sales guides
Closing Costs for CONDOS:
  • For the Seller
  • Broker: Typically 6%
  • Own Attorney: Consult your attorney
  • Processing Fee: $450+
  • NYC Transfer Tax:
    Residential:
    Up to $500,000 = 1%
    $500,000+ = 1.425%
    Residential Deed Transfers = $75
    Commercial Deed Transfers = $165
  • NY State Transfer Tax: $4 per $1,000 of price
  • NYS Equalization Fee: $75
  • Pick-up/Payoff Fee: $250-$500
  • UCC-3 Filing Fee: $100
  • For the Purchaser
  • Buyer’s Attorney: Consult your attorney
  • Bank Fees: $350-$750
  • Application Fee: $350
  • Processing Fee: $330
  • Appraisal Fee: $300-$1,500 (depending on sales price)
  • Credit Report Fee: $50 -$100
  • Bank Attorney: $650-$750
  • Tax Escrows: 2 to 6 months
  • Recording Fees: $250-$750
  • 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.
  • NYC Mortgage Tax (paid by borrower):
    a. Mortgage less than $500,000 = 1.80%
    b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%
    c. Mortgage on all other property over $500,000.00 = 2.80%
  • 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
Closing Costs for CO-OPs:
  • 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/Fee: Varies by building
  • NYC Transfer Tax:
    Residential:
    Up to $500,000 = 1%
    $500,000+ = 1.425%
    Admin. Fee:
    Non-Deed Transfers (i.e., Co-ops) = $50
    Residential Deed Transfers= $75
  • NY State Transfer Tax: $4 per $1,000 of price
  • NYS Equalization Fee: $75.00
  • 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: $330
  • Appraisal Fee: $300-$1,500 (depending on sales price)
  • Credit Report Fee: $50 -$100
  • Bank Attorney: $650-$750
  • 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