Closing Costs

Please note that the following information regarding closing costs for purchasers and sellers in Co-Ops, Condos and Townhouses is simply an estimated breakdown. Please consult with your real estate attorney, accountant, and/or mortgage broker/banker for a more personalized indication of your costs as they pertain to your individual situation.

Condominium Apartments and Townhouses

For the Seller:


Attorney – Consult Your Attorney


NYC Transfer Tax – 1% of purchase price if $500,000 or less; 1.425% if over $500,000


NYS Transfer Tax – $4.00 per $1000 of purchase price


UCC-3 Filing – $75.00+


Managing Agent Processing Fee – $500-$750


Move Out Deposit – $500-$1000 (typically refundable if no damage)


Broker Commission – Typically 6% of purchase price


For the Purchaser:


Attorney – Consult Your Attorney


Managing Agent Application Fee – $250-$750


Credit Report Fee – $50-$100 per applicant


Lead Based Paint Disclosure Fee – $0-$50


Mansion Tax – 1% of purchase price if purchase price is $1,000,000+


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, Processing – $500+


Appraisal – $275+


Bank Attorney – $500+


Payoff Bank Fees (if applicable) – $300+


UCC-1 Filing Fee – $50+


Mortgage Recording Tax – 1.8% of mortgage for up to $500,000; over $500,000 is 1.925% of 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

New Developments & Sponsor Units:
For purchases directly from the sponsor or in new developments, the purchaser will generally be responsible for the costs normally paid by the seller including attorney fees, NYS and NYC Transfer Taxes:


Co-operative Apartments:

For the Seller


Attorney – Consult Your Attorney


Stock Transfer Stamps – $.05 per share


NYC Transfer Tax – 1% of purchase price if $500,000 or less; 1.425% if over $500,000


NYS Transfer Tax $4 per $1,000 of purchase price


UCC-3 Filing – $40+


Flip Tax (may or may not apply). Determined by the Co-Op (flat fee or 1-3% of purchase price)


Payoff Bank Fees (if applicable) $300+


Managing Agent Fee – $500-$750


Co-Op Attorney – $450+


Move-Out Deposit – $500-$1,000 (typically refundable if no damage)


Broker Commission – Typically 6% of purchase price


Estate Fees – Coop may impose additional fees for estate sales


Lost Stock and Lease Fees – $250-$750

For The Purchaser


Attorney – Consult Your Attorney


Managing Agent Application Fee – $250-$750


Credit Report Fee – $50-$100 per applicant


Lead Based Paint Disclosure Fee – $0-$50


Mansion Tax – 1% of purchase price if purchase price is $1,000,000+


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, Processing – $500+


Appraisal Fee – $300+


Bank Attorney – $500+


UCC-1 Filing Fee – $40+


Recognition Agreement Fee – $200+


Lien Search – $250-$350