Apr 18, 2007

Closing Costs for NYC Condos and Coops


COOPERATIVE APARTMENTS CLOSING COSTS

FOR THE SELLER:
Broker Negotiable
Attorney $1,800.00 and up
Co-op Attorney $450.00
Flip Tax 1% to 5% of sale price or 10% -30% of profit (if applicable)
Stock Transfer Tax $.05 per share
Move-out Deposit $500.00 - $1000.
New York City Transfer Tax 1% of price up to $500,000,
plus $25.00 recording fee, and 1.425% of price over$500,000.
New York State Transfer Tax $2.00 per $500.00 of sales price
Bank Attorney Fee $300.00 and up
UCC-3 Filing Fee $25.00


FOR THE PURCHASER:
Attorney $1,800.00 and up
Bank Fees (if applicable):
Points 0 to 3% of loan value
Application, credit check, etc. $300.00 and up
Bank Attorney $450.00
UCC-1 Filing Fee $25.00
Short Term Interest One Month
Move-in Deposit $500.00 0 $1000.00
Recognition Agreement Fee $300.00
Lien Search $250.00
Maintenance Adjustment One Month
Mansion Tax 1% where price exceeds $1,000,000

CONDOMINIUM APARTMENTS CLOSING COSTS


FOR THE SELLER:
Broker Negotiable
Attorney $1,800.00 and up
Managing Agent Fee $200- $850.00
Move-out Fee $100.00 -$1000.00
New York City Transfer Tax 1% of purchase price up to
$500,000, and 1.425% of the price over $500,000
New York State Transfer Tax $2.00 per $500 of price
Miscellaneous Title Co. Fees $100.00
Bank Attorney Fee $300.00


FOR THE PURCHASER:
Attorney $1,500.00 and up
Bank Fees (if applicable):
Points 0 to 3% of loan value
Application, credit check, etc. $500.00
Bank Attorney $450.00
Short Term Interest One Month
Tax Escrows 2-6 Months
Recording Fees $100.00
Mortgage Tax 1.75% of mortgage amount on loans under $500,000, and 2.12% of mortgage amount on higher loans
Title Insurance Fee for owner Approx. $675.00 per $100,000.00
Mortgage Title Insurance Fee for bank Approx. $500.00 per $100,000.00
Violation Search $170.00
Managing Agent Fee $250.00 and up
Common Charge Adjustment One Month (prorated)
Real Estate Tax Adjustment One to Six Months (prorated)
Mansion Tax 1% where price exceeds $1,000,000


Additional Purchaser Closing Costs - Sponsor Sales (new construction, conversions)
Sponsor's Attorney Fee's (negotiable) $1500 -$2500
Sponsor's NYC and NYS Transfer Taxes: (negotiable) The transfer taxes are calculated and added to the purchase price (for tax purposes only) and then recalculated based upon the bulked-up price (may trigger mansion tax)
Working Capital Fund Contribution One time fee equal to 1 - 2 months of common charges or maintenance.




The above fees are estimates and we recommend advice from an attorney
All information is subject to errors, omissions and changes. Management companies and building fees vary from building to building. These are typical fees.

comments

3 Responses to "Closing Costs for NYC Condos and Coops"
  1. Anonymous said...
    January 24, 2010

    The mansion tax does not have to be paid by the buyer, as the tax may be apportioned between buyer and seller.

  2. Mitchell Hall said...
    August 08, 2010

    Anything can be negotiated in a real estate transaction. However, the mansion tax is a tax burden the buyer is responsible for. Transfer taxes are taxes the seller is responsible for.

  3. lency said...
    August 30, 2010

    Buying a condo unit will inevitably lead to questions of home improvement. Why? Overtime, changes in lifestyle and growing family needs to make repairs or home improvement needs, but the limitations of participation by Condo leads to solutions for minimum waste must still alone.

    Community Association Management

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