Closing Cost
Closing Cost Estimates
This closing cost guide is designed to give you the general costs associated with the purchase or sale of a cooperative, condominium or townhouse property. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Please take note we do not represent that these are the entirety of potential costs, but are only to be used as a guide.
Co-op Apartments
| Broker’s Commission | 6% of purchase price |
| Seller's Attorney | Consult your Attorney |
| Managing agent/Co-op Attorney Fee | $650 |
| New York City Transfer Tax | Up to $500,000=1%; $500,000+=1.45% |
| New York State Transfer Tax | 0.4% of price (paid by Seller, expect sale by Sponsor) |
| Stock Transfer Tax | $0.05 per share |
| E Tax Filing (ACRIS) | $100 |
| Flip Tax | Typically 1% to 3% of price (if applicable) |
| Move-out Deposit/Fee | Varies by building |
| Lost Stock & Lease Fee | $250+ |
| Estate Fees | Co-op may impose additional fees for estate sales |
| Bank Fees—UCC# Filing fee | $75+ |
| Bank Attorney Fees | $750 - $1,000 |
| Purchaser's Attorney | Consult your attorney |
| Managing Agent Fee | $500+ |
| Move-in Deposit | $500—$1,000 (may be refundable if no damage) |
| Mansion Tax | 1% of purchase price when price is $1Million or more |
| Lien Search | $350 |
| Maintenance Adjustment | Pro-rated for month of closing |
| Mortgage Closing Costs: | |
|---|---|
| Points-Origination Costs | 0 to 3% of loan value |
| Application, Credit Check, etc. | $500+ |
| Appraisal | $425+ |
| Bank Attorney | $650—$1,000+ |
| UCC-1 Filing | $75+ |
Condominium Apartments & Townhouses
| Broker’s Commission | 6% of purchase price |
| Seller's Attorney | Consult your Attorney |
| Managing Agent Processing Fee | $650+ (not applicable to townhouses) |
| New York City Transfer Tax* | Up to $500,000=1%; $500,000+=1.425% |
| New York State Transfer Tax* | 0.4% of purchase price |
| Move-in Deposit | Varies by building (not applicable to townhouses) |
| Payoff Bank Fees (if applicable) | $250+ |
| E Tax Filing (ACRIS) | $100 |
| NYS Capital Gains Tax Withholding** | 8.82% of taxable gain on sale (only applicable to non-US residents) |
| (FIRPTA) Only applicable to non US residents | Buyer to withhold 10% of purchase price |
| Purchaser's Attorney | Consult your attorney |
| Building Application | $500+ |
| Move-in Deposit | Varies by building |
| Title Insurance, Title Search & Recording Fees | 0.6% of purchase price and up |
| Mansion Tax | 1% of total purchase price when price is $1Million or more |
| Common Charges, Property Taxes & Insurance Premium | Adjustments pro-rated as of closing |
| Mortgage Associated Fees: | |
|---|---|
| Points-Origination Costs | 0 to 3% of loan value |
| Application, Credit Check, etc. | $750+ |
| Appraisal | $125+ |
| Bank Attorney | $650—$1,000+ |
| Mortgage Recording Tax | If mortgage is less than $500,000 1.80% of loan amount & 1.925% for mortgage of $500,000 or more |
| Real Estate Tax Escrow | 0 to 6 months, depending on lender requirements |
*Paid by Seller, except sale by Sponsor
**Additional taxes on capital gain associated with the sale of real estate including Federal State and the specialized Medicare tax may apply. Please consult your tax professional to ensure compliance with all applicable tax regulations.
These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage broker.
Information contained herein is obtained from courses deemed reliable. However, it should not be construed as legal or tax advice. Consult your accountant or tax advisor to confirm your tax obligations as associated with a sale.