Estimated Closing Costs for Buyer and Seller
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Cooperative apartments |
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Buyer |
1. Application Fee (includes Appraisal, Credit &
Application)
(Higher for Multi-Family & Purchases over 500K) |
$500 and up |
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2. Processing Fee |
$250 |
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3. Underwriting Fee (Fees may vary depending on bank) |
$400-$500 |
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4. Flood Certification |
$25 |
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5. Bank Attorney |
$650-$750 |
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6. Lien search |
$300 - $350 |
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7. UCC-1 Filing |
$75 |
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8. Mansion Tax (Properties over $1,000,000) |
1% purchase price
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9. Own Attorney fees |
$1,600 and up |
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10. Managing agent application fee |
$750 |
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11. Credit report fee |
$50 - $100 per applicant |
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12. Lead based paint disclosure fee |
$0 -$50 |
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13. Move in deposit (Usually refundable if no damage) |
$500 -$1000 |
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14. Appraisal |
$275 and up |
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15. Recognition agreement fee |
$200 and up |
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16. Monthly maintenance fee |
varies |
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17. Broker commission |
6% purchase price |
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Seller |
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1. New York City real property transfer tax |
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Sales under $500,000
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1% purchase price |
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Sales over $500,000
|
1% purchase price |
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Paid by seller, except most sponsor sales
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2. New York State real property transfer tax |
0.4% purchase price |
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(Paid by seller, except most sponsor sales) |
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3. Own Attorney fees
|
$1,600 and up |
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4. Stock transfer stamps |
$.05 per share |
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5. Flip tax (if applicable) |
$75 and up |
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6. UCC-3 Filing |
4% (.04) purchase price |
7. Pay off bank fees (if applicable)
Determined by coop building |
$450 and up |
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8. Managing agent fee
|
$500 - $750 |
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9. Move Out Deposit (Usually refundable if no damage) |
$500 - $1000 |
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10. Estate fees |
varies |
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11. Lost stock and Lease fees |
$250 - $750 |
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12. Broker commission |
6% purchase price |
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Condominium apartments |
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Buyer |
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1. Mansion Tax
|
1% purchase price |
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2. Title insurance |
0.5% - 0.8% purchase price |
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3. Mortgage tax
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Sales under $500,000
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1.75% of entire mortgage |
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Sales over $500,000 (Only if financing) |
1.85% of entire mortgage |
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4. Own Attorney fees
|
$1,600 and up |
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5. Managing agent application fee |
$250 - $500 |
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6. Credit report fee
|
$50 - $1000 |
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7. Lead based paint disclosure |
$0 - $50 |
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8. Move in deposit (Usually refundable if no damage) |
$500 - $1000 |
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9. Origination costs-points |
0 - 3% loan value |
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10. Appraisal
|
$275 and up |
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11. Bank attorney
|
$500 and up |
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12. UCC-1 filing
|
$50 and up |
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13. Mortgage recording tax
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Sales under $500,000
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1.8% of mortgage |
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Sales over $500,000
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1.925% of mortgage |
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14. Title insurance, title search, and recording fees
|
approx. 0.5% purchase price
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15. Building searches
|
$200 - $400
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16. Recording charge
|
$17 per document plus $5 per page |
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17. Real estate tax escrow
|
2 – 6 months |
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18. Processing fee |
$250 |
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19. Underwriting fee
|
$400 - $500 |
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20. Flood certification
|
$25 |
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21. Tax service fee
|
$80 |
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22. Municipal bankruptcy search
|
$650 - $750 |
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23. Government recording fees
|
$385 |
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24. Broker commission
|
6% purchase price
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Seller |
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1. Own attorney |
$1,600 and up |
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2. New York City real property transfer tax |
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Sales under $500,000
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1% purchase price
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Sales over $500,000
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1.425% purchase price
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3. New York State real property transfer tax
|
4% purchase price |
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4. Payoff bank fees (if applicable) |
$450 and up
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5. UCC-3 filing
|
$75 and up |
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6. Managing agent fee |
$250 - $750 |
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7. Move out deposit (Usually refundable if no damage) |
$500 - $1000
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8. E-tax filing |
$50 |
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9. Broker commission
|
6% purchase price |
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Please remember these numbers are only estimates. Actual amounts will
vary and percentages are subject to change.
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