CLOSING COSTS

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FOR THE SELLER

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CO-OP CLOSING COSTS

Broker: Typically 6% depending upon size and marketing

Own Attorney: $2500 upwards

Co-op Attorney: $500+

Flip Tax: 1% to 3% of Price (if applicable)

Stock Transfer Tax: $0.05 per share (if applicable)

Move-out Deposit: One time fee of $500+

NYC Transfer Tax: 1% of price up to $500,000; or, 1.425% of price if $500,000 and over;

plus $100 filing fee.

NY State Transfer Tax: $2 per $500 of price, or 0.4% of purchase price

Payoff Fee to Attorney: $400+

UCC-3 Filing Fee: $75+

CLOSING COSTS

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CO-OP CLOSING COSTS
Own Attorney: $2500 upwards

Bank Fees: Points: 0% to 3% of loan value

Application, credit check, etc.: $500+

Bank Attorney: $750+

Miscellaneous Bank Fees: $500+

Lien Search: $300

UCC-1 Filing: $75+

Appraisal Fee: $300+

Application Fee: $500+ (Credit Report/Appraisal)

Short Term Interest: Equal to interest for balance of month in which you close

Move-in Deposit: One time fee of $500+

Recognition Agreement Fee: $250+

Maintenance Adjustment: Monthly carrying costs, maintenance, and assessments, if any, are pro-rated depending on when the closing is held

Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.

CONDOMINIUM CLOSING COSTS

Broker: Typically 6% depending upon size and marketing

Own Attorney: $2500 upwards

Processing Fee: $450+

Move-out Deposit: One time fee of $500+

NYC Transfer Tax: 1% of price up to $500,00; or, 1.425% of price if $500,000 and over; RPT filing fee $125

NY State Transfer Tax: $2 per $500 of price, or 0.4% of purchase price

Miscellaneous Title Fees: $200

Payoff Fee to Title Closer: $300+

Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes.

FOR THE BUYER

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CONDOMINIUM CLOSING COSTS
Own Attorney: $2500 upwards

Bank Fees: Points: 0% to 3% of loan value

Application Fee: $500+ (Credit Report, Appraisal)

Bank Attorney: $750+

Tax Escrows: Two to six months

Appraisal Fee: $300+

Recording Fees: $400+

Mortgage Tax: 1.80% of amount of mortgage on loans up to $500,00; or, 1.925% of amount of mortgage on loans of $500,000 and over

Short Term Interest: Equal to interest for balance of month in which you close

Fee Title Insurance: Approx. $450 per $100,000 of purchase price

Mortgage Title Insurance: Approx. $200 per $100,000 of mortgage amount

Municipal Search: $400+

Managing Agent Fee: $250+

Common Charge Adjustment: Monthly carrying costs, common charges, real estate taxes, and assessments, if any, are pro-rated depending on when the closing is held

Real Estate Tax Adjustment: One to six months

Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.

Move-in Deposit: One time fee of $500+

Title Closer: $25