|
|
Estimated Closing Costs
| Co-operatives (Co-op) |
Estimated Costs |
| Buyer’s Attorney |
$1,450 + |
| Managing Agent Application Fee |
$750 |
| Credit Report (on Each Applicant) |
$50 to $75 + |
| Lead Paint Disclosure |
$0 to $50 |
| Mansion Tax |
1% of price when over $1 million |
| Move-In Deposit |
$500 to 1,000 (typically refundable if there are no damages to hallways, elevators, etc.) |
| Maintenance Adjustment |
Proration of one month |
| Origination Fees/Points |
0% to 3% of loan value |
| Application, Credit Check, etc. |
$500 |
| Bank Attorney |
$450 to $800 |
| UCC-1 Filing |
$50 + |
| Short-Term Interest |
Up to one month |
| Recognition Agreement Fee |
$250 |
| Lien Search |
$250 |
| Condominiums |
Estimated Costs |
| Buyer’s Attorney |
$1,450 + |
| Origination Fees/Points |
0 to 3% of loan value |
| Application, Credit Check, etc. |
$500 |
| Bank’s Attorney |
$450 to $800 |
| Real Estate Tax Escrow |
2 to 6 months |
| Recording Fees |
$150 |
| Mortgage Tax |
1.8% of mortgage on loans under $500,000, and 1.925% of mortgage on loans of $500,000 and over |
| Appraisal UCC-I Filing |
$50 + |
| Title Insurance |
Approx. 0.5% of purchase price |
| Building Search |
$250 + |
| Managing Agent Fee |
$250 to $500 |
| Common Charge Adjustment |
Proration of one month |
| Real Estate Tax Adjustment |
1 to 5 months |
| Title Closer Fee |
$100 to $150 |
| Mansion Tax |
1% of price when over $1 million |
| If Purchase from Sponsor |
(New construction/conversions) |
| NYC Real Property Transfer Tax |
1% of purchase price up to $500,000
.425% of purchase price over $500,000
|
| NYS Transfer Tax |
$4/$1,000 of purchase price |
| Sponsor’s Attorney Fee |
$1,450 + |
|
| © 2008 BOND NEW YORK, ALL RIGHTS RESERVED |
 |
 |
 |
|
All information presented on this site regarding real property, for sale, purchase, rental and/or financing is from sources deemed reliable. No warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rentals or other conditions, prior sale, lease or financing or withdrawal without notice. Note: All dimensions and square footage are approximate for the most exact dimensions and square footage please hire your own architect or engineer.
