Closing Information on Manhattan Apartments
When buying or selling a condominium or co-op, all parties involved should be aware of the additional closing costs. The costs and fees are different for both condominiums and co-ops. This guide will help you estimate what your closing costs should be for your purchase or sale.
When buying or selling a condominium or co-op, all parties involved should be aware of the additional closing costs. The costs and fees are different for both condominiums and co-ops. This guide will help you estimate what your closing costs should be for your purchase or sale.
NYC Co-Op Apartments
For the Seller
| Attorney Fees | $1,850-$2,500 |
| Stock Transfer Stamps | $.05 per share |
| NYC Real Property Transfer Tax | 1% of purchase price if it is $500,000 or less 1.425% of purchase price if it is over $500,000 |
| NYS Transfer Tax | 0.4% of purchase price |
| UCC-3 Filing | $75 and up |
| Flip Tax (If Applicable) | Varies, determined by co-op |
| Payoff Bank Attorney (If Applicable) | $450 and ups |
| Managing Agent Fee | $500-$750 |
| Move-Out Deposit | $500-$1,000 (Usually refundable if there is no damage) |
| Broker Commission | 6% of purchase price |
| Estate Fees | May be imposed by co-op |
| Lost Stock & Lease Fees | $250-$750 |
| E Tax Filing (ACRIS) | $50 |
| NYS Capital Gains Tax Withholding | 7.7% of gain on sale |
| Non-US Resident (FIRPTA) | 10% of purchase price is either withheld or paid |
For the Buyer
| Own Attorney | $1,600 and up |
| Managing Agent (Recognition Agreement Fee) | $250 and up |
| Credit Report Fee | $50-$100 per applicant |
| Lead Based Paint Disclosure Fee | $0-$50 |
| Mansion Tax | 1% of purchase price if it is over $1,000,000 |
| Move-In Deposit | $500-$1,000 (Usually refundable if no damage |
| Lien Search | $350 |
Mortgage Associated Fees
| Origination Costs – Points | 0-3% of the loan value |
| Application, Credit Check, etc. | $500 and up |
| Appraisal | $275 and up |
| Bank Attorney | $500 and up |
| UCC-1 Filing | $75 and up |
| Maintenance Adjustment | Prorated for month of closing |
NYC Condominium Apartments
For the Seller
| Attorney Fees | $1,850-$2,500 |
| NYC Real Property Transfer Tax | 1% of purchase price if it is $500,000 or less 1.425% of purchase price if it is over $500,000 |
| NYS Transfer Tax | 0.4% of purchase price |
| Payoff Bank Fees (If Applicable) | $250 and ups |
| Managing Agent Fee | $250-$750 |
| Move-Out Deposit | $500-$1,000 (Usually refundable if there is no damage) |
| Broker Commission | 6% of purchase price |
| E Tax Filing (ACRIS) | $50- $200 |
| NYS Capital Gains Tax Withholding | 7.7% of gain on sale |
| Non-US Resident (FIRPTA) | 10% of purchase price is either withheld or paid |
For the Buyer
| Own Attorney | $2,000-$2,500 |
| Managing Agent (Recognition Agreement Fee) | $250-$500 |
| Credit Report Fee | $50-$100 per applicant |
| Lead Based Paint Disclosure Fee | $0-$50 |
| Mansion Tax | 1% of purchase price if it is over $1,000,000 |
| Move-In Deposit | $500-$1,000 (Usually refundable if no damage) |
| Common charges, real estate taxes and insurance premium | Prorated as of closing |
Mortgage Associated Fees
| Origination Costs – Points | 0-3% of the loan value |
| Application, Credit Check, etc. | $500 and up |
| Appraisal | $275 and up |
| Bank Attorney | $500 and up |
| UCC-1 Filing | $75 and up |
| Mortgage Recording Tax | 1.8% of mortgage value up to $500,000 1.925% of mortgage value if over $500,000 |
| Title Insurance, Title Search & Recording Fees | Approximately 0.5%-0.8% of the purchase price |
| Building Searches | $200-$400 |
Recording Charge |
$17 per document plus $5 per page |
Real Estate Tax Escrow |
2-6 months of payments |
If Purchased Directly from Sponsor
| NYC Real Property Transfer Tax | 1% of purchase price if $500,000 or less 1.425% of purchase price if more than $500,000 |
| NYS Transfer Tax | $4 per $1,000 |
| Sponsor’s Attorney Fee | $1,500 and up |
| Working Capital Fund Contribution | 1 or 2 months of common charges |
