Closing Information on Manhattan Apartments

Written By Jonathan Tuason | August 10, 2011
Midtown east manhattan real estate

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

 

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on Elegran.com. All data displayed on Elegran.com is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.