Information On Closing Costs

Co-ops

Seller
Broker: 6%
Seller's Attorney: $1,600 and up
Coop Attorney: $500 and up
Payoff Bank Attorney: $450 and up
Stock Transfer Tax: $.05 per share
Move out deposit*: $500 and up
New York City Transfer Tax: 1% of gross purchase price up to $500,000, 1.425% of price if over $500,000
New York State Transfer Tax: .4% (.004) of price
UCC-3 Filing Fee: $70

Buyer
Purchaser's Attorney: $1,600 and up
Bank Fees:
   ·Points 0-2.5%
   ·Application, credit, appraisal, bank attorney and misc $1,600
   ·Short-term interest One month max
Move-in deposit: $500 and up
Managing Agent or Coop Attorney (recognition Agreement Fee): $600
Lien Search: $300
UCC-1 Filing Fee: $70 and up
Maintenance adjustment: One month max
Mansion Tax: 1% of price when price exceeds $1,000,000


Condos & Townhouses

Seller

Broker: 6%
Seller's Attorney: $1,600 and up
Managing Agent Fee: $500 and up
Move out deposit*: $500 and up
New York City Transfer Tax: 1% of gross purchase price up to $500,000, 1.425% of price if over $500,000
New York State Transfer Tax: .4% (.004) of price
Payoff Bank Attorney: $450 and up
Miscellaneous Title Company Fees: $200
Purchaser's Attorney: $1,600 and up
Bank Fees:
   ·Points 0-2.5%
   ·Application, credit, appraisal, bank attorney, and misc $1,600
   ·Short-term interest One month max
   ·Tax escrows 2-8 months
Recording Fees: $200
Mortgage Recording Tax: 1.8% of amount of mortgage on loans up to $500,000; 1.925% of amount of mortgage on loans over $500,000
Owner's Title Insurance: $774 per $100,000 of purchase price
Mortgagee Title Insurance: $196 per $100,000 of mortgage amount on purchase only
Searches (Bankruptcy, Title, Municipal, Violation): $750
Move-in deposit*: $500 and up
Managing Agent Fee: $450 and up
Adjustments:
   ·Common charges one month
   ·Real estate taxes 1 to 3 months

Buyer
Mansion Tax: 1% of price when price exceeds $1,000,000


Note: When purchasing a condominium from a Sponsor, the Purchaser will be required to pay New York City and New York State Transfer Taxes.
All costs are approximate and are subject to change.