Estimated Buyer Closing Costs
 
Co-operative  
   
Mansion Tax 1% of sales price, only applies when sales price exceeds $1,000,000
Title Insurance not applicable
   
Mortgage Related Fees - only applicable if obtaining financing
 
Bank Underwriting Fee $450 and up
Bank Attorney $750 and up
Bank Credit Report Fee $50-$100 per applicant
Origination Points 0 to 3% value of loan
Application $500 and up
Appraisal $450 and up
Short Term Interest one month
UCC-1 Filing $50 and up
Recognition Agreement $200 and up not applicable
   
MISCELLANEOUS EXPENSES
 
Buyer’s Attorney Fees $2,000 and up
Managing Agent Fee $250-$500
Managing Agent Credit Report Fee $50 to $100 per applicant
Move In Deposit $500 to $1000 (usually refundable if no damage)
Maintenance or Common Charge Adjustment up to one month
Lien Search $400-500
*NYC Transfer Tax 1.000% of sales price (Sales under $500,000)
  1.425% of sales price (Sales over $500,000)
*NYS Transfer Tax 0.4% of sales price
Working Capital Contribution one - two months maintenance
   
*For Sponsor/New Development Sales
   
   
Condominiums  
   
Mansion Tax 1% of sales price, only applies when sales price exceeds $1,000,000
Title Insurance approx. 0.5% - 0.8% of sales price
   
Mortgage Related Fees - only applicable if obtaining financing
   
Mortgage Tax  
Sales under $500,000 1.800% of loan mount
Sales over $500,000 1.925% of loan amount
Bank Underwriting Fee $450 and up
Bank Attorney $750 and up $750 and up
Bank Credit Report Fee $50-$100 per applicant
Origination Points 0 to 3% value of loan
Application $500 and up
Appraisal $450 and up
Short Term Interest one month
UCC-1 Filing not applicable
Recognition Agreement not applicable
   
MISCELLANEOUS EXPENSES
   
Buyer’s Attorney Fees $2,000 and up
Managing Agent Fee $250-$500
Managing Agent Credit Report Fee $50 to $100 per applicant
Move In Deposit $500 to $1000 (usually refundable if no damage)
Maintenance or Common Charge Adjustment up to one month
Lien Search not applicable
Real Estate Tax Adjustments one to six months
Title Search $300-$500
Tax Escrow two to six months
Title Closer Fee $125-$150
Recording Fees $200-$350
*NYC Transfer Tax 1.000%of sales price (Sales under $500,000)
  1.425% of sales price (Sales over $500,000)
*NYS Transfer Tax $1,500 - $2,000
Working Capital Contribution one - two months common charges
   
*For Sponsor/New Development Sales
   
Estimated Seller Closing Costs
Co-operative  
   
Real Estate Broker 6% of sales price
Attorney $750 and up
Co-op Attorney $450 and up
Satisfaction of mortage (if any) Varies
Move-out Deposit $500
Flip Tax Based on the number of shares or sales price
Stock Transfer Tax $.05 per share
Transfer Tax Forms $100
UCC-3 Filing Fee $50 and up
*NYC Transfer Tax 1.000% of sales price (Sales under $500,000)
  1.425% of sales price (Sales over $500,000)
*NYS Transfer Tax 0.4% of sales price
   
*Usually paid by seller but in sponsor or new development sales they are paid by the buyer
   
   
Condominiums  
   
Real Estate Broker 6% of sales price
Attorney $750 and up
Satisfaction of mortage (if any) Varies
Move-out Deposit $500
Flip Tax not applicable
Stock Transfer Tax $.05 per share
Transfer Tax Forms $100
UCC-3 Filing Fee $50 and up
Title Fees $200
Payoff Fee to Title Closer $300
Managing Agent Fee $450
*NYC Transfer Tax 1.000% of sales price (Sales under $500,000)
  1.425% of sales price (Sales over $500,000)
*NYS Transfer Tax 0.4% of sales price
*Usually paid by seller but in sponsor or new development sales they are paid by the buyer
   

*The above costs are estimates to be used as a guide only, please consult with an attorney for exact quotes.

   
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