Closing Costs

Purchaser’s Closing Cost





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


Seller’s Closing Costs





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


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