applicable) $300 & up
E Tax Filing (ACRIS) $50 Lost Stock and Lease Fees $250 - $750
Maintenance Adjustment Prorated for months of closing Estate Fees Co-op may impose additional fees
    Broker Commission 6%

CLOSING COSTS FOR CONDOMINIUMS

Buyer
Seller
Attorney Varies Attorney Varies
Bank Attorney $500 & up Move-out Deposit $500 - $1,000 (usually refundable if no damage)
Application, Credit Checks, etc. $500 & up Pay-off Bank Fees $300 & up
Credit Report Fee $50 - $100 per applicant UCC-3 Filing $75 & up
Move-in Deposit $500 - $1,000 (usually refundable if no damage) NY Equalization Fee $75 & up
Appraisal Fee $300 and up NYC Real Property Tax Up to $500,000 = 1%
$500,000^ = 1.425%
Origination Costs - points 0 -3% value of loan NYC Transfer Tax $4 per $1,000 of sale price
UCC-1 Filing $50 & up Broker Commission 6%
Title Insurance, Title Search & Recording Fees Not more than 0.5% of purchase price For condominiums in new developements, the Buyer will pay costs normally paid by the Seller. These include Sellers Attorney fees as well as New York and New York CityTransfer Taxes
Mansion Tax 1% of purchase price(1 million and over)    
NYC Real Property T. Tax Up to $500,000 = 1%
$500,000^ = 1.425% 		   
NYC Transfer Tax $4 per $1,000 of sale price    
Maintainence Adjustment Prorated for months of closing    

CLOSING COSTS FOR TOWNHOUSES

Except for the absence of Building fees, the closing costs are the same as a Condominium apartment transaction except as follows:
Mansion Tax- only applies if the property is a 1,2, or 3 family residential townhouse, where part of the such townhouse is used for other than residential purposes, then the mansion tax will be applied to to an apportioned part of the purchase price that is attributable to the residential part of the premises.
Mortgage Tax - If the property is not exclusively residential or is more than a 1,2, or 3 family property, then the mortgage tax rate is 2.75% of the entire mortgage.
Other Costs:
  • Land survey - approximately $1,000.
  • If Seller elects not to furnish Purchaser with a detailed Property Condition Disclosure Statement prior to contract execution, then Purchaser receives $500 credit from Seller at closing, with certain exceptions.
  • Homeowner's Insurance - paid annually. First year's premium is due prior to closing - rate varies significantly based on desired coverages, but minimum is approximately $1,200.
  • Purchaser's home inspection conducted prior to contract execution - approximately $700.
Check with bank/mortgage broker for additional fees.
Please consult your attorney for specific transactions.These costs are provided only as estimates.
All information furnished is from sources deemed reliable and is subject to errors, omissions, change of price or rental, change of other terms and conditions, suitable references, prior sale, lease or financing or withdrawal without notice. No representation is made as to the accuracy of any information furnished.