Condominiums/Townhouses

FOR THE SELLER:
________________
Own Attorney - Varies*
NYC Real Property Transfer Tax - 1% of purchase price if $500,000 or less, 1.425% of purchase price of over $500,000
NYS Transfer Tax - .4% (.004) of purchase price
Reserve Fund Contribution (if applicable) - Determined by condominium board payable to buyer or seller as specified.
Payoff Bank Fees (if applicable) - $250 + up 
Managing Agent Fee - $250 + up
Move-Out Deposit - $500 + up
Broker Commission - 6% of purchase price
E Tax Filing (ACRIS) - $50-$200
NYS Capital Gains Tax Withholding - 7.7% of gain
(out of state seller)
Non-US Resident (FIRPTA)
- 6.85% of estimated gain

FOR THE PURCHASER: 
_____________________
Own Attorney - Varies*
Managing Agent Fee - $250 + up
Credit Report Fee - $50 + up per applicant
Title Insurance, Title Search & Recording Fees - Approximately $4 per 1,000 of purchase price
Lead Based Paint Disclosure Fee - $75 + up
Mansion Tax - 1% of total purchase price where $1 million and over
Move-in Deposit - $500 + up (usually refundable if no damage)
Common charges, real estate taxes, and insurance premium - Adjustments pro rated as of closing

MORTGAGE ASSOCIATED FEES: 
______________________________
Application, Credit Check, etc. - $500 + up
Appraisal - $300 + up
Bank Attorney - $650 + up
Mortgage Recording Tax - 1.8% of mortgage less $30 up to $500,000; 1.925% of mortgage less $30 over $500,000
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 Transfer Tax / NYS Transfer Tax - Calculated and added to purchase price (for tax purposes only) and then recalculated based on the bulked up price
Sponsor's Attorney Fee - $1800 + up
Working capital fund contribution Mansion Tax - One time fee equal to 1or 2 months common charges
Mansion Tax - 1% of total purchase price where $1 million and over

*Check with bank/mortgage broker for additional fees · New York State Law requires a written letter of engagement if the legal fee will exceed $3000. 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.


Co-operative Apartments

FOR THE SELLER:
________________
Own Attorney - Varies*
Stock Transfer Stamps - $.05 per share
NYC Real Property Transfer Tax - 1% of purchase price if $500,000 or less, 1.425% of purchase price of over $500,000
NYS Transfer Tax - .4% (.004) of purchase price
UCC-3 Filing - $75 - $125
Flip Tax (if applicable) - Determined by co-operative building
Payoff Bank Attorney (if applicable) - $600 - $1.000
Managing Agent Fee - $500 + up
Move-Out Deposit - $500 - $1000 (usually refundable if no damage)
Broker Commission - 6% of purchase price
Estate Fees - Co-op may impose additional fees for estate sales
Lost Stock and Lease Fees E Tax Filing (ACRIS) - $250 + up
E Tax Filing (ACRIS) - $50 + up
NYS capital Gains Tax Withholding (out of state seller) - 6.85% of estimated gain
Non-US Resident (FIRPTA) - 10% of purchase price withheld or paid

FOR THE PURCHASER: 
_____________________
Own Attorney - Varies*
Managing Agent (Recognition Agreement Fee) - $250 + up
Credit Report Fee - $50 + up per applicant
Lead Based Paint Disclosure Fee - $0 - $50
Mansion Tax - 1% of purchase price when over $1 million
Move-in Deposit - $500 + up (usually refundable if no damage)
Lien Search - $250 - $350

MORTGAGE ASSOCIATED FEES: 
______________________________
Origination Costs - points - 0 - 3% value of loan
Application, Credit Check, etc. - $500 + up
Appraisal - $300 + up
Bank Attorney - $650 + up
UCC-1 Filing - $75 + up
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 $3000. 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.