Bank Fees
• Bank Attorney
• UCC-1 Filing Fee
Varies According to Bank and Loan Product
$800 - $1,250
$75 - $125
Purchase Application Fee
$800 - $1,250
Mansion Tax
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
Rate
1.00%
1.25%
1.50%
2.25%
3.25%
3.50%
3.75%
3.90%
Cooperative Apartment Purchases Only
Purchaser’s Attorney Fee
$2,500 - $3,500
Maintenance Or Common Charge Adjustment
Purchaser reimburses Seller for any prepaid maintenance or com-
mon charge payments
• Judgment and Lien Search
• Financing/Recognition Agreement Fee
$450
$250 - $500
Condominium Apartment Purchases Only
• Title Insurance
• Mortgage Title Insurance
• Real Estate Tax Adjustment
• New York State Mortgage Recording Tax
• Title and Municipal Search Fee
• Deed Recording Fee
• Mortgage Recording Fee
• Unit Owner’s POA Recording Fee
• Title Closer Attendance Fee
Approximately $4 per $1,000 of purchase price
Approximately $1 per $1,000 of loan amount
Purchaser reimburses Seller for any prepaid real estate taxes
1.80% if mortgage amount is less than $500,000
1.925% if mortgage amount is $500,000 or more
$895
$285
$250
$100
$300
Purchaser’s Additional Closing Costs
New Construction
• Sponsor’s Attorney Fees (negotiable)
• Sponsor’s NYC and NYS Transfer Taxes (negotiable)
• Resident Manager’s Apartment (if applicable)
• Working Capital Fund Contribution
$2,500 - $3,500
If paid by Purchaser, transfer taxes are calculated and added to the purchase price (for tax purposes only) and then recalculated based upon the bulked up price Calculated based upon Purchaser’s percentage of common interest in the building One-time fee equal to 2 months of common charges
New York City Real Property Transfer Tax
• Residential Transactions
• Commerical/bulk Sale Rates
1 % of sales price if sale is $500,000 or less 1.425% of sale price if sale Is greater than $500,000 If two or more unattached units are sold simultaneously to the same Buyer, the commercial transfer tax rate applies, I.E. 1.425% of sales Price if sale is $500,000 or less or 2.625% of sales price if greater than $500,000
New York State Transfer Fee
Consideration
Less than $3,000,000
$3,000,000 or more
Rate
0.40% of consideration
0.65% of consideration
New York State Estimated Capital Gains Tax
Non-NYS residents pay 8.82% of estimated gain at closing. A NYS resident, or a non-NYS resident who resided in the property as their principal residence for 2 out of the last 5 years pays the gain tax when filing their annual federal income tax return. All sellers also pay the NYC income tax (up to 3.65% of the gain) with their annual income tax return
Federal Withholding Tax (Firpta)
10% - 15% of purchase price is withheld if Seller is a non-exempt foreign person or entity
Broker’s Commission
6% of sales price
Seller’s Attorney Fee
$2,500 - $3,500
Cooperative Apartment Sales Only
• Flip Tax (if applicable)
• Stock Transfer Tax Stamps
• Transfer Agent Fee or Co-op Attorney’s Fee
• New York City Transfer Tax Filing Fee
• Payoff Bank Attorney’s Fee
• UCC-3 Filing Fee
Typically 1% - 3% of purchase price
$.05 per share
$500 - $750
$100
$450 - $550
$75 - $125
Condominium Apartment Sales Only
• Application/Waiver Fee
• Satisfaction of Mortgage Recording Fee
• Title Closer Pick-Up Fee for Mortgage Payoff
$500 - $1,000
$110 per mortgage
$250 per mortgage
In choosing Claire as your agent, you are assured of the utmost attentive service with timely results, whether you are purchasing or selling a moderate or grander apartment.
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