Buyer’s and Seller’s closing costs (approximated)
Cooperative Apartment |
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| For Seller | For Purchaser |
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Broker Fees: Are typically 6%. Fees vary according to property size and amount of marketing
Attorney Fees: Approximately $1,500 Managing Agent: $450 Flip Tax: Contact the owner or Management or Agent Stock Transfer Tax: $.05 per share Move Out Deposit Fee: $1,000 New York City Transfer Tax: 1.00% of price up to $500,000 1.425% of entire price when it exceeds $500,000 New York State Transfer Tax: 0.4% (.004) of price Payoff Bank Attorney: If seller has mortgage $30 UCC-3 Filing Fee: If seller has mortgage $350 |
Own Attorney Fee: Approximately $1500
Bank Fees/Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees: $1,600 Short-Term Interest: One month max* Move-In Deposit: $1000 Managing Agent or Co-op Attorney Fee: $600 Lien Search: $300 Maintenance Adjustments: One month tax Mansion Tax: 1% of entire price when price exceeds $1,000,000 *Prorated for month of closing |
Condominium/Townhouse |
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| For Seller | For Purchaser |
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Broker Fees: Are typically 6%. Fees vary according to property size and amount of marketing
Attorney Fees: Approximately $1,500 Managing Agent: $450 Move Out Deposit Fee: $1,000 New York City Transfer Tax: 1.00% of price up to $500,000 1.425% of entire price when it exceeds $500,000 New York State Transfer Tax: 0.4% (.004) of price Miscellaneous Title Company Fees: If seller has mortgage $200 |
Approximately $1,500
Bank Fees: Points 2% Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees: $1,600 Short-Term Interest: One month max* Real Estate Tax: Escrows 2-6 months Recording Fee: $200 Mortgage Tax: 1.75% of mortgage on loans under $500,000 or 1.875% of entire amount on loans over $500,000 Fee Title Insurance: Approximately $450 per $100,000 Mortgage Title Insurance: Approximately $200 per $100,000 Miscellaneous Title Charges: $300 Managing Agents Fee: $250 Adjustments: Common charges: One month max* Real Estate Taxes: 1 to 6 months Mansion Tax: 1% of entire price when price exceeds $1,000,000 *Prorated for month of closing *Expect to pay eight months Real Estate Taxes. These taxes are combined between seller as an adjustment and escrow established by lender. *Note: When purchasing condos from a sponsor, the purchaser will be required to pay New York City and New York State Transfer Taxes; see above for amounts. *Also, buyers are required to pay sponsor’s attorney’s fee; this fee is approximately $1,000. |
Multi-Family Residential/Commercial Property |
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| For Seller | For Purchaser |
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Broker Fees: Are typically 6%. Fees vary according to property size and amount of marketing
Attorney Fees: Approximately $5,000 New York City Transfer Tax: 1.425% of price up to $500,000 2.625% of entire price when it exceeds $500,000 New York State Transfer Tax: 0.4% (.004) of price Payoff Bank Attorney: If Seller has mortgage - $350 Miscellaneous $200 Transfer Security Deposit T.S.D. |
Own Attorney Fee: Approximately $5,000
Bank Fees: Points 2%(if any) Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees: $5,000-$10,000 Short-Term Interest: One month max* Mortgage Tax: 2.75% of entire amount on loans over $500,000 Real Estate Tax: Escrows 2-6 months Fee Title Insurance: Approximately $450 per $100,000 Mortgage Title Insurance: Approximately $200 per $100,000 Miscellaneous Title Charges: $1,000 Adjustments: Rents* T.B.D. Real Estate Taxes 1-6 months *Prorated for month of closing |
