Ambrosetti
Coop
Selling
6% of purchase price
Broker Commission
$2,200 - $3,500 (on average for sales up to $1.5M)
Attorney Fee
Consideration
Less than $3,000,000
$3,000,000 or more
New York State Transfer Fee
Residential Transactions
1% of sales price if sale is $500,000 or less
1.425% of sales price if sale is greater than $500,000
New York City Real Property Transfer Tax
If two or more units are purchased simultaneously from the same buyer, the commercial transfer tax rate applies. 1.425% of sales price if sale is $500,000 or less. 2.625% of sales price if sale is greater than $500,000
Commercial/Bulk Sale Transactions
8.97% of estimated gain paid at closing. *Unless (1.) Seller is a NY State resident at time of sale or (2.) Property was Seller's principal residence for 2 out of the last 5 years or (3.) Seller has set up a 1031 Tax-Deferred Exchange
New York State Capital Gains Tax
10% of purchase price is withheld if Seller is a non-exempt foreigner
Federal Withholding Tax (FIRPTA)
$500 - $1,000
Move-out Deposit (refundable)
$500 - $1,000
Move-out Fee (non-refundable)
$500 - $1,000
Application / Waiver Fee
$100 per mortgage
Satisfaction of Mortgage Recording Fee
$250 per mortgage
Title Closer Pick-up Fee for Mortgage Payoff
Coop
Buying
Consideration
$1,000,000 - $1,999,999
$2,000,000 - $2,999,999
$3,000,000 - $4,999,999
$5,000,000 - $9,999,999
$10,000,000 - $14,999,999
$15,000,000 - $19,999,999
$20,000,000 - $24,999,999
$25,000,000 or more
Mansion Tax
$500 - $1,000
Purchase Application Fee
$500 - $1,000
Move-in Deposit (refundable)
$250 - $1,000
Move-in Fee (non-refundable)
$2,200 - $3,500 (on average for sales up to $1.5M)
Attorney Fee
$350
Judgment and Lien Search
1-3% of purchase price (purchaser pays in some buildings)
Flip Tax (if applicable)
Varies according to bank and loan product. Obtain Good Faith Estimate from Lender.
* Includes fees such as application fee, discount points, credit reports, document preparation, underwriting/post-closing review and appraisal fee
Bank Fees
$600- $1,000
Bank Attorney
$75 - $125
UCC-1 Filing Fee
$150 - $250
Financing / Recognition Agreement Fee
Purchaser reimburses Seller for any prepaid maintenance payments
Maintenance Adjustment
Rate
1.00%
1.25%
1.50%
2.25%
3.25%
3.50%
3.75%
3.90%
Rate
0.40%
0.65%
Additional Closing Costs For New Construction
Sponsor's Attorney Fees
$1,800 - $2,500
Sponsor's NYC and NYS Transfer Taxes
Transfer taxes are calculated and added to the purchase price (for tax purposes only) and then recalculated based upon the bulked up price (may trigger Mansion Tax)
Residential Manager's Apartment (if applicable)
Calculated based upon Purchaser’s percentage of common interest in the building
Working Capital Fund Contribution
1 - 2 months of common charges
The information presented above is for informational purposes only and is not intended as a comprehensive listing of all closing costs. Actual closing cost will vary depending on the specific services used, and the amounts charged are determined by the individual service providers.