Buyer Closing Costs

For Cooperative, Condominium & Townhouse Ownership, the "Mansion Tax" increases incrementally according to purchase price:

$1M to less than $2M 1.00%

$2M to less than $3M 1.25%

$3M to less than $5M 1.50%

$5M to less than $10M 2.25%

$10M to less than $15M 3.25%

$15M to less than $20M 3.50%

$20M to less than $25M 3.75%

$25M+ 3.90%

Condominium & Townhouse Ownership

Own Attorney varies

Managing Agent Fee $250 + up

Credit Report Fee $50 + up per applicant

Title Insurance, Title Search & Recording Fees Approx. $4 per 1,000 of purchase price

Lead Based Paint Disclosure Fee $75 + up

Mansion Tax 1% of purchase price when over $1 million

Move-in Deposit $500 + up (usually refundable if no damage)

Move- in Fee $250+ up (non-refunable)

Common chargs, real estate taxes, and insurance premium Adjustments pro rated as of closing

Mortgage-Associated Fees:

Origination Costs – points 0 – 3% value of loan

Application, Credit Check, etc. $500 + up

Appraisal $275 + up

Bank Attorney $600 + up

Mortgage Recording Tax up to $500,000 is 1.8% of mortgage less $30; over $500,000 is 1.925% of mortgage less $30

Building Searches $200 – $400

Recording Charge $17 per document plus $5 per page

Real Estate Tax Escrow 2 – 6 months

If Purchased Directly From Sponsor:

NYC Real Property Transfer Tax (ie: new construction)

Transfer taxes are calculated and added to purchase price (for tax purposes only) and then

NYS Transfer Tax recalculated based on the bulked up price

Sponser’s Attorney Fee $1,800 + up

Working capital fund contribution one time fee euqal to 1 or 2 months common charges

Cooperative Ownership