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Closing Costs for Buyer's and Seller's

1. CLOSING COSTS FOR BUYERS OF CONDOMINIUMS AND TOWNHOMES:

Purchaser's Attorney: $1,250 and up
Bank Fees:
  • Points 0 to 3% of loan amount
  • Application, credit check, etc. $500
  • Bank Attorney $450 - $750
  • Short Term Interest Up to one month
  • Tax Escrows 2 to 6 months
Recording Fees: $150
Mortgage Tax: 2% ** of amount of mortgage on loans under $500,000, and 2.125%** of amount of mortgage loans of $500,000 and over. Title Insurance Rates vary by NY law as insurance increases
Violation Search: $250
Managing Agent Fee: $250
Common Charge Adjustment: Up to one month
Real Estate Tax Adjustment: 1 to 5 months
Mansion Tax: 1% of price where price is $1,000,000 or more
Title Closer Fee: $100 - $150

2. CLOSING COSTS FOR BUYERS OF COOPERATIVE APARTMENTS:

Purchaser's Attorney: $1,250 and up
Bank Fees:
  • Points 0 to 3% of loan amount
  • Application, credit check, etc. Approx. $500
  • Bank Attorney $450 - $800
  • UCC-I Filing $25
  • Short Term Interest Up to one month
Recording Fees: $150
Mortgage Tax: 2% ** of amount of mortgage on loans under $500,000, and 2.125%** of amount of mortgage loans of $500,000 and over. Title Insurance Rates vary by NY law as insurance increases
Move-in Deposit: $500 - $1,000
Recognition Agreement Fee: $250
Lien Search: $250
Maintenance Adjustment: Up to one Month
Mansion Tax: 1% of price where price is $1,000,000 or more

3. CLOSING COSTS FOR SELLERS OF CONDOMINIUMS AND TOWNHOMES:

Broker Commission: up to 6%
Seller's Attorney: $1,250 and up
Managing Agent Processing Fee: $450 - $750
Move-out Deposit: $500 - $1,000
New York City Transfer Tax: 1% of price for purchase of $500,00 or less, 1.425% of price for purchase over $500,000 (Paid by Seller, except sale by Sponsor)
New York State Transfer Tax: 0.4% of price (paid by Seller, except sale by Sponsor)
Misc. Title & Recording Fees: $100
Mortgage Satisfaction Fee: $150 - $300

4. CLOSING COSTS FOR SELLERS OF COOPERATIVE APARTMENTS:

Broker Commission: up to 6%
Seller's Attorney: $1,250 and up
Co-op Attorney/Managing Agent: $400 - $800
Flip Tax: Varies by building, if any
Stock Transfer Tax: 0.05 per share
Move-out Deposit: $500 - $1,000
New York City Transfer Tax: 1% of price for purchase of $500,000 or less, 1.425% of price for purchase over $500,000 (Paid by Seller, except sale by Sponsor)
Transfer Tax Filing Fee: $25 recording fee
New York State Transfer Tax: 0.4% of price (paid by Seller, Except sale by Sponsor)
Payoff Bank Attorney: $300
UCC-3 Filing Fee $25