CONDOMINIUM / APARTMENTS
Seller’s Estimated Costs
- New York State Transfer Tax:
0.4% of the purchase price (NYC is only 0.65% for purchase prices over $3M) - 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 -
New York State Mansion Tax
1% of the purchase price if over $1M
In New York City only:
$2M-$2.999M: 1.25%
$3M-$4.999M: 1.50%
$5M-$9.999M: 2.25%
$10M-$14.999M: 3.25%
$15M-$19.999M: 3.50%
$20M-$24.999M: 3.75%
$25M+: 3.90%
- 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:
0.4% of the purchase price (NYC is only 0.65% for purchase prices over $3M) - 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 -
New York State Mansion Tax
1% of the purchase price if over $1M
In New York City only:
$2M-$2.999M: 1.25%
$3M-$4.999M: 1.50%
$5M-$9.999M: 2.25%
$10M-$14.999M: 3.25%
$15M-$19.999M: 3.50%
$20M-$24.999M: 3.75%
$25M+: 3.90%
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NOTE: All costs are subject to change.