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
