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