PURCHASER
| TOWNHOUSE AND SINGLE-FAMILY HOME | |
| MORTGAGE CLOSING COSTS | |
| Buyer’s Attorney | Consult your attorney |
| Bank Fees | $750+ |
| Application Fee | $350+ |
| Processing Fee | $330+ |
| Appraisal Fee | $500 – $2,000 |
| Credit Report Fee | $45 – $100+ |
| Bank Attorney | $750 – $1,000 |
| Tax Escrow | 2 to 6 months |
| Recording Fees | $250 – $750 |
| Mortgage Tax – Real Property Only (Co-Ops Excluded) | |
| Mortgage Tax – NYC (Paid by Borrower) | |
| 1 – 3 Family Home • If mortgage is less than $500K:
1.8% of loan amount • If mortgage is $500K or more: 1.925% of loan amount |
|
| CO-OPERATIVE | |
| MORTGAGE CLOSING COSTS | |
| Buyer’s Attorney | Consult your attorney |
| Bank Fees | $550 – $1,000 |
| Application Fee | $350 – $650 |
| Processing Fee | $330 – $500 |
| Appraisal Fee | $500 – $2,000 |
| Credit Report Fee | $45 -$100+ |
| Bank Attorney | $650 – $750 |
| Lien Search | $250 – $350 |
| UCC-1 Filing Fee | $100 |
| Mansion Tax | 1% of entire purchase price where
price is $1,000,000 or more |
| CONDOMINIUM | |
| MORTGAGE CLOSING COSTS | |
| Buyer’s Attorney | Consult your attorney |
| Bank Fees | $750 – $1,000 |
| Application Fee | $550 – $1,000 |
| Processing Fee | $330 – $500 |
| Appraisal Fee | $500 – $2,000 |
| Credit Report Fee | $45 -$100+ |
| Bank Attorney | $650 – $750 |
| Tax Escrow | 2 to 6 months |
| Recording Fee | $250 – $750 |
| Fee Title Insurance | Variable by transaction
Please consult your attorney |
| Mortgage Title Insurance | Approx. $130 per $100K of
mortgage amount |
| Municipal Search | $350 – $500 |
| Mansion Tax | 1% of entire purchase price
where price is $1,000,000 or more |
| NYC Mortgage Tax | • Mortgage less than $500k = 1.8%
• Mortgage $500K+ on 1-3 family residential dwelling = 1.925% |
This closing cost guide was created in order to help you to understand the general costs associated with the purchasing or selling of a home. Please be advised that these numbers are estimates and it is important to consult your financial advisor or real estate attorney for specific costs.
SELLER
| CONDOMINIUM | |
| Broker | Typically 6% |
| Own Attorney | Consult your attorney |
| Processing Fee | $600+ |
| NYC Transfer Tax* | Only for properties in the 5 boroughs |
| Residential | Up to $500K = 1% Over $500K = 1.425% |
| Commercial | Up to $500K = 1.425% Over $500K = 2.625% |
| Administrative Fees | |
| Residential Deed Transfers | $75 |
| Commercial Deed Transfers | $165 |
| NY State Transfer Tax* | $4 per $1,000 of price |
| NYS Equalization Fee | $75 |
| Pick-Up/Payoff Fee | $500 – $750 |
| Miscellaneous Condo Charges | Varies by building |
| UCC – 3 Filing Fee | $100 |
| If Purchased Directly from Sponsor: | |
| NYC Real Property Transfer Tax* | 1% of purchase price up to $500K and 1.425% of purchase over $500K |
| NYS Transfer Tax* | $4 per $1,000 of price |
| Sponsor’s Attorney Fee | $1,500 + up |
| Working Capital Fund Contribution |
An amount equal to 1 or 2 months common charges |
*Transfer taxes paid by seller, except in the case of sponsor sales, in which case the transfer tax is paid by the purchaser.
| CO-OPERATIVE | |
| Broker | Typically 6% |
| Own Attorney | Consult your attorney |
| Co-op Attorney | $600 |
| Flip Tax | Varies depending on building |
| Stock Transfer Tax* | $0.05 per share |
| Move-out Deposit/Free | Varies by building |
| NYC Transfer Tax* | Only for properties in the 5 boroughs |
| Residential | Up to $500K = 1% Over $500K = 1.425% |
| Commercial | Up to $500K = 1.425% Over $500K = 2.625% |
| NY State Transfer Tax* | 1% of entire purchase price where price is $1,000,000 or more |
| NYS Equalization Fee | $75 |
| Miscellaneous Co-op Fees | Varies by building |
| Pick-Up/Payoff Fee | $500 – $700 |
| UCC – 3 Filing Fee | $100 |
| TOWNHOUSE AND SINGLE-FAMILY HOMES | |
| Broker | Typically 6% |
| Own Attorney | Consult your attorney |
| NY State Transfer Tax* | $4 per $1,000 of price |
| NYC Transfer Tax* | Only for properties in the 5 boroughs |
| Residential | Up to $500K = 1% Over $500K = 1.425% |
| Commercial | Up to $500K = 1.425% Over $500K = 2.625% |
| Administration Fees: | |
| Residential Deed Transfers | $75 |
| Commercial Deed Transfers | $165 |
| NYS Equalization Fee | $75 |
| Miscellaneous Title Fees | $500 |
| Pick-up/Payoff Fee to Title Closer |
$200 – $500 Consult your attorney |
This closing cost guide was created in order to help you to understand the general costs associated with the purchasing or selling of a home. Please be advised that these numbers are estimates and it is important to consult your financial advisor or real estate attorney for specific costs.