Robin & Jeremy Stein
CO-OPERATIVE APARTMENTS
 
Cost for the Seller
Own Attorney 
$1,600 + up *
Stock Transfer Stamps $.05 per share
NYC Real Property Transfer Tax 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
NYS Transfer Tax
0.4% (.004) of purchase price
Flip Tax (if applicable) Determined by co-operative building
Payoff Bank Attorney (if applicable) $450 + up
Managing Agent Fee $500 - $750
Move-Out Deposit $500 - $1000 (usually refundable if no damage)
Broker Commission
6% of purchase price
Estate Fees Coop may impose additional fees for estate sales
Lost Stock and Lease Fees $250 - $750
E Tax Filing (ACRIS) $50
Gains Tax Withholding (out of state seller)
7.7% of gain
Non-US Resident (FIRPTA) 10% of price withheld or paid

Costs for the Purchaser
Own Attorney 
$1,600 + up*
Managing Agent Application Fee
$750
Credit Report Fee
$50 - $100 per applicant
Lead Based Paint Disclosure Fee $0 - $50
Mansion Tax 
1% of purchase price when over $1 million
Move-in Deposit
$500 - $1,000 (usually refundable if no damage)
Mortgage Associated Fees: 
Origination Costs - points
0 - 3% value of loan
Application, Credit Check, etc. $500 + up
Appraisal
$275 + up
Bank Attorney
$500 + up
UCC-1 Filing $50 + up
Recognition Agreement Fee $200 + up
Lien Search $350
Maintenance Adjustment Prorated for month of closing
   
* 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.

CONDOMINIUM APARTMENTS AND TOWNHOUSES

 Costs for the Seller 
Own Attorney 
$1,700 & up *
NYC Real Property Transfer Tax
1% of purchase price if $500,000 or less 1.425% of purchase price if over $500,000 of the entire amount
NYS Transfer Tax
.4% (.004) of purchase price
Payoff Bank Fees (if applicable)
$450 *
Managing Agent Fee 
$250 - $750
Move-Out Deposit $500 - $1,000 (usually refundable if no damage)
Broker Commission 6% of purchase price
E Tax Filing (ACRIS) $50
Gains Tax Withholding (out of state seller) 7.7% of gain
Non-US Resident (FIRPTA)
10% of price withheld or paid

 
Cost for the Purchaser 
Own Attorney
$1,700 + up*
Managing Agent Fee
$250 - $500
Credit Report Fee
$50 - $100 per applicant
Lead Based Paint Disclosure Fee
$0 - $50
Mansion Tax 1% of purchase price where $1 million and over
Move-in Deposit $500 - $1,000 (usually refundable if no damage)
Mortgage Associated Fees:
Origination Costs - points    0 - 3% value of loan
Application, Credit Check, etc.
$500 + up
Appraisal $275 + up
Bank Attorney $500 + up
UCC-1 Filing $50 + up
Mortgage Recording Tax
Up to $500,000 is 1.8% of mortgage; over $500,000 is 1.925% of mortgag
Title Insurance, Title Search & Recording Fees
Approximately 0.5% of purchase price
Building Searches
$200 - $400
Recording Charge $17 per document plus $5 per page
Real Estate Tax Escrow
2-6 months
If Purchased Directly from Sponsor:  
( i.e: new construction)   

NYC Real Property Transfer Tax
1% of purchase price up to $500,000
1.425% of purchase price over $500,000
NYS Transfer Tax $4 per $1,000 of purchase price
Sponsor's Attorney Fee
$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.



 


Robin
Robin Stein
Tel: 212.431.2446
Fax: 212.431.2441
robin.stein@sothebyshomes.com

Email

Jeremy
Jeremy Stein
Tel: 212.431.2427
Fax: 212.431.2441
jeremy.stein@sothebyshomes.com

Email

New York Brokerage:
379 West Broadway
Second Floor
Ny, NY 10012
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