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 |