Closing Costs for Buyers

CONDOMINIUM APARTMENTS


Own Attorney $1,500 + up
Managing Agent Application Fee $500
Credit Report Fee $75 – $100 per applicant
Lead Based Paint Disclosure Fee $0 - $50
Mansion Tax 1% of purchase price when $1 million +
Move-in Deposit $500 - $1,000 (refundable if no damage)
Common charges,
real estate taxes and insurance
pro rated as of closing
   
Mortgage Associated Fees:  
Mortgage Tax: (Paid by buyer, condominium/townhouses only, when financing )
Recording Tax Sales under $500,000 1.8% of entire mortgage
Recording Tax Sales over $500,000 1.925% of entire mortgage
Application, Credit Check, etc. $500 + up
Appraisal $250 + up
Bank Attorney $500 + up
UCC-1 Filing $50 + up
Recognition Agreement Fee $200 + up
Lien Search $350
Fee Title Insurance Approx. $450 per $100,000
Mortgage Title Insurance: Approx. $200 per $100,000
Recording Fees $200 – $300
Origination Costs - Points 0-3% of loan value
Departmental Searches $200 – $400
Real Estate Tax Escrow 2-6 months
If Purchased Directly from Sponsor *New Developments
NYC 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 the purchase price
Sponsor’s Attorney Fee $1,500

 

COOPERATIVE APARTMENTS


Own Attorney: $1,500 + up
Bank Fees: Points: 0% to 3% of loan value
Application, credit check, etc: $500+
Bank Attorney: $695
Miscellaneous Bank Fees: $500+
Lien Search: $300
UCC-1 Filing: $100
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 $500.00+
Recognition Agreement Fee: $200
Maintenance Adjustment: Pro-rated for the months of closing.
Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.

 

TOWNHOUSES


Own Attorney: $1,500 +
Engineer/Inspection Report $750 – $2000
Termite Inspection $200 – $500
Mansion Tax 1% of entire purchase price
where price is $1,000,000 or more.
Mortgage Associated  
Origination Costs – points 0 – 3% of loan value
UCC-1 Filing $50 +
Appraisal Fee $300 +
Application
Fee (Credit Report/Appraisal):
$500 +
Mortgage Recording Tax (Paid by buyer, condominium/townhouses only, when financing )
Recording Tax Sales under $500,000 1.75% of entire mortgage
Recording Tax Sales over $500,000 1.875% of entire mortgage
Title Insurance, Title Search & Recording Fees up to 0.5% of purchase
Building Searches $200 – $400
Recording Charge $17 per document plus $5 per page
NYS Transfer Tax $4
per $1,000 of the purchase price

 

Note: Inquire with bank/mortgage broker for additional fees . NY 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. Projections above are only estimates. Please confirm all closing costs for specific transactions with your attorney and/or mortgage representative.

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