Buyers Closing Costs (Condominium)
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Own Attorney
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$1,700 + up*
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Managing Agent Fee
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$250 - $500
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Credit Report Fee
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$50 - $100 per applicant
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Lead Based Paint Disclosure Fee
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$0 - $50
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Mansion Tax
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1% of purchase price where $1 million and over
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Move-in Deposit
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$500 - $1,000 (usually refundable if no damage)
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Mortgage Associated Fees:
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Origination Costs – points
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0 - 3% value of loan
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Application, Credit Check, etc.
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$500 + up
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Appraisal
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$275 + up
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Bank Attorney
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$500 + up
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UCC-1 Filing
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$50 + up
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Mortgage Recording Tax
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Up to $500,000 is 1.8% of mortgage; over $500,000 is 1.925% of mortgage
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Title Insurance, Title Search & Recording Fees
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Approximately 0.5% of purchase price
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Building Searches
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$200 - $400
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Recording Charge
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$17 per document plus $5 per page
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| Real Estate Tax Escrow | 2-6 months |
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If Purchased Directly from Sponsor: (ie: new construction) |
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NYC Real Property Ttransfer Tax
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1% of purchase price up to $500,000
1.425% of purchase price over $500,000 |
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NYS Transfer Tax
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$4 per $1,000 of purchase price
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| Sponsor's Attorney Fee | $1,500 |
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* 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.
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Buyers Closing Costs (Co-op)
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Own Attorney
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$1,600 + up*
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Managing Agent Application Fee
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$750
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Credit Report Fee
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$50 - $100 per applicant
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Lead Based Paint Disclosure Fee
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$0 - $50
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Mansion Tax
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1% of purchase price when over $1 million
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Move-in Deposit
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$500 - $1,000 (usually refundable if no damage)
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Mortgage Associated Fees:
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|
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Origination Costs – points
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0 - 3% value of loan
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|
Application, Credit Check, etc.
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$500 + up
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Appraisal
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$275 + up
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Bank Attorney
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$500 + up
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UCC-1 Filing
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$50 + up
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Recognition Agreement Fee
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$200 + up
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Lien Search
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$350
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Maintenance Adjustment
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Prorated for month of closing
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* 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.
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