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Buyers Costs

CONDO CLOSING COST

Condo Apartments, Townhouses & 1-3 Family Dwellings

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FOR THE PURCHASER


Own Attorney: Varies*
Building Application: $500 and up
Title Insurance,
Title Search & Recording Fees: 0.6% of sale price and up
Move-in Deposit: $500 - $1,000 (usually Refundable if no damage)
Common charges,
property taxes & insurance premium: Adjusments pro-rated as of closing
Mansion Tax: Sale price over $1M but less than $2M = 1%
Sale price over $1M but less than $3M = 1.25%
Sale price over $2M but less than $5M = 1.5%
Sale price over $5M but less than $10M = 2.25%
Sale price over $10M but less than $15M = 3.25%
Sale price over $15M but less than $20M = 3.5%
Sale price over $20M but less than $25M = 3.75%
Sale price over $25M and up = 3.9%

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MORTGAGE ASSOCIATED FEES


Origination Costs - points: 0-3% of loan
Application, Credit Check, etc: Varies*
Appraisal: Varies*
Bank Attorney: $800 - $1-250
Mortgage Recording Tax: 1.8% for all mortgages less than $500,000;
1.925% for all mortgages of $500k or more minus $30 for townhomes
Real Estate Tax Escrow: 0-6 months, depending on lender requirements

CO-OP CLOSING COST

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FOR THE PURCHASER


Own Attorney: Varies*
Building Management Agent Fee: $500 and up
Move-in Deposit: $500 - $1,000 (usually refundable if no damage)
Lien Search: $350
Maintenance Adjustment: Pro-rated for month of closing
Mansion Tax: Sale price over $1M but less than $2M = 1%
Sale price from $2M to less $3M = 1.25%
Sale price from $5M to less $10M = 1.5%
Sale price from $10M to less $15M = 2.25%
Sale price from $15M to less $20M = 3.25%
Sale price from $20M to less $25M = 3.75%
Sale price from $25M and up = 3.9%
Potential Flip Tax  1%-3% (if applicable): Determined by co-op building (unless otherwise stated or negotiated). 

 

 

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MORTGAGE ASSOCIATED FEES


Orgination Costs - points: 0 - 3% of loan
Application, Credit Check, etc: $500 and up
Appraisal: Varies*
Bank Attorney: $800 - $1,250
UCC-1 Filing: $125

NEW DEVELOPMENT

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EXCLUSIVE TO NEW DEVELOPMENTS


NYC Real Property Transfer Tax: 1% to 1.425% of sale price**
NYS Transfer Tax: 0.4% of sale price
0.65% of sale price for transactions greater than or equal to $3M
(Transfer taxes are calculated and added to sale price (for tax purpose only) and then recalculated based on the bulked up price)
Sponsor Attorney Fee: $2,500 - $3,500
Working capital fund contribution: One-time fee equal to 1 or 2 months common charges, depending on condominium

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Contact Details

Philip Tabor at the corcoran group

LIC. RE SALESPERSON | L10401221712

[email protected]

M: (646) 247-9347

O: (212) 444-7800

 

220 W 19TH ST FL 5
NEW YORK NY 10011

New York Real Estate Advisor