CLOSING COSTS


Automated Monthly Mortgage Calculator

CONDOMINIUM / APARTMENTS

Seller’s Estimated Costs

  • New York State Transfer Tax
    $2.00 per $500.00 of purchase price
  • New York City Transfer Tax
    1% of gross purchase price up to $500,000.00,
    1.425% of gross purchase price over $500,000.00
  • Managing Agent Fee
    $450.00 and up
  • Move out Deposit (where applicable)
    $500.00 and up
  • Miscellaneous Title Company Fees
    $100.00
  • Real Estate Broker Fee
    6% of gross purchase price
  • Seller’s Attorneys
    $1,250.00 and up
  • Payoff Bank Attorney
    $300.00 and up

Purchaser’s Estimated Costs

  • Mortgage Bank Fees / Points:
    0 – 2.5%
  • Application, credit and appraisal:
    $500.00
  • Bank Attorney:
    $450.00
  • Short-term Interest on Loan:
    One Month
  • Tax Escrows by Bank:
    2 – 6 months of Real Estate tax
  • New York State Mortgage Tax:
    1.8% of amount of mortgage on loans under $500,000.00;
    1.925% of amount of mortgage on loans over $500,000.00
  • Recording Fees:
    $300.00

  • Purchaser’s Attorneys:
    $1,250.00 and up
  • Managing Agent:
    $400.00 and up
  • Fee Title Insurance:
    Approximately $675.00 per $100,000.00
  • Mortgage Title Insurance:
    Approximately $500.00 per $100,000.00
  • Violation and Lien Search:
    $200.00
  • Move in Deposit (where applicable):
    $500.00 and up
  • Closing Adjustments:
    Common charges one month, and
    Real Estate Taxes 1 to 3 months

NOTE: When purchasing a condominium from a Sponsor, the Purchaser will be required to pay New York City and New York State Transfer Taxes, as well as the Sponsor’s attorneys’ fee.

COOP

Seller’s Estimated Costs

  • New York State Transfer Tax:
    $2.00 per $500.00 of purchase price
  • New York City Transfer Tax:
    1% of gross purchase price up to $500,000.00,
    1.425% of gross purchase price over $500,000.00
  • Co-op Flip Tax (where applicable):
    1% to 3% of purchase price
  • Stock Transfer Tax:
    $.05 per share
  • Real Estate Broker Fee:
    6% of gross purchase price
  • Co-op Attorney or Managing Agent:
    $450.00 and up
  • Seller’s Attorneys:
    $1,250.00 and up
  • Payoff Bank Attorney:
    $300.00 and up
  • Move out Deposit (where applicable):
    $500.00 and up
  • UCC-3 Filling Fee:
    $50.00

Purchaser’s Estimated Costs

  • Mortgage Bank Fees / Points:
    0 – 2.5%
  • Application, credit and appraisal:
    $500.00
  • Bank Attorney:
    $450.00 – $600.00
  • UCC-1 filling fee:
    $25.00
  • Short-term Interest on Loan:
    One Month
  • Managing Agent or Co-op Attorney:
    $250.00 (recognition Agreement Fee)
  • Move in Deposit:
    $500.00 and up
  • Purchaser’s Attorneys:
    $1,250.00 and up
  • Lien Search:
    $300.00
  • Closing Maintenance Adjustment:
    One Month

Mortgage Calculator

NOTE: All costs are subject to change.

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