The Dressler Group
Home / Closing Costs

Closing Costs

Condominiums and Townhouses

For the Seller

Application/Waiver Fee   $500 - $1,000  
       
Pick-Up Fee for Mortgage Pay-Off   $175 - $250  
       
Real Estate Tax and
Common Charge Adjustment
  Not really a "closing cost". Seller reimburses Purchaser for the portion of maintenance and/or Real Estate Taxes that the Seller failed to pay prior to Closing  
   
General  
Brokerage Commission   6% of Sales Price  
Seller's Attorney's Fee   Consult your attorney  
       
Move-Out Deposit - refundable   $500- $1,000  
       
Move-Out Fee - non-refundable   $250- $1,000  
       
NYC Real Property Transfer Tax   1% of Sales Price - $500,000 or less
1.425% of Sales Price - greater than $500,000
 
       
Commercial/Bulk Sales Rate   If 2 or more un-attached units are sold simultaneously to the same buyer, the commercial transfer tax rate applies - 1.425% of the Sales Price if $500,000 or less or 2.625% of Sales Price if greater than $500,000  
       
NYS Transfer Tax   0.4% of Sales Price  
       
NYS Estimated Capital Gains Tax   8.97% of estimated gain - paid at closing unless (i) Seller is a NY State resident at time of sale, or (ii) property was Seller's primary residence for 2 out of the last 5 years, or (iii) Seller has set up a 1031 Tax-Deferred Exchange (investment property only)  
       
Transfer Tax Filing Fee   $75  
       
Federal Withholding Tax (FIRPTA)   10% of Sale Price if Seller is a non-resident foreigner  
For the Purchaser

Title Insurance - Owner's Policy   Approximately $4 per $1,000 of insurance (fee regulated by statute) plus various search and recording fees totaling an additional $1,000
Title Insurance - Mortgage   Only applies if the Purchaser is obtaining financing - variable depending on loan amount
Real Estate Tax and Common Charge Adjustment   Not really a "closing cost". Purchaser reimburses Seller for the portion of common charges and/or Real Estate Taxes that the Seller has pre-paid
New York State Mortgage Recording Tax   1.80% if mortgage amount is less than $500,000
1.925% if mortgage amount is greater than $500,000
Title Closer Gratuity   $250

 

Bank Fees (only applicable if Purchaser is obtaining a loan)

 

Includes items such as discount points, appraisal fee, origination fee, credit report fee, document preparation fee, courier fee, application fee   Variable depending on lender and loan product
Bank Attorney fee   $700- $950

 

General
 
Move-In Deposit - refundable   $500- $1,000
Move-In Fee - non-refundable   $250- $1,000
Purchase Application Fee   $500- $1,000
Mansion Tax   1% of Purchase Price if $1,000,000 or more
Purchaser's Attorney Fee   Consult your attorney

 

New Construction
 
Sponsor Attorney's Fee   Consult your attorney
Sponsor's NYC and NYS Transfer Taxes   Calculated and added to the Purchase Price (to arrive at the tax) and then recalculated based upon the grossed-up price (may trigger Mansion Tax)
Working Capital Fund Contribution   1 - 2 months of Common Charges




Cooperatives

For the Seller

Flip Tax   Variable depending on the building (if applicable)  
Stock Transfer Tax   $0.05 per share  
Transfer Agent Fee (Coop Attorney's Fee)   $500 - $750  
       
Maintenance Adjustment   Not really a "closing cost". Seller reimburses Purchaser for the portion of maintenance that the Seller failed to pay prior to Closing  
       
Brokerage Commission   6% of Sales Price  
Seller's Attorney's Fee   Consult your attorney  
Move-Out Deposit - refundable   $500- $1,000  
Move-Out Fee - non-refundable   $250- $1,000  
       
NYC Real Property Transfer Tax   1% of Sales Price - $500,000 or less
1.425% of Sales Price - greater than $500,000
 
       
Commercial/Bulk Sales Rate   If 2 or more un-attached units are sold simultaneously to the same buyer, the commercial transfer tax rate applies - 1.425% of the Sales Price if $500,000 or less or 2.625% of Sales Price if greater than $500,000  
       
NYS Transfer Tax   0.4% of Sales Price  
       
NYS Estimated Capital Gains Tax   8.97% of estimated gain - paid at closing unless (i) Seller is a NY State resident at time of sale, or (ii) property was Seller's primary residence for 2 out of the last 5 years, or (iii) Seller has set up a 1031 Tax-Deferred Exchange (investment property only)  
       
Transfer Tax Filing Fee   $100  
       
Federal Withholding Tax (FIRPTA)   10% of Sale Price if Seller is a non-resident foreigner  
       
Payoff Bank Attorney Fee   $375 - $500  
       
UCC-3 Filing Fee   $75 - $125  
For the Purchaser

Cooperative Application Fee $500 - $1,000
Judgment and Lien Search $250 - $350
Recognition Agreement Fee $150 - $250
   
Maintenance Adjustment Not really a "closing cost". Purchaser reimburses Seller for the portion of maintenance that the Seller for
 
Bank Fees (only applicable if Purchaser is obtaining a loan)
   
Includes items such as discount points, appraisal fee, origination fee, credit report fee, document preparation fee, courier fee, application fee Variable depending on lender and loan product
Bank Attorney fee $700- $950
UCC-1 Filing fee $75- $125
 
General
Move-In Deposit - refundable $500- $1,000
Move-In Fee - non-refundable $250- $1,000
Purchase Application Fee $500- $1,000
   
Mansion Tax 1% of Purchase Price if $1,000,000 or more
Purchaser's Attorney Fee Consult your attorney
 
New Construction
Sponsor Attorney's Fee Consult your attorney
   
Sponsor's NYC and NYS Transfer Taxes Calculated and added to the Purchase Price (to arrive at the tax) and then recalculated based upon the grossed-up price (may trigger Mansion Tax)
   
Working Capital Fund Contribution 1 - 2 months of Maintenance


 

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