Co-op
vs Condo
Timeline
for purchasing
Buyers
Guide
Closing
Costs
Closing
Costs: Co-operative Apartments
Closing
Costs: Condominium Apartments / Townhouses
Closing Costs: Co-operative & Condominium Apartments and Townhouses
New York City Real Property Transfer
Tax
(Paid by seller, except most sponsor
sales)
Sales under $500,000
1% of sales price
Sales over $500,000
1.425% of sales price
New York State Real Property Transfer
Tax
(Paid by seller, except most sponsor
sales)
0.4% of sales price
Mansion Tax
(Paid by buyer, only when price exceeds
$1,000,000)
1%
of entire sales price
Title Insurance
(Paid by buyer, condominium/townhouse
only)
Approx. 0.5% - 0.8% of purchase price
Mortgage Tax
(Paid by buyer, condominium/townhouses
only, if financing )
Sales under $500,000 1.75% of entire mortgage
Sales over $500,000 1.85% of entire mortgage
Miscellaneous Expenses
Legal fees, bank costs,
managing agent/building fees, flip tax
Broker Comission 6%
Costs can change and vary for some
transactions. All information is subject to errors, omissions and changes
in facts or circumstances.
Always consult your attorney before
signing a contract.
Closing costs: Co-operative Apartments
For The Seller
Own Attorney
$1,600 + up *
Stock Transfer Stamps $.05 per share
NYC Real Property Transfer Tax
1% of purchase price if $500,000 or less of 1.425%
of purchase price if over $500,000 of the
entire amount
NYS Transfer Tax
0.4% (.004) of purchase price
UCC-3 Filing
$75 + up
Flip Tax (if applicable)
Determined by co-operative building
Payoff Bank Attorney (if applicable)
$450 + up
Managing Agent Fee
$500 - $750
Move-Out Deposit
$500 - $1000 (usually refundable if no damage)
Broker Comission
6% of purchase price
Estate Fees
Coop may impose additional fees for estate sales
Lost Stock and Lease Fees
$250 - $750
E Tax Filing (ACRIS)
$50
Gains Tax Withholding (out of state
seller)
7.7% of gain
Non-US Resident (FIRPTA)
10% of price withheld or paid
For The Purchaser
Own Attorney
$1,600 + up*
Managing Agent Application Fee
$750
Credit Report Fee
$50 - $100 per applicant
Lead Based Paint Disclosure Fee
$0 - $50
Mansion Tax
1% of purchase price when over $1 million
Move-in Deposit
$500 - $1,000 (usually refundable if no damage)
Mortgage Associated Fees:
Origination Costs – points
0 - 3% value of loan
Application, Credit Check, etc.
$500 + up
Appraisal
$275 + up
Bank Attorney
$500 + up
UCC-1 Filing
$50 + up
Recognition Agreement Fee
$200 + up
Lien Search
$350
Maintenance Adjustment Prorated for
month of closing Prorated
for month of closing
* Check with bank/mortgage broker
for additional fees . New York State Law requires a written letter of engagement
if the legal fee will exceed $3,000. Non New York State residents should
procure exemption for state transfer tax forms (TP584) . These are only
estimates. Please confirm closing costs for specific transactions with
your attorney and/or mortgage representative.
Closing Costs: Condominium Apartments / Townhouses
For The Seller
Own Attorney
$1,700 & up *
NYC Real Property Transfer Tax
1% of purchase price if $500,000 or less
1.425% of purchase price if over
$500,000 of the entire amount
NYS Transfer Tax
.4% (.004) of purchase price
UCC-3 Filing
$75 + up
Payoff Bank Fees (if applicable)
$450 *
Managing Agent Fee
$250 - $750
Move-Out Deposit
$500 - $1,000 (usually refundable if no damage)
Broker Comission
6% of purchase price
E Tax Filing (ACRIS) $50
Gains Tax Withholding (out of state
seller)
7.7% of gain
Non-US Resident (FIRPTA)
10% of price withheld or paid
For The Purchaser
Own Attorney
$1,700 + up*
Managing Agent Fee
$250 - $500
Credit Report Fee
$50 - $100 per applicant
Lead Based Paint Disclosure Fee
$0 - $50
Mansion Tax
1% of purchase price where $1 million and over
Move-in Deposit
$500 - $1,000 (usually refundable if no damage)
Mortgage Associated Fees:
Origination Costs – points
0 - 3% value of loan
Application, Credit Check, etc.
$500 + up
Appraisal
$275 + up
Bank Attorney
$500 + up
UCC-1 Filing
$50 + up
Mortgage Recording Tax
Up to $500,000 is 2.05% of mortgage;
over $500,000 is 2.175% of mortgage
Title Insurance, Title Search &
Recording Fees
Approximately 0.5% of purchase price
Building Searches
$200 - $400
Recording Charge
$17 per document plus $5 per page
Real Estate Tax Escrow
2-6 months
If Purchased Directly from Sponsor:
( ie: new construction)
NYC Real Property Transfer Tax
1% of purchase price up to $500,000
1.425% of purchase price over $500,000
NYS Transfer Tax
$4 per $1,000 of purchase price
Sponsor's Attorney
Fee $1,500
* Check with bank/mortgage broker
for additional fees . New York State Law requires a written letter of engagement
if the legal fee will exceed $3,000. Non New York State residents should
procure exemption for state transfer tax forms (TP584) . These are only
estimates. Please confirm closing costs for specific transactions with
your attorney and/or mortgage representative.
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