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A flip tax? (don’t flip out)

Closing Costs

Cooperative Apartments

Seller Closing Costs
  • Broker’s Commission –  Typically 6% of sales price
  • Attorney – Approximately $2500-$3500
  • Flip Tax Fee – varies by building and can be paid by either the buyer or seller. Check the purchase application for details.
  • 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, over $3M , .065% of price
  • Move-Out Deposit – $500 (average, usually refundable)
  • Managing Agent Fee – $600
  • Payoff Bank Attorney Fee – $500 – $700
  • UCC-3 Filing Fee – $125
Purchaser Closing Costs
  • Bank Fees approximately $3000
    • Points – Varies
    • Application (credit/appraisal) – $700 – $1000
    • Bank Attorney – $700
    • UCC-1 Filing Fee – $125
    • Lien Search – $300
    • Processing/commitment fees – $500
  • Attorney – approximately $2500-$3500
  • Move-in Deposit – $500 – $1000 (usually refundable)
  • Purchase Application Fee – $250 – $500
  • Credit Report Fee – $100
  • Mansion Tax – 1% of purchase price if $1M-$1,999,999
  •                             1.25%                               $2M-$2,999,999
  •                             1.5%                                 $3M-$4,999,999
  •                             2.25%                               $5M-$9,999,999
  •                             3.25 %                              $10M-$14,999,999
  •                             3.5%                                  $15M-$19,999,999
  •                             3.75%                                $20M-$24,999,999
  •                            3.9%                                    $25M +
  • Flip Tax Fee – varies by building and can be paid by either the buyer or seller. Check the purchase application for details.
* If buying new construction, or sponsor sale, buyer is expected to 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 – Typically 6%
  • Attorney –  Consult your attorney
  • Capital Contribution Fee – varies by building and can be paid by either the buyer or seller. Check the purchase application for details.
  • Managing Agent Fee – $600
  • Move-out Deposit – $500-$1000  (usually refundable)
  • NYC Transfer Tax – 1% up to $500,000 /1.425% over $500,000
  • NYC Transfer Tax Filing Fee: $75
  • New York State Transfer Tax: $2 per $500 of price, over $3M,  .065% of price
  • Misc. Title Company Fees: $250
  • Working Capital Fund Contribution :  Varies by building and can be paid by either the buyer or seller. Check the purchase application for details.
Purchaser’s Closing Costs
  • Bank Fees: approximately $3000
    • Points – Varies
    • Application (credit/appraisal) – $600 – $1500
    • Bank attorney – $650-$750
    • UCC-1 Filing Fee – $125
    • Title Search – $275
    • Processing/commitment fees – $500
  • Attorney – Consult your attorney
  • Move-in Deposit – $500 – $1000 (usually refundable)
  • Purchase Application Fee – $300-$650
  • Credit Report Fee – $100
  • Recording Fees: $250-$750
  • Mortgage Tax: 1.8% of mortgage on loans under $500K /
  • 1.925% of mortgage on loans over $500,000
  • Capital Contribution Fee – Varies by building and can be paid by either the buyer or seller. Check the purchase application for details.
  • Fee Title Insurance: 0.5% – 0.8% of purchase price
  • Mortgage Insurance: Approx. $130 per $100K of mortgage amount
  • Violation Searches: $250-$350
  • Short term interest: Up to one month
  • Bank Escrows (real estate taxes): 2 – 6 months
    • Mansion Tax – 1% of purchase price if $1M-$1,999,999
    •                             1.25%                               $2M-$2,999,999
    •                             1.5%                                 $3M-$4,999,999
    •                             2.25%                               $5M-$9,999,999
    •                             3.25 %                              $10M-$14,999,999
    •                             3.5%                                  $15M-$19,999,999
    •                             3.75%                                $20M-$24,999,999
    •                             3.9%                                    $25M +