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.
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 $4 per $1,000
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 $4 per $1,000
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 Purchasing 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