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Apartment Closing Costs
This closing cost guide is designed to give you the
general costs associated with the purchase or sale of a cooperative,
condominium or townhouse property. Please note that these are estimates
and that potential buyers and sellers should consult their real estate
attorney or financial advisor for specifics. Please take note we do not
represent that these are the entirety of potential costs, but are only to
be used as a guide. Mortgage closing cost estimates have been furnished by
our affiliate, Preferred Empire Mortgage Company.
Condominiums--------------------
Broker: Typically 6%
Own Attorney: Consult your attorney
Processing Fee: $450+
NYC Transfer Tax: 1% of price up to $500,000; or,
1.425% of price if $500,000 and over.
NY State Transfer Tax: $4 per $1,000 of price
Miscellaneous Title Fees: $200-$500
Payoff Fee to Title Closer: $100-$300
Miscellaneous Condominium Charges: Vary by building
Note: For condominiums in new developments, the Purchaser will pay
costs normally paid by the Seller. These include Seller attorney fees
as well as NY and NYC Transfer Taxes. |
Buyer’s Attorney: Consult your attorney
Bank Fees: $750
Application Fee: $500
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $9.80 single/$14.60 joint
Bank Attorney: $750-$850
Tax Escrows: 2 to 6 months
Recording Fees: $250-$750
Mortgage Tax: 1.80% of amount of mortgage on loans under
$500,000; or 1.925% of amount of mortgage on loans of $500,000 and
over
Fee Title Insurance: Approx. $450 per $100,000 of sales price
under 1m - +15% on 1M or more
Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage
amount
Municipal Search: $350-$500
Mansion Tax: 1% of entire purchase where price is $1,000,000 or
more.
ADDITIONAL REAL ESTATE EXPENSES
Common Charge Adjustment: Pro-rated for the month of closing
Real Estate Tax Adjustment: Pro-rated depending on when the tax
is collected
Miscellaneous Condominium Charges: Vary by building
Short Term Interest: Equal to interest for balance of month in
which you close |
Co-ops---------------------------------------------------------------------------
Broker: Typically 6%
Own Attorney: Consult your attorney
Co-op Attorney: $450+
Flip Tax: Typically 1% to 3% of price (if applicable)
Stock Transfer Tax: $0.05 per share
Move-out Deposit: Varies by building
NYC Transfer Tax: 1% of price up to $500,000; or 1.425% of
price if $500,000 and over.
NY State Transfer Tax: $4 per $1,000 of price
Pick-up / Payoff Fee: $250-$500
UCC-3 Filing Fee: $100
Miscellaneous Coop Charges: Vary by building |
MORTGAGE CLOSING COSTS
Buyer’s Attorney: Consult your attorney
Bank Fees: $350-$750
Application Fee: $350
Processing Fee: $280
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $9.80 single/$14.60 joint
Bank Attorney: $750-$850
Lien Search: $250-$350
UCC-1 Filing: $100
Mansion Tax: 1% of entire purchase price where price is
$1,000,000 or more.
ADDITIONAL REAL ESTATE EXPENSES
Miscellaneous Co-op Charges: Vary by building
Recognition Agreement Fee: $200+
Maintenance Adjustment: Pro-rated for the month of closing
Short Term Interest: Equal to interest for balance of month in
which you close |
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