Law Offices of Teresa R. Martin, P.C.
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Closing Costs: Co-operative & Condominium Apartments and Townhouses

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

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

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.


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  • Home
  • About Us
  • Services
    • Real Estate >
      • Residential Real Estate Closings
      • Commercial Closings
      • Borrower and Refinance Representation
      • Private Lender and Borrower Representation
      • Bank and Lender Representation
      • Deed Transfers
      • Lease Preparation and Review
      • Foreclosure Defense and Review
    • Business Startup and Compliance >
      • Business Analysis
      • Business Formation and Compliance
      • Customized Business Plan Writing and Consulting
    • Overview of Services Brochure
  • Estate Plan Software
  • Our Fees
  • Contact Us