The following guide will give you general closing costs associated with the purchase or sale of a cooperative or condominium. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics:
| FOR THE SELLER | |
|---|---|
| Broker: | Typically 6% |
| Own Attorney: | Consult your attorney |
| Processing Fee: | $450+ |
| NYC Transfer Tax: | 1% of price up to $500,000; or, 1.425% of price if $500,000 and over |
| NY State Transfer Tax: | $4 per $1,000 of price |
| Miscellaneous Title Fees: | $200-$500 |
| Payoff Fee to Title Closer: | $100-$300 |
| Miscellaneous Condominium Charges: | Vary by building |
| Note: | For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes. |
| FOR THE PURCHASER | |
|---|---|
| Buyer's Attorney: | Consult your attorney |
| Bank Fees: | $750 |
| Application fee: | $500 |
| Appraisal Fee: | $300-$1,500 (depending on sales price) |
| Credit Report Fee: | $9.80 single/$14.60 joint |
| Bank Attorney: | $750-$850 |
| Tax Escrows: | 2 to 6 months |
| Recording Fees: | $250-$750 |
| Mortgage Tax: | 1.80% of amount of mortgage on loans under $500,000; or 1.925% of amount of mortgage on loans of $500,000 and over |
| Fee Title Insurance: | Approx. $450 per $100,000 of sales price under 1m - +15% on 1M or more |
| Mortgage Title Insurance: | Approx. $130 per $100,000 of mortgage amount |
| Municipal Search: | $350-$500 |
| Mansion Tax: | 1% of entire purchase where price is $1,000,000 or more. |
| ADDITIONAL REAL ESTATE EXPENSES | |
| Common Charge Adjustment: | Pro-rated for the month of closing |
| Real Estate Tax Adjustment: | Pro-rated depending on when the tax is collected |
| Miscellaneous Condominium Charges: | Vary by building |
| Short Term Interest: | Equal to interest for balance of month in which you close |
| FOR THE SELLER | |
|---|---|
| Broker: | Typically 6% |
| Own Attorney: | Consult your attorney |
| Co-op Attorney: | $450+ |
| Flip Tax: | Typically 1% to 3% of price (if applicable) |
| Stock Transfer Tax: | $0.05 per share |
| Move-out Deposit: | Varies by building |
| NYC Transfer Tax: | 1% of price up to $500,000; or 1.425% of price if $500,000 and over |
| NY State Transfer Tax: | $4 per $1,000 of price |
| Pick-up / Payoff Fee: | $250-$500 |
| UCC-3 Filing Fee: | $100 |
| Miscellaneous Coop Charges: | Vary by building |
| FOR THE PURCHASER - MORTGAGE CLOSING COSTS | |
|---|---|
| Buyer's Attorney: | Consult your attorney |
| Bank Fees: | $350-$750 |
| Application fee: | $350 |
| Processing Fee: | $280 |
| Appraisal Fee: | $300-$1,500 (depending on sales price) |
| Credit Report Fee: | $9.80 single/$14.60 joint |
| Bank Attorney: | $750-$850 |
| Lien Search: | $250-$350 |
| UCC-1 Filing: | $100 |
| Mansion Tax: | 1% of entire purchase price where price is $1,000,000 or more. |
| ADDITIONAL REAL ESTATE EXPENSES | |
| Miscellaneous Co-op Charges: | Vary by building |
| Recognition Agreement Fee: | $200+ |
| Maintenance Adjustment: | Pro-rated for the month of closing |
| Short Term Interest: | Equal to interest for balance of month in which you close |
