- Home
- Residental
- Commercial
- Guides
- About
- Contact Us
This guide will give you general closing fees associated with the purchase or sale of a cooperative or condominium. Please note that these are estimates and potential buyers and sellers should consult their own real state attorney or financial advisor for specifics.
|
Sellers |
|||
|
Condominiums |
Cooperative |
||
|
Broker Fee |
Usually %6 |
Broker Fee |
Usually %6 |
|
Attorney Fee |
Consult your own attorney |
Attorney Fee |
Consult your own attorney |
|
Processing Fee |
$600+ |
Co-op Attorney |
$600+ |
|
Move Out Fee |
One-time fee of $500+ |
Flip Tax |
%1 - %3 of price (if applicable) |
|
Bank Attorney |
$500+ |
Stock Transfer Tax |
$0.05 per share |
|
NYC Transfer Tax |
1% of price up to $500,000; or $1.425% of price if $500,000 and over. Plus $25 administrative fee |
Move out Fee |
One-time fee of $500+ |
|
NY State Transfer Tax |
$4.00 per $500 of price, or 0.4% of purchase price |
NYC Transfer Tax |
1% of price up to $500,000; or $1.425% of price if $500,000 and over. Plus $25 administrative fee |
|
Miscellaneous |
$200 |
NY State Transfer Tax |
$2.00 per $500 of price, or 1% of purchase price |
|
Payoff Fee to Title Closer |
$500-$750 |
Payoff Fee to Title Closer |
$500-$750 |
|
|
|
UCC-3 Filing Fee |
$100 |
|
Buyers |
|||
|
Condominiums |
Cooperative |
||
|
Attorney |
Consult your own attorney |
Attorney |
Consult your own attorney |
|
Bank Fees |
$750+ |
Bank Fees |
Up to 3% of loan value |
|
Application Fee |
$350-$500+ |
Processing Fee |
$350-$500+ |
|
Bank Attorney |
$750+ |
Bank Attorney |
$600-$750+ |
|
Short Term Interest |
One Month |
Miscellaneous Bank Fees |
$500+ |
|
Tax Escrow |
2 to 6 months |
Lien Search |
$300 |
|
Recording fees |
$300-$700 |
UCC-1 Filing |
$100 |
|
Mortgage Tax |
1.75% of amount of mortgage on loans under $500,000; or, 1.875% of amount of mortgage on loans of $500,000 and over |
Appraisal Fee |
$500-$2000 |
|
Fee Title Insurance |
Approx. $450 per $100,000 |
Application Fee |
$350-$500 Short Term Interest Equal to interest for balance month in which you close |
|
Mortgage Title Insurance |
Approx. $200 per $100,000 |
Move-in Deposit |
One Time Fee of $500+ |
|
Municipal Search |
$300-$500 |
Recognition Agreement Fee |
$350-$500 |
|
Managing Agent Fee |
$350-$500 |
Maintenance Adjustment |
Pro-rated for the month of closing |
|
Common Charge Adjustment |
Pro-rated for the month of closing |
Mansion Tax |
1% of entire purchase price where price is $1,000,000 or more |
|
Real Estate Tax adjustment |
1 to 6 months |
|
|
|
Mansion Tax |
1% of entire purchase price where price is $1,000,000 or more |
|
|
|
Move-in Deposit |
$500+ |
|
|
Note: For condominiums in new developments, the Purchaser will pay cost normally paid by the Seller. These include Seller attorney fees as well as NY and NYC /Transfer Taxes.
