COOPERATIVE APARTMENTS CLOSING COSTS

FOR THE SELLER:

Broker Negotiable
Attorney $1,800.00 and up
Co-op Attorney $450.00
Flip Tax 1% to 3% of price (if applicable)
Stock Transfer Tax $.05 per share
Move-out Deposit $500.00 -$1000.
New York City Transfer Tax 1% of price up to $500,000,
plus $25.00 recording fee, and 1.425% of price over$500,000.
New York State Transfer Tax $2.00 per $500.00 of sales price
Bank Attorney Fee $300.00
UCC-3 Filing Fee $20.00

FOR THE PURCHASER:

Attorney $1,800.00 and up
Bank Fees (if applicable):
Points 0 to 3% of loan value
Application, credit check, etc. $400.00
Bank Attorney $450.00
UCC-1 Filing Fee $20.00
Short Term Interest One Month
Move-in Deposit $500.00 -$1000
Recognition Agreement Fee $200.00
Lien Search $250.00
Maintenance Adjustment One Month
Mansion Tax 1% where price exceeds $1,000,000

CONDOMINIUM APARTMENTS CLOSING COSTS

FOR THE SELLER:

Broker Negotiable
Attorney $1,800.00 and up
Managing Agent Fee $750.00
Move-out Fee $100.00 -$1000
New York City Transfer Tax 1% of purchase price up to
$500,000, and 1.425% of the price over $500,000
New York State Transfer Tax $2.00 per $500 of price
Miscellaneous Title Co. Fees $100.00
Bank Attorney Fee $300.00

FOR THE PURCHASER:

Attorney $1,800.00 and up
Bank Fees (if applicable):
Points 0 to 3% of loan value
Application, credit check, etc. $500.00
Bank Attorney $450.00
Short Term Interest One Month
Tax Escrows 2-6 Months
Recording Fees $100.00
Mortgage Tax 1.75% of mortgage amount on loans under $500,000, and 2.12% of mortgage amount on higher loans
Title Insurance Fee for owner Approx. $675.00 per $100,000.00
Mortgage Title Insurance Fee for bank Approx. $500.00 per $100,000.00
Violation Search $170.00
Managing Agent Fee $250.00 and up
Common Charge Adjustment One Month (prorated)
Real Estate Tax Adjustment One to Six Months (prorated)
Mansion Tax 1% where price exceeds $1,000,000

The above fees are estimates advice from an attorney is recommended.
All information is subject to errors, omissions and changes

Manhattan Relocation Package:

• Manhattan, New York City Relocation Guide
• Manhattan Relocation: Helpful Tips, Links and Contact Information
• Relocation Guide: Time Line For Purchasing A Manhattan Home
• Relocation Guide: Understanding (and loving) Manhattan
• New York Apartment terminology A-Z: A Consumer Guide
• NYC Room Count: A Consumer Buyers Guide
• New York City Building Terminology
• Co-ops vs. Condos: Understanding Manhattan Housing
• The Co-op Board Interview: Tips to Help Pass a Coop Board Interview

Courtesy of:

Mitchell J Hall, Associate Broker, The Corcoran Group

©Mitchell Hall 2006-2009