Article
CLOSING COSTS & EXPENSES
FOR SELLER (CONDOMINUM):
Broker 6 %
Attorney $1500 and up
New York City Transfer tax 1 % of sale price if under $500,000.,1.425 of entire sale price if over $500,000.
New York State transfer tax 0.4 % of sale price ($2 per $500).
Payoff bank attorney $300 and up.
Legal fee, bank cost, managing agent, Bldg fees. moving fee.
FOR BUYER (CONDOMINUMS AND TOWNHOUSES:
Title insurance Approx 0.5% to 0.8 % of price.
Recording fee $250 to $350.
Attorney $1500 and up.
Mansion tax 1% of price when exceeds $1,000,000.
FEES: Legal fee, bank cost, managing agent, Bldg fees. moving fee.
MORTGAGE CLOSING EXPENSES:
Mortgage recording tax 1.75% of the amount of mortgage under $500,000. or 1.875% on loan over $500.000.
Mortgage title insurance $500 per $100,000.
Points 0% to 3%.
Bank Attorney $750 and up.
Bank escrow 2-6 month of real estate tax.
CO-OPS:
FOR SELLERS:
Typically 6% depending upon size and marketing .
Attorney fees: Consult your attorney.
Co-op Attorney: $450.00+ .
Flip Tax: 1% to 3% of Price (if applicable).
Stock Transfer Tax: $0.05 per share .
Move-out Deposit: One time fee of $500.00+ .
NYC Transfer Tax: 1% of price up to $500,000.00; or,
1.425% of price if $500,000.00 and over.
Plus $25.00 administrative fee.
NY State Transfer Tax: $2.00 per $500.00 of price, or 0.4% of purchase price .
Payoff Fee to Title Closer: $350 .
UCC-3 Filing Fee: $30 .
FOR BUYERS:
Attorney fees: Consult your attorney.
Bank Fees: Points: 0% to 3% of loan value.
Application, credit check, etc.: $500+.
Bank Attorney: $450+ .
Miscellaneous Bank Fees: $500+.
Lien Search: $300 .
UCC-1 Filing: $20 .
Appraisal Fee: $300+ .
Application Fee(Credit Report/Appraisal): $500+.
Short Term Interest Equal to interest for balance of month in which you close .
Move-in Deposit: One time fee of $500+.
Recognition Agreement Fee: $200+.
Maintenance Adjustment: Pro-rated for the month of closing.
Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more..
|