Buyer's Closing Costs


COOPERATIVE APARTMENT PURCHASE


Mansion Tax

Purchase Application Fee

Move-in Deposit (refundable)

Move-in Fee (non-refundable)

Attorney Fee

Judgment and Lien Search

Flip Tax (if applicable)

Bank Fees

1% of purchase price if $1,000,00+

$500 - $1,000

$500 - $1,000

$250 - $1,000

$2,250-$3,500 (average-sales under 1.5M)

$350

1-3% of purchase price (purchaser pays in some buildings)

Varies according to bank and loan product. Obtain Good Faith Estimate from Lender. * Includes fees such as application fee, discount points, credit reports, document preparation, underwriting/post-closing review and appraisal fee

Bank Attorney

UCC-1 Filing Fee

Financing / Recognition Agreement Fee

Maintenance Adjustment

$600 - $1,000

$75 - $125

$150 - $250

Purchaser reimburses Seller for any prepaid maintenance payments


condominium apartment purchase


Mansion Tax

1% of purchase price if $1,000,000 or greater

$500 - $1,000

Purchase Application Fee

Move-in Deposit (refundable)

$500 - $1,000

Move-in Fee (non-refundable)

$250 - $1,000

Credit Check Fee

$50 - $150

Attorney Fee

$2,250 - $3,500 (on average for sales up to $1.5M)

Varies according to bank and loan product. Obtain Good Faith Estimate from Lender.

* Includes fees such as application fee, discount points, credit reports, document preparation, underwriting/post-closing review and appraisal fee

Bank Fees

Bank Attorney

$600 - $1,000

UCC-1 Filing Fee

$75 - $125

Mortgage Title Insurance

Varies according to loan amount

Title Insurance

$4 - $1,000 of purchase price

New York State Mortgage Recording Tax

1.8% if mortgage amount is less than $500,000

1.925% if mortgage is greater than $500,000

Mortgage Recording Fee

$200

Title and Municipal Search Fee

$500

Deed Recording Fee

$250

Power of Attorney Recording Fee

$125

Common Charge Adjustment                                                            

Purchaser reimburses Seller for any prepaid common charge payments

Real Estate Tax Adjustment

Purchaser reimburse Seller for any prepaid real estate taxes

 

additional closing costs for new construction

Sponsor's Attorney Fees

$1,800 - $2,500

Sponsor's NYC and NYS Transfer Taxes

Transfer taxes are calculated and added to the purchase price (for tax purposes only) and then recalculated based upon the bulked up price (may trigger Mansion Tax)

Residential Manager's Apartment (if applicable)

Calculated based upon Purchaser’s percentage of common interest in the building

Working Capital Fund Contribution

1 - 2 months of common charges

 

townhouse purchase


Mansion Tax

1% of purchase price if $1,000,000 or greater

Attorney Fee

$2,250 - $3,500 (on average for sales up to $1.5M)

Bank Fees

Varies according to bank and loan product. Obtain Good Faith Estimate from Lender.

* Includes fees such as application fee, discount points, credit reports, document preparation, underwriting/post-closing review and appraisal fee

Bank Attorney

$600 - $1,000

UCC-1 Filing Fee

$75 - $125

Mortgage Title Insurance

Varies according to loan amount

Title Insurance

$4 - $1,000 of purchase price

New York State Mortgage Recording Tax

1.8% if mortgage amount is less than $500,000.  1.925% if mortgage is greater than $500,000

Mortgage Recording Fee

$200

Title and Municipal Search Fee

$500

Deed Recording Fee

$250

Power of Attorney Recording Fee

$125

New Survey

$750 - $1,000


The information presented above is for informational purposes only and is not intended as a comprehensive listing of all closing costs. Actual closing cost will vary depending on the specific services used, and the amounts charged are determined by the individual service providers.