Closing costs... Guide for Condo's

By
Real Estate Agent with Town Residential
Closing Costs

Condominiums

For the Seller
Broker: Typically 6%
Own Attorney: Consult your attorney
Processing Fee: $450+
NYC Transfer Tax:
Residential:
Up to $500,000 = 1%
$500,000+ = 1.425%
Commercial:
Up to $500,000 = 1.425%
$500,000+ = 2.625%
Admin. Fee:
Non-Deed Transfers (i.e., Co-ops) = $50
Residential Deed Transfers= $75
Commercial Deed Transfers = $165
NY State Transfer Tax: $4 per $1,000 of price
NYS Equalization Fee: $75
Miscellaneous Title Fees: $200-$500
Pick-up/Payoff Fee to Title Closer: $100-$300
Miscellaneous Condominium Charges: Vary by building

Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes.
For the Purchaser
Buyer's Attorney: Consult your attorney
Bank Fees: $750
Application Fee: $350
Processing Fee: $330
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $9.80 single/$14.60 joint
Bank Attorney: $650
Tax Escrows: 2 to 6 months
Recording Fees: $250-$750
Mortgage Tax: 0.8%
Fee Title Insurance: Approx. $450 per $100,000 of sales price under 1M - +15% on $1M or more
Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount
Municipal Search: $350-$500
Mansion Tax: 1% of entire purchase where price is $1,000,000 or more.
NYC Mortgage Tax:
a. Mortgage less than $500,000 = 1.80%
b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%
c. Mortgage on all other property over $500,000.00 = 2.80%
Nassau and Suffolk Counties Mortgage Tax:
a. 1-3 family residential dwelling = 0.80% on entire mortgage amount
b. 3 or more family residential dwelling, commercial or vacant land = 1.05% on entire mortgage amount
Peconic Bay Tax: (East Hampton, Shelter Island and Southampton):
a. Exclusions: (i) Purchase Price less than $250,000 on improved property; and (ii) Purchase Price less than $100,000 on un-improved property
b. Residential 1-3 Family Dwelling less than $1,000,000 and all other properties = 2.40%
c. Residential 1-3 Family Dwelling $1,000,000+ = 3.40%

ADDITIONAL REAL ESTATE EXPENSES
Common Charge Adjustment: Pro-rated for the month of closing
Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected
Miscellaneous Condominium Charges: Vary by building
Short Term Interest: Equal to interest for balance of month in which you close
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Rainer
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Paul Macapagal

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