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Closing Costs

CLOSING COSTS

Estimated costs for sellers and purchasers

BUYERS

ESTIMATED CO-OP CLOSING COSTS

LEGAL

Real estate attorney $2,500 - $5,000
Lien search $350 - $450

BANK

Points (optional) 0.5%- 3% of loan value
Application fee and credit check $350-1,000
Mortgage origination fee .5%-3% of loan value
UCC-1 filing fee $20-40
Appraisal fee $500 - $1,500
Bank Attorney $1,000-$1,500

BUILDING

Miscellaneous co-op charges Varies by building
Recognition agreement fee $250
Maintenance adjustment Pro-rated for month of closing
Flip Tax Varies by building

ESTIMATED TOWNHOUSE CLOSING COSTS

LEGAL

Real estate attorney $2,500 - $5,000

BANK

Points (optional) 0.5% - 3% of loan value
Application fee and credit check $350-$1,000
Mortgage origination fee .5%-3% of loan value
Tax escrow 2-6 months of property taxes
Appraisal fee $500 - $1,500
Bank Attorney $1,000-$1,500
Mortgage recording tax
1.8% of mortgage amount <$500,000
1.925% of mortgage amount >$500,000

OTHER

Recording fee $250
Title Insurance 0.45% of purchase price
Municipal Searches $350-$500

ESTIMATED CONDO CLOSING COSTS

LEGAL

Real estate attorney $2,500 - $5,000

BANK

Points (optional) 0.5%- 3% of loan value
Application fee and credit check $350-$1,000
Mortgage origination fee .5%-3% of loan value
Tax escrow 2-6 months of property taxes
Appraisal fee $500 - $1,500
Bank Attorney $1000-1500
Mortgage recording tax
1.8% of mortgage amount <$500,000
1.925% of mortgage amount >$500,000

BUILDING

Common Charges Adjustment Pro-rated for month of closing
Transfer tax (NYC)
1% of mortgage amount <$500,000
1.425% of mortgage amount >$500,000
Transfer tax (NY State)*
0.4% of transactions <$3MM
0.65% of transactions >$3MM

* New developments only

OTHER

Recording fee $250
Title Insurance 0.45% of purchase price
Municipal Searches $350-$500

MANSION TAX (APPLIES TO CO-OP, CONDO AND TOWNHOUSE)

$1,000,000-$1,999,999 1%
$2,000,000-$2,999,999 1.25%
$3,000,000-$4,999,999 1.50%
$5,000,000-$9,999,999 2.25%
$10,000,000-$14,999,999 3.25%
$15,000,000-$19,999,999 3.50%
$20,000,000-$24,999,999 3.75%
$25,000,000+ 3.90%

SELLERS

ESTIMATED CO-OP CLOSING COSTS

LEGAL

Real estate attorney $2,500 - $5,000

TAXES

Transfer tax (NYC)
1% of mortgage amount <$500,000
1.425% of mortgage amount >$500,000
Transfer tax (NY State)
0.4% of transactions <$3MM
0.65% of transactions >$3MM
Electronic Filing with ACRIS $50
Gains Tax Withholding (out of state US residents) 7.70%
Federal Withholding Tax (FIRPTA) - Non-US residents 10%
NYC administrative fee $50
NYS equalization fee $75

RECORDING/FILING

UCC-Filing $300

BANK

Payoff bank fees $300
Loan satisfaction fee $150

BUILDING

Managing agent/closing fees (if applicable) $500
Move out deposit $750
Move out fee Varies by building
Flip Tax Varies by building

BROKERAGE

Broker fee 6%

ESTIMATED CONDO CLOSING COSTS

LEGAL

Real estate attorney $2,500 - $5,000

TAXES

Transfer tax (NYC)
1% of mortgage amount <$500,000
1.425% of mortgage amount >$500,000
Transfer tax (NY State)
0.4% of transactions <$3MM
0.65% of transactions >$3MM
Electronic Filing with ACRIS $50
Gains Tax Withholding (out of state US residents) 7.70%
Federal Withholding Tax (FIRPTA) - Non-US residents 10%
NYC administrative fee $50
NYS equalization fee $75

BANK

Payoff bank fees $300
Loan satisfaction fee $150

BUILDING

Managing agent/ closing fees (if applicable) $500 Varies by building
Move out deposit (varies) $750 Varies by building
Move out fee Varies by building
Transfer fee Varies by building

BROKERAGE

Broker fee 6%

ESTIMATED TOWNHOUSE CLOSING COSTS

LEGAL

Real estate attorney $2,500 - $5,000

BANK

Payoff bank fees $300
Loan satisfaction fee $150

BROKERAGE

Broker fee 6%

TAXES

Transfer tax (NYC)
1% of mortgage amount <$500,000
1.425% of mortgage amount >$500,000
Transfer tax (NY State)
0.4% of transactions <$3MM
0.65% of transactions >$3MM
Electronic Filing with ACRIS $50
Gains Tax Withholding (out of state US Residents) 7.70%
Federal Withholding Tax (FIRPTA) - Non-US residents 10%
NYC administrative fee $50
NYS equalization fee $75

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Contact Details

Marco Druzetich

Phone

(917) 775-4477

Email

[email protected]

Address

575 Madison Ave New York, NY 10022

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