COOPERATIVE APARTMENTS

Seller Closing Costs
Broker’s Commission - 6% of sales price
Attorney - $1700-$2000 (approx)
Flip Tax (if applicable) - varies by building
Stock Transfer Tax - $.05 per share
NYC Transfer Tax - 1% up to $500,000 /1.425% over $500,000
NYS Transfer Tax - $2 per $500 of price or 0.4% of sales price
Move-Out Deposit - $500 (average, usually refundable)
Managing Agent Fee - $450
Payoff Bank Attorney Fee - $400
UCC-3 Filing Fee - $75

Purchaser Closing Costs
Bank Fees
• Points - Varies
• Application (credit/appraisal) - $700
• Bank Attorney - $700
• UCC-1 Filing Fee - $75
• Lien Search - $300
• Processing/commitment fees - $500
Attorney - $1,600
Move-in Deposit - $500 - $1000 (usually refundable)
Purchase Application Fee - $250 - $500
Credit Report Fee - $100
Mansion Tax - 1% of purchase price if over $1 million

* If buying new construction, estate sale or sponsor sale, buyer must pay all New York City and New York State Real Property Taxes as well as Seller's Attorney Fees.

CONDOMINIUMS / TOWNHOUSES

Seller’s Closing Costs
Broker’s Commission - 6%
Attorney - $1700-$2000 (approx)
Managing Agent Fee - $450
Credit Report Fee - $100
Move-out Deposit - $500 (usually refundable)
NYC Transfer Tax - 1% up to $500,000 /1.425% over $500,000
NYC Transfer Tax Filing Fee: $25
New York State Transfer Tax: $2 per $500 of price
Misc. Title Company Fees: $250

Purchasers Closing Costs
Bank Fees:
• Points - Varies
• Application (credit/appraisal) - $600 - $1500
• Bank attorney - $700
• UCC-1 Filing Fee - $25-$75
• Title Search - $275
• Processing/commitment fees - $500
Attorney - $1,600
Move-in Deposit - $500 - $1000 (usually refundable)
Purchase Application Fee - $250- $500
Credit Report Fee - $100
Recording Fees: $200
Mortgage Tax: 1.8% of mortgage on loans under $500K /
1.925% of mortgage on loans over $500,000
Fee Title Insurance: 0.5% - 0.8% of purchase price
Mortgage Insurance: Approx. $100 per $100K
Violation Searches: $250
Short term interest: Up to one month
Bank Escrows (real estate taxes): 2 – 6 months
Mansion Tax: 1% of purchase price if over $1 million