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 +