Cooperative Apartment
For Seller:
Broker Fees: Are typically 6%. Fees vary according to property size and amount of marketing
Attorney Fees: Approximately $2,000-$5,000
Flip Tax: Consult Managing Agent
Move Out Deposit Fee: $1,000
New York City Transfer Tax: 1.00% of price up to $500,000 1.425% of entire price when it exceeds $500,000
New York State Transfer Tax: 0.4% (.004) of price
Payoff Bank Attorney: If seller has mortgage $30
UCC-3 Filing Fee: If seller has mortgage $350
For Purchaser:
Own Attorney Fee: Approximately $1500
Bank Fees/Application/Credit: 900-1200
Appraisal: $600-1200
Bank Attorney: $900
Short-Term Interest: One month max*
Move-In Deposit: $1000
Lien Search: $300
Maintenance Adjustments: One month tax
Mansion Tax: 1% of entire price when price exceeds $1,000,000
*Prorated for month of closing
Condominium/Townhouse
For Seller:
Broker Fees: Are typically 6%. Fees vary according to property size and amount of marketing
Attorney Fees: Approximately $2,000-$5,000
Move-Out Deposit Fee: $1,000
New York City Transfer Tax: 1.00% of price up to $500,000 1.425% of entire price when it exceeds $500,000 (buyer has to pay this in new development – sometimes can be negotiated)
New York State Transfer Tax: 0.4% (.004) of price (buyer has to pay this in new development – sometimes can be negotiated)
Miscellaneous Title Company Fees: If seller has mortgage $200
For Purchaser:
Bank Fees/Application/Credit: 900-1200
Appraisal: $600-1.200
Bank Attorney: $900
Short-Term Interest: One month max*
Real Estate Tax: Escrows 2-6 months**
Recording Fee: $200
Mortgage Tax: 1.925%
Fee Title Insurance: Approximately $450 per $100,000
Mortgage Title Insurance: Approximately $200 per $100,000
Miscellaneous Title Charges: $300
Adjustments:
Common charges: One month max*
Real Estate Taxes: 1 to 6 months
Mansion Tax: 1% of entire price when price exceeds $1,000,000
*Prorated for month of closing
**Expect to pay eight months Real Estate Taxes. These taxes are combined between seller as an adjustment and escrow established by lender.
Note: When purchasing condos from a sponsor, the purchaser will be required to pay New York City and New York State Transfer Taxes; see above for amounts.
Also, buyers are required to pay sponsor’s attorney’s fee; this fee is approximately $1,000.