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CONDOMINIUM APARTMENTS &
TOWNHOUSES
PURCHASER’S COSTS:
Title Insurance:
Approx $675 per $100,000 of Price
NYC Mansion Tax: If
Purchase Price is $1 Million or more
Recording Fees:
$250 minimum
Purchaser’s Attorney:
$2500 and up
Managing Agent’s Fee:
$400 and up
Common Charge Adjustment:
Up to 1 Month, depending on closing date
Working Capital Fund:
One month’s Common Chg or More ; Not always charged by building
Move- in deposit: $250-$1,000
(may be refundable)
In Addition…
WHEN PURCHASING FROM A ‘SPONSOR’
New York City Transfer Tax:
1% of Sales Price up to $500,000 ; 1.425%
if Sales Price exceeds $500,000
New York State Transfer Tax:
$2.00 per $500 of Purchase Price
Sponsor’s Attorney:
$500 and up
There may be additional
costs passed along.. check before signing the contract!
MORTGAGE COSTS:
Mortgage Recording Tax:
1.75% of Mortgage if less than $500,000 ;
1.875% of Mortgage if $500,000 or more
Mortgage Title Insurance:
Approximately $500 per $100,000
Points:
0-3%
Application, Credit & Appraisal:
$500-$600
Bank Attorney:
$500 and up
Bank Tax Escrow:
2-6 Months of Real Estate Tax
Short Term Interest:
Per diem interest |
COOPERATIVE APARTMENTS
PURCHASER’S CLOSING COSTS
IF FINANCING:
Points:
0-3% of the amount of the Loan
Application, credit & Appraisal
Fees: $500 and up
Bank Attorney:
$450 and up
UCC Filing Fee:
$20.00 minimum
Short Term Interest:
Up to One Month
Recognition Agreement Fee:
$175.00 minimum
STANDARD FEES
Application Fee: $200.00
minimum
Move In Deposit:
$250 & up
UCC filing Fee:
$50.00 minimum
Title Insurance:
Not Always Taken
Maintenance Adjustment:
Depends on Date of Closing
New York City Mansion Tax:
1% of Purchase Price When Price Exceeds $1,000,000
Attorney (Your Personal Lawyer):
$2500 and up
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