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. |
