In This Guide
What are my closing costs as a co-op seller?
| Real Property Transfer Taxes |
| New York City – Sale $500,000 and under |
1% of sales price |
| New York City – Sale over $500,000 |
1.425% of sales price |
| New York State |
$4 per $1,000 of price |
| Professional Services |
| Attorney |
$3,000+ |
| Broker Commission |
2-3% paid to seller’s agent and 2-3% paid to buyer’s agent, or as provided in buyer representation agreement with broker |
| General (if applicable) |
| Move-In Deposit |
$500 – $1,000 (usually refundable if no damages) |
| Move-Out Deposit |
$500 – $1,000 (usually refundable if no damages) |
| Managing Agent Fee |
Varies, $250 – $950 |
| Payoff Bank Attorney |
$500+ |
| UCC3 Filing |
$100+ |
| E Tax Filing (ACRIS) |
$100 |
| Stock Transfer Stamps |
5 cents per share |
| Gains Tax Withholding (out of state seller) |
8.9% of gain |
| Flip Tax |
Typically, 1-3% of the sales price, if applicable; varies per co-op |
| Non-US Resident (FIRPTA) |
10% of price withheld or paid |
| Estate Sale Fees |
Co-op may impose additional fees for estate sales |
| Lost Stock and Lease Fees |
$250 – $750 or more |
These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
What are my closing costs as a co-op buyer?
| Professional Services |
| Attorney |
$3,000+ |
| General (if applicable) |
| Application Fee |
$500 – $1,000 |
| Credit Report |
$50 – $100 per applicant |
| Lead Based Paint Disclosure |
$0 – $50 |
| Move-in Deposit |
$500 – $1,000 (usually refundable if no damages) |
| Move-Out Deposit |
$500 – $1,000 (usually refundable if no damages) |
| Mortgage Associated Fees (if applicable) |
| Origination Costs – Points |
0 – 3% value of loan |
| Application, Credit Check, etc. |
$500+ |
| Appraisal |
$300 – $1,500 (depending on purchase price) |
| Bank Attorney |
$500+ |
| UCC-1 Filing |
$100 |
| Recognition Agreement Fee |
$250 – $300 |
| Lien Search |
$250 – $350 |
| Maintenance Adjustment |
Prorated for month of closing |
| Mansion Tax (if applicable) |
| Only when purchase price is $1,000,000 to $1,999,999 |
1% of purchase price |
| $2,000,000 to $2,999,999 |
1.25% of purchase price |
| $3,000,000 to $4,999,999 |
1.5% of purchase price |
| $5,000,000 to $9,999,999 |
2.25% of purchase price |
| $10,000,000 to $14,999,999 |
3.25% of purchase price |
| Potential Added Costs When Buying From Sponsor |
| NY City Transfer Tax – Sale $500,000 and under |
1% of sales price |
| NY City Transfer Tax – Sale over $500,000 |
1.425% of sales price |
| New York State Transfer Tax |
$4 per $1,000 of price |
| Sponsor’s Attorney |
$3,000+ |
These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
What are my closing costs as a condo seller?
| Real Property Transfer Taxes |
| New York City – Sale $500,000 and under |
1% of sales price |
| New York City – Sale over $500,000 |
1.425% of sales price |
| New York State |
$4 per $1,000 of price |
| Professional Services |
| Attorney |
$3,000+ |
| Broker Commission |
2-3% paid to seller’s agent and 2-3% paid to buyer’s agent, or as provided in buyer representation agreement with broker |
| General (if applicable) |
| Title Insurance |
0.5% – 0.8% of sales price |
| Payoff Title Closer |
$300 |
| Move-Out Deposit |
$500 – $1,000 (usually refundable if no damages) |
| Managing Agent Fee |
$250 |
| E Tax Filing (ACRIS) |
$100 |
| Gains Tax Withholding (out of state seller) |
8.9% of gain |
| Non-US Resident (FIRPTA) |
10% of price withheld or paid |
| Estate Sale Fees |
Condo may impose additional fees for estate sales |
These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
What are my closing costs as a condo buyer?
