Closing Costs: Co-operative & Condominium Apartments and Townhouses
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New York City Real Property Transfer Tax
(Paid by seller, except most sponsor sales) Sales under $500,000 Sales over $500,000 New York State Real Property Transfer Tax (Paid by seller, except most sponsor sales) Mansion Tax (Paid by buyer, only when price exceeds $1,000,000) Title Insurance (Paid by buyer, condominium/townhouse only) Mortgage Tax (Paid by buyer, condominium/townhouses only, if financing ) Sales under $500,000 Sales over $500,000 Miscellaneous Expenses Broker Commission |
1% of sales price 1.425% of sales price 0.4% of sales price 1% of entire sales price Approx. 0.5% - 0.8% of purchase price 1.8% of entire mortgage 1.925% of entire mortgage Legal fees, bank costs, managing agent/building fees, flip tax 6% |
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.
Closing costs: Co-operative Apartments - SELLERS
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Own Attorney
Stock Transfer Stamps NYC Real Property Transfer Tax NYS Transfer Tax Flip Tax (if applicable) Payoff Bank Attorney (if applicable) Managing Agent Fee Move-Out Deposit Broker Commission Estate Fees Lost Stock and Lease Fees E Tax Filing (ACRIS) Gains Tax Withholding (out of state seller) Non-US Resident (FIRPTA) |
$1,600 + up *
$.05 per share 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 0.4% (.004) of purchase price Determined by co-operative building $450 + up $500 - $750 $500 - $1000 (usually refundable if no damage) 6% of purchase price Coop may impose additional fees for estate sales $250 - $750 $50 7.7% of gain 10% of price withheld or paid |
Closing costs: Co-operative Apartments - PURCHASER
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Own Attorney
Managing Agent Fee Credit Report Fee Lead Based Paint Disclosure Fee Mansion Tax Move-in Deposit Mortgage Associated Fees: Origination Costs – points Application, Credit Check, etc. Appraisal Bank Attorney UCC-1 Filing Mortgage Recording Tax Title Insurance, Title Search & Recording Fees Building Searches Recording Charge Real Estate Tax Escrow If Purchased Directly from Sponsor: ( ie: new construction) NYC Real Property Ttransfer Tax NYS Transfer Tax Sponsor's Attorney Fee |
$1,700 + up*
$250 - $500 $50 - $100 per applicant $0 - $50 1% of purchase price where $1 million and over $500 - $1,000 (usually refundable if no damage) 0 - 3% value of loan $500 + up $275 + up $500 + up $50 + up Up to $500,000 is 1.8% of mortgage; over $500,000 is 1.925% of mortgage Approximately 0.5% of purchase price $200 - $400 $17 per document plus $5 per page 2-6 months 1% of purchase price up to $500,000 1.425% of purchase price over $500,000 $4 per $1,000 of purchase price $1,500 |
* 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.