The Closing Costs
Carol E. Levy Real Estate has created this guide to closing costs associated with the purchase or sale of a cooperative or condominium. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Importantly, we do not represent that these are the entirety of potential costs but are only to be used as a guide.
| COOPERATIVES |
| FOR THE SELLER |
| Broker |
Typically 6% |
| Own Attorney |
$2,000+ |
| Managing Agent Fee |
$500 – $750 |
| Stock Transfer Tax |
$0.05 per share |
| Move-out Deposit |
$500 – $1,000 (USUALLY REFUNDABLE) |
| NYC Transfer Tax |
1% of price up to $500,000; or, 1.425% of price if $500,000 and over. |
| NY State Transfer Tax |
0.4% of purchase price |
| Payoff Bank Attorney |
$450+ |
| UCC-3 Filing Fee |
$75+ |
| Flip Tax (if applicable) |
Determined by coop |
| FOR THE BUYER |
| Own Attorney |
$2,000+ |
| Managing Agent Application Fee |
$750 |
| Mansion Tax |
1% where price is $1,000,000+ |
| Move-In Deposit |
$500 – $1,000 (USUALLY REFUNDABLE) |
| Credit Report Fee |
$50 – $100 per applicant |
| Mortgage Associated Fees: |
| Origination Costs – Points |
0 to 3% of loan value |
| Bank Attorney |
$500+ |
| UCC-1 Filing Fee |
$50+ |
| Recognition Agreement Fee |
$200+ |
| Purchase Application |
$500+ |
| Appraisal Fees |
$1,000+ |
| Lien Search |
$350 |
| Maintenance Adjustment |
Prorated for month of closing |
| CONDOMINIUMS & TOWNHOUSES |
| FOR THE SELLER |
| Broker |
Typically 6% |
| Own Attorney |
$2,000+ |
| Managing Agent Fee |
$250 – $750 |
| Move-out Deposit |
$500 – $1,000 (USUALLY REFUNDABLE) |
| NYC Transfer Tax |
1% of price up to $500,000
1.425% of price if $500,000 and over. |
| NY State Transfer Tax |
0.4% of purchase price |
| Payoff Bank Fees (if applicable) |
$450 |
| UCC-3 Filing Fee |
$75+ |
| FOR THE BUYER |
| Own Attorney |
$2,000+ |
| Managing Agent Fee |
$250 – $500 |
| Move-In Deposit |
$500 – $1,000 (USUALLY REFUNDABLE) |
| Mansion Tax: |
- 1.00% for properties sold between $1,000,000 and $1,999,999.
- 1.25% for properties sold between $2,000,000 and $2,999,999.
- 1.50% for properties sold between $3,000,000 and $4,999,999.
- 2.25% for properties sold between $5,000,000 and $9,999,999.
- 3.25% for properties sold between $10,000,000 and $14,999,999.
- 3.50% for properties sold between $15,000,000 and $19,999,999.
- 3.75% for properties sold between $20,000,000 and $24,999,999.
- 3.90% for properties sold at $25,000,000 or higher.
|
| Credit Report Fee |
$50 – $125 per applicant |
| Mortgage Associated Fees: |
| Origination Costs – Points |
0 to 3% of loan value |
| Bank Attorney |
$500+ |
| UCC-1 Filing Fee |
$50+ |
| Purchase Application |
$500+ |
| Appraisal Fees |
$1,000+ |
| Title Insurance, Title Search & Recording Fees |
Approx. 0.5% of purchase price |
| Mortgage Recording Tax: |
2.05% of amount of mortgage on loans under $500,000.00; or, 2.175% of amount of mortgage on loans over $500,000 |
| Building Searches |
$200 – $400 |
|
| NYC Transfer Tax |
1% of price up to $500,000; or, 1.425% of price if $500,000 and over. |
| NY State Transfer Tax |
0.4% of purchase price |
| Sponsor’s Attorney Fee |
$1,500 |