| Professional Services |
| Attorney |
$3,000 |
| Broker Fee |
2-3% or as provided in buyer’s representation agreement with broker |
| General (if applicable) |
| Application Fee |
$500 – $750 |
| Lead Based Paint Disclosure |
$0 – $50 |
| Title Insurance |
0.5% – 0.8% of sales price |
| Managing Agent Fee |
$250 |
| Credit Report Fee |
$50 – $100 per applicant |
| Move-in Deposit |
$500 – $1,000 (usually refundable if no damages) |
| E Tax Filing (ACRIS) |
$100 |
| Mortgage Associated Fees (if applicable) |
| Origination Costs – points |
0 – 3% value of loan |
| Application, Credit Check, etc. |
$500+ |
| Appraisal |
$300 – $1,500 (depending on purchase price) |
| Bank Attorney |
$500+ |
| Mortgage Tax ($500,000 and under) |
1.8% of mortgage |
| Mortgage Tax (over $500,000) |
1.925% of mortgage |
| Title Insurance |
0.5% of purchase price |
| Title Closer Fee |
$100 – $250 |
| Common Charge Adjustment |
Prorated for month of closing |
| Real Estate Tax Adjustment |
Prorated for month of closing |
| Mansion Tax (if applicable) |
| Only when purchase price is $1,000,000 to $1,999,999 |
1% of purchase price |
| $2,000,000 to $2,999,999 |
1.25% of purchase price |
| $3,000,000 to $4,999,999 |
1.5% of purchase price |
| $5,000,000 to $9,999,999 |
2.25% of purchase price |
| $10,000,000 to $14,999,999 |
3.25% of purchase price |
| Potential Added Costs When Buying From Sponsor |
| NY City Transfer Tax – Sale $500,000 and under |
1% of sales price |
| NY City Transfer Tax – Sale over $500,000 |
1.425% of sales price |
| New York State Transfer Tax |
$4 per $1,000 of price |
| Sponsor’s Attorney |
$3,000+ |
These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
What are my closing costs as a townhouse seller?
| Real Property Transfer Taxes |
| New York City Residential – $500,000 and under |
1% of sales price |
| New York City Residential – Over $500,000 |
1.425% of sales price |
| New York City Commercial – $500,000 and under |
1.425% of sales price |
| New York City Commercial – Over $500,000 |
2.625% of sales price |
| New York State |
$4 per $1,000 of price |
| Professional Services |
| Attorney |
$3,000+ |
| Broker Commission |
2-3% paid to seller’s agent and 2-3% paid to buyer’s agent, or as provided in buyer representation agreement with broker |
| General (if applicable) |
| Residential Deed Transfer |
$75 |
| Commercial Deed Transfer |
$165 |
| NYS Equalization Fee |
$75 |
| Title Fees |
$200 – $500 |
| Pick-up / Payoff Fee to Title Closer |
$300 |
| Gains Tax Withholding (out of state seller) |
8.9% of gain |
| Non-US Resident (FIRPTA) |
10% of price withheld or paid |
| Commercial |
Tax Escrows 2 – 6 months |
These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
What are my closing costs as a townhouse buyer?
| Professional Services |
| Attorney |
$3,000+ |
| General (if applicable) |
| Application Fee |
$500 – $750 |
| Credit Report |
$50 – $100 per applicant |
| Lead Based Paint Disclosure |
$0 – $50 |
| Title Insurance |
$196 per $100,000 of mortgage on purchase only |
| Searches (Title, Municipal, Violation, Bankruptcy) |
$750 |
| Real Estate Taxes |
1 – 3 months |
| Payoff Bank Attorney |
$450+ |
| Survey |
$500 – $1,000 |
| Mortgage Associated Fees (if applicable) |
| Origination Costs – points |
0 – 3% value of loan |
| Application, Credit Check, etc. |
$500+ |
| Appraisal |
$300 – $1,500 (depending on purchase price) |
| Bank Attorney |
$500+ |
| Mortgage Tax ($500,000 and under) |
1.8% of mortgage |
| Mortgage Tax (over $500,000) |
1.925% of mortgage |
| Mansion Tax (if applicable) |
| Only when purchase price is $1,000,000 to $1,999,999 |
1% of purchase price |
| $2,000,000 to $2,999,999 |
1.25% of purchase price |
| $3,000,000 to $4,999,999 |
1.5% of purchase price |
| $5,000,000 to $9,999,999 |
2.25% of purchase price |
| $10,000,000 to $14,999,999 |
3.25% of purchase price |
| Potential Added Costs When Buying From Sponsor |
| NY City Transfer Tax – Sale $500,000 and under |
1% of sales price |
| NY City Transfer Tax – Sale over $500,000 |
1.425% of sales price |
| New York State Transfer Tax |
$4 per $1,000 of price |
| Sponsor’s Attorney |
$3,000+ |
These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
