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 

 

Own Attorney varies

Managing Agent (Recognition Agreement Fee) $250 + up

Credit Report Fee $50 + up per applicant

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)

Lien Search $250 – $350

 

Mortgage-Associated Fees:

 

Origination Costs – points 0 – 3% value of loan

Application, Credit Check, etc. $500 + up

Appraisal $275 + up

Bank Attorney $600 + up

UCC-1 Filing $75 + up

Maintenance Adjustment Prorated for month of closing