Closing Costs Guidelines


Closing Costs for Condominiums
FOR THE PURCHASER

Your Attorney: Approx. $1,750+
Mortgage Bank Fees: Points: 0% to 3% of loan amount
Mortgage Fees: $500 – $1,000+
(Credit Report, Appraisal, Application)
Mortgage Bank Attorney: $400+
Short Term Interest: One month (maximum)
Tax Escrow: 2 to 6 months
Recording Fees: $200 – $300
Mortgage Tax: 1.75% of amount of mortgage for loans under $500,000.1.875% of amount of mortgage for loans more than $500,000.

Fee Title Insurance: Approx. $450 per $100,000
Mortgage Title Insurance: Approx. $200 per $100,000
Municipal Search: $275+
Managing Agent Fee: $250 – $500
Common Charge Adjustment: Pro-rated for the month of closing
Real Estate Tax Adjustment: 1 to 6 months
Mansion Tax: 1% of entire purchase price once the sale exceeds $1,000,000.
Move-in Deposit: $250 – $1,000 (Refundable after move-in if there is no damage.)
For most new developments and other apartments purchased directly from a sponsor, the purchaser usually pays the:
NYC Transfer Tax: 1% of price up to $500,000; or, 1.425% of price if $500,000 and over. Plus $25 administrative fee.
NYS Transfer Tax: $4.00 per $1,000.00 of price, or 0.4% of purchase price

FOR THE SELLER

Your Attorney: Approx. $1,750+
Managing Agent Fee: $450+
Move-out Deposit: $250 – $1,000 (Refundable after move-out if there is no damage.)
Mortgage Bank Attorney: $350+
NYC Transfer Tax: 1% of price up to $500,000; or, 1.425% of price if $500,000 and over. Plus $25 administrative fee.
NY State Transfer Tax: $4.00 per $1,000.00 of price, or 0.4% of purchase price
Miscellaneous Title Fees: Approx. $200

Closing Costs for Coops
FOR THE PURCHASER

Your Attorney: Approx. $1,750+
Mortgage Bank Fees: Points: 0% to 3% of loan amount
Mortgage Fees:
(Credit Report, Appraisal, Application) $500 – $1,000
Mortgage Bank Attorney: $400+
Lien Search: $250 – $350
UCC-1 Filing: $50
Short Term Interest: Equal to interest for balance of month in which you close
Move-in Deposit: $250 – $1,000 (Refundable after move-in if there is no damage.)
Recognition Agreement Fee: $200+
Maintenance Adjustment: Pro-rated for the month of closing
Mansion Tax: 1% of entire purchase price once the sale exceeds $1,000,000.

FOR THE SELLER

Your Attorney: Approx. $1,750+
Managing Agent Fee: $450+
Move-out Deposit: $250 – $1,000 (Refundable after move-out if there is no damage.)
Mortgage Bank Attorney: $350+
NYC Transfer Tax: 1% of price up to $500,000; or, 1.425% of price if $500,000 and over. Plus $25 administrative fee.
NY State Transfer Tax: $4.00 per $1,000.00 of price, or 0.4% of purchase price
Miscellaneous Title Fees: $200
Payoff Fee to Title Closer: $300+
UCC-3 Filing: $50+
Flip Tax: Depends on building
Stock Transfer Tax: $0.05 per share

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