NYC Closing Costs & Calculator

      Closing Costs: Common
      Closing Costs: Co-operative Apartments
      Closing Costs: Condominium Apartments / Townhouses

Closing Costs: Co-operative & Condominium Apartments and Townhouses
New York City Real Property Transfer Tax (Paid by seller, except most sponsor sales)
Sales under $500,000	1% of sales price
Sales over $500,000	1.425% of sales price
New York State Real Property Transfer Tax (Paid by seller, except most sponsor sales)	0.4% of sales price
Mansion Tax (Paid by buyer, only when price exceeds $1,000,000)	1% of entire sales price
Title Insurance (Paid by buyer, condominium/townhouse only)	Approx. 0.5% - 0.8% of purchase price
Mortgage Tax (Paid by buyer, condominium/townhouses only, if financing )
Sales under $500,000	1.8% of entire mortgage
Sales over $500,000	1.925% of entire mortgage
Miscellaneous Expenses	Legal fees, bank costs, managing agent/building fees, flip tax
Broker Comission	6%
Costs can change and vary for some transactions. All information is subject to errors, omissions and changes in facts or circumstances. Always consult your attorney before signing a contract.

top

Closing costs: Co-operative Apartments
For The Seller
Own Attorney	$1,600 + up *
Stock Transfer Stamps	$.05 per share
NYC Real Property Transfer Tax	1% of purchase price if $500,000 or less of the entire amount 1.425% of purchase price if over $500,000 of the entire amount
NYS Transfer Tax	0.4% (.004) of purchase price
Flip Tax (if applicable)	Determined by co-operative building
Payoff Bank Attorney (if applicable)	$450 + up
Managing Agent Fee	$500 - $750
Move-Out Deposit	$500 - $1000 (usually refundable if no damage)
Broker Comission	6% of purchase price
Estate Fees	Coop may impose additional fees for estate sales
Lost Stock and Lease Fees	$250 - $750
E Tax Filing (ACRIS)	$50
Gains Tax Withholding (out of state seller)	7.7% of gain
Non-US Resident (FIRPTA)	10% of price withheld or paid
For The Purchaser
Own Attorney	$1,600 + up*
Managing Agent Application Fee	$750
Credit Report Fee	$50 - $100 per applicant
Lead Based Paint Disclosure Fee	$0 - $50
Mansion Tax	1% of purchase price when over $1 million
Move-in Deposit	$500 - $1,000 (usually refundable if no damage)
Mortgage Associated Fees:
Origination Costs – points	0 - 3% value of loan
Application, Credit Check, etc.	$500 + up
Appraisal	$275 + up
Bank Attorney	$500 + up
UCC-1 Filing	$50 + up
Recognition Agreement Fee	$200 + up
Lien Search	$350
Maintenance Adjustment	Prorated for month of closing
* Check with bank/mortgage broker for additional fees . New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

top

Closing Costs: Condominium Apartments / Townhouses
For The Seller
Own Attorney	$1,700 & up *
NYC Real Property Transfer Tax	1% of purchase price if $500,000 or less 1.425% of purchase price if over $500,000 of the entire amount
NYS Transfer Tax	.4% (.004) of purchase price
Payoff Bank Fees (if applicable)	$450 *
Managing Agent Fee	$250 - $750
Move-Out Deposit	$500 - $1,000 (usually refundable if no damage)
Broker Comission	6% of purchase price
E Tax Filing (ACRIS)	$50
Gains Tax Withholding (out of state seller)	7.7% of gain
Non-US Resident (FIRPTA)	10% of price withheld or paid
For The Purchaser
Own Attorney	$1,700 + up*
Managing Agent Fee	$250 - $500
Credit Report Fee	$50 - $100 per applicant
Lead Based Paint Disclosure Fee	$0 - $50
Mansion Tax	1% of purchase price where $1 million and over
Move-in Deposit	$500 - $1,000 (usually refundable if no damage)
Mortgage Associated Fees:
Origination Costs – points	0 - 3% value of loan
Application, Credit Check, etc.	$500 + up
Appraisal	$275 + up
Bank Attorney	$500 + up
UCC-1 Filing	$50 + up
Mortgage Recording Tax	Up to $500,000 is 1.8% of mortgage; over $500,000 is 1.925% of mortgage
Title Insurance, Title Search & Recording Fees	Approximately 0.5% of purchase price
Building Searches	$200 - $400
Recording Charge	$17 per document plus $5 per page
Real Estate Tax Escrow	2-6 months
If Purchased Directly from Sponsor: ( ie: new construction)
NYC Real Property Ttransfer Tax	1% of purchase price up to $500,000 1.425% of purchase price over $500,000
NYS Transfer Tax	$4 per $1,000 of purchase price
Sponsor's Attorney Fee	$1,500
* Check with bank/mortgage broker for additional fees . New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

top