Closing Costs
Seller's closing costs
| Broker's commissions | 6% of sales price |
| Attorney Fees | $2,250 - $3,000 |
| Move-out deposit (refundable) | $500 - $1,000 |
| Move-out fee (non-refundable) | $250 - $1,000 |
| NYC Real Property Transfer Tax | 1% of sales price if sale is $500,000 or less 1.425% of sales price is greater than $500,000 |
| NYS Transfer Fee | 0.4% of sales price |
| NYS estimated Capital Gains Tax | 8.97% of estimated gain paid at closing UNLESS (i) Seller is a NYS resident at time of sale or (ii) property was Seller's principal residence for 2 out of the last 5 years or (iii) Seller set up a 1031 Tax-Deferred Exchange |
| Transfer Tax Filing Fee | $100 |
| Federal Withholding Tax | 10% of purchase price is withheld if Seller is a non-exempt foreigner |
| Payoff Bank Attorney Fee | $375 - $500 |
| UCC-3 Filing Fee | $75 - $125 |
Cooperative Apartment Sales Only
| Flip Tax | Varies per building |
| Stock Transfer Tax | $.05 per share |
| Payoff Bank Attorney's Fee | $375 - $500 |
| Transfer Agent Fee or Coop Attorney Fee | $500 - $750 |
Condominium Apartment Sales Only
| Application / Waiver Fees | $500 - $1,000 |
| Satisfaction of Mortgage Recording Fee | $100 per mortgage |
| Pick-up fees for mortgage payoffs | $250 per mortgage |
Purchaser's closing costs
| Bank fees: (includes items such as discount points, application fee, credit reports, document preparation, underwriting / post closing review and appraisal fee) |
varies according to bank and loan product |
| Bank Attorney | $600 - $1,000 |
| UCC-1 filing fee | $75 - $125 |
| 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 price is over $1,000,000 |
| Purchaser's Attorney Fee | $2,250 - $3,000 |
Cooperative Apartment Purchases Only
| Purchase Application Fee | $500 - $1,000 |
| Judgment and Lien Search | $275 |
| Financing / Recognition Agreement Fee | $150 - $250 |
| Maintenance Adjustment | Purchaser reimburses Seller for any prepaid maintenance payment |
Condominium Apartment Purchases Only
| Title Insurance | Approx. $4 per $1,000 or purchase price (regulated by statute) plus various search and recording fees totaling an additional $1,000 |
| Mortgage Title Insurance | Varies according to loan amount |
| RE Tax and Common Charge Adjustment | Purchaser reimburses Seller for any prepaid real estate and common charges. |
| NYS Mortgage Recording Tax | 1.80% if mortgage amount is less and $500,000 1.925% if mortgage amount is $500,000 or more |
| Title and Municipal Search Fee | $500 |
| Deed Recording Fee | $250 |
| Mortgage Recording Fee | $200 |
| Unit Owner's Power of Attorney Recording Fee | $125 |
Purchaser's Additional Closing Costs – New Construction
| Sponsor's Attorney Fee | $1,800 - $2,500 |
| Sponsor's NYC and NYS Transfer Taxes | the transfer taxes are calculated and added to the purchase price (for tax purposes only) and then recalculated based upon the bulked up price (may trigger Mansion Tax) |
| Resident Manager's Apartment | Calculated based upon the Purchaser's percentage of common interest in the building |
| Working Capital Fund Contribution | One time fee equal to 1 – 2 months of common charges |