VJ Jose

Many buyers are not aware of the closing costs associated with buying a condo or co-op in Manhattan. I get many clients that have no idea what there expected to pay at closing. It's best to educate yourself before hand so you won't be surprised at the closing table. Below is a reference to some of the costs. Please refer to your attorney and your mortgage banker for exact costs.


Typical Estimated Closing Costs:
Cooperative Apartments
FOR THE SELLER
Broker Commission: 6%
Own Attorney: Consult your attorney
Co-op Attorney: $450
Flip Tax: 1% to 3% of Price (if applicable)
Stock Transfer Tax: $0.05 per share
Move-out Deposit: One time fee of $500+ NYC Transfer Tax:
1% of price up to $500,000; or, 1.425% of price if $500,000
and over. Plus $25 administrative fee.
NY State Transfer Tax: $2 per $500 of price, or 0.4% of
purchase price
Payoff Fee to Title Closer: $350
UCC-3 Filing Fee: $30


FOR THE PURCHASER-COOP
Own Attorney: Consult your attorney
Bank Fees: Points: 0% to 3% of loan value
Application, credit check, etc.: $500+
Bank Attorney: $450+
Miscellaneous Bank Fees: $500+
Lien Search: $300
UCC-1 Filing: $20
Appraisal Fee: $300+
Application Fee (Credit Report/Appraisal): $500+
Short Term Interest Equal to interest for balance of month
in which you close
Move-in Deposit: One time fee of $500+
Recognition Agreement Fee: $200+
Maintenance Adjustment: Pro-rated for the month
of closing
Mansion Tax: 1% of entire purchase price where price
is $1,000,000 or more.



Typical Estimated Closing Costs:
Condominium Apartments
FOR THE SELLER
Broker: Typically from 6% depending upon size and marketing
Own Attorney: Consult your attorney
Processing Fee: $450+
Move-out Deposit: One time fee of $500+
Bank Attorney: $450+
NYC Transfer Tax: 1% of price up to $500,000; or, 1.425%
of price if $500,000 and over. Plus $25 administrative fee.
NY State Transfer Tax: $2 per $500 of price, or 0.4%
of purchase price
Miscellaneous Title Fees: $200
Payoff Fee to Title Closer: $300+
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-CONDO
Own Attorney: Consult your attorney
Bank Fees: Points: 0% to 3% of loan value
Application Fee (Credit Report/Appraisal): $500+
Bank Attorney: $450+
Short Term Interest: One month
Tax Escrows: 2 to 6 months
Recording Fees: $300
Mortgage Tax: 1.75% of amount of mortgage on loans under
$500,000; or, 1.875% of amount of mortgage on loans of
$500,000 and over
Fee Title Insurance: Approx. $450 per $100,000
Mortgage Title Insurance: Approx. $200 per $100,000
Municipal Search: $275+
Managing Agent Fee: $250+
Common Charge Adjustment: Pro-rated for the month
of closing
Real Estate Tax Adjustment: 1 to 6 months
Mansion Tax: 1% of entire purchase price where price is
$1,000,000 or more.
Move-in Deposit: One time fee of $500+