New York City Closing Costs

                                                                                           Condominiums

    For the Seller

    Broker: Typically 6%

    Own Attorney: Consult your attorney

    Processing Fee: $450+

    NYC Transfer Tax:

    Residential:

    Up to $500,000 = 1%

    $500,000+ = 1.425%

    Commercial:

    Up to $500,000 = 1.425%

    $500,000+ = 2.625%

    Admin. Fee:

    Non-Deed Transfers (i.e., Co-ops) = $50

    Residential Deed Transfers= $75

    Commercial Deed Transfers = $165

    NY State Transfer Tax: $4 per $1,000 of price

    NYS Equalization Fee: $75

    Pick-up/Payoff Fee: $250-$500

    UCC-3 Filing Fee: $100

    Miscellaneous Condominium Charges: Vary by building

    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 Purchaser

    Buyer’s Attorney: Consult your attorney

    Bank Fees: $350-$750

    Application Fee: $350

    Processing Fee: $330

    Appraisal Fee: $300-$1,500 (depending on sales price)

    Credit Report Fee: $10.10 single/$15.20 joint

    Bank Attorney: $650-$750

    Tax Escrows: 2 to 6 months

    Recording Fees: $250-$750

    Fee Title Insurance: Amounts vary, please consult your attorney

    Mortgage Title Insurance: Amounts vary, please consult your attorney

    Municipal Search: $350-$500

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

    NYC Mortgage Tax (paid by borrower):

    a. Mortgage less than $500,000 = 1.80%

    b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%

    c. Mortgage on all other property over $500,000.00 = 2.80%

     

                                                                                               Co-ops

    For the Seller

    Broker: Typically 6%

    Own Attorney: Consult your attorney

    Co-op Attorney: $450+

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

    Stock Transfer Tax: $0.05 per share

    Move-out Deposit/Fee: Varies by building

    NYC Transfer Tax:

    Residential:

    Up to $500,000 = 1%

    $500,000+ = 1.425%

    Commercial:

    Up to $500,000 = 1.425%

    $500,000+ = 2.625%

    Admin. Fee:

    Non-Deed Transfers (i.e., Co-ops) = $50

    Residential Deed Transfers= $75

    Commercial Deed Transfers = $165

    NY State Transfer Tax: $4 per $1,000 of price

    NYS Equalization Fee: $75.00

    Pick-up / Payoff Fee: $250-$500

    UCC-3 Filing Fee: $100

    Miscellaneous Coop Charges: Vary by building

    For the Purchaser

    MORTGAGE CLOSING COSTS

    Buyer’s Attorney: Consult your attorney

    Bank Fees: $350-$750

    Application Fee: $350

    Processing Fee: $330

    Appraisal Fee: $300-$1,500 (depending on sales price)

    Credit Report Fee: $10.10 single/$15.20 joint

    Bank Attorney: $650-$750

    Lien Search: $250-$350

    UCC-1 Filing: $100

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

    ADDITIONAL REAL ESTATE EXPENSES

    Miscellaneous Co-op Charges: Vary by building

    Recognition Agreement Fee: $200+

    Maintenance Adjustment: Pro-rated for the month of closing

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

                                                                    Townhouses and Single Family Homes

    For the Seller

    Broker: Typically 6%

    Own Attorney: Consult your attorney

    NYC Transfer Tax:

    Residential:

    Up to $500,000 = 1%

    $500,000+ = 1.425%

    Commercial:

    Up to $500,000 = 1.425%

    $500,000+ = 2.625%

    Admin. Fee:

    Non-Deed Transfers (i.e., Co-ops) = $50

    Residential Deed Transfers= $75

    Commercial Deed Transfers = $165

    NY State Transfer Tax: $4 per $1,000 of price

    NYS Equalization Fee: $75

    Miscellaneous Title Fees: $200-$500

    Pick-up / Payoff Fee to Title Closer: $100-$300

    For the Purchaser

    MORTGAGE CLOSING COSTS

    Buyer’s Attorney: Consult your attorney

    Bank Fees: $750

    Application Fee: $350

    Processing Fee: $330

    Appraisal Fee: $300-$1,500 (depending on sales price)

    Credit Report Fee: $10.10 single/$15.20 joint

    Bank Attorney: $650-$750

    Tax Escrows: 2 to 6 months

    Recording Fees: $250-$750

    Fee Title Insurance: Amounts vary, please consult your attorney

    Mortgage Title Insurance: Amounts vary, please consult your attorney

    Municipal Search: $350-$500

    Mortgage Tax – NYC (paid by borrower):

    1-3 Family Home or Condo:

    If mortgage is less than $500,000: 1.80%. If mortgage is $500,00 or more: 1.925% of loan amount

     

     

     

    All data is deemed reliable but is not guaranteed accurate by the MLS or RE/MAX Metro.

    All information regarding a property for sale, rental, taxes or financing is fAll material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. Equal Housing Opportunity.rom sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.

    All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. Equal Housing Opportunity.