The Law Office of Jonathan Koren, ESQ. (917) 587-6742
Specializing in Loss Mitigation| Serving all New York Counties
TRANSACTION COSTS
I. CONDOMINIUM/TOWNHOUSE/HOME
A. FOR PURCHASER
Own Attorney $1,500 and up
Bank Fees:
· Points consult MTG broker
· Application, credit, appraisal,
bank attorney and misc. $2000
Short-Term Interest one month max*
Real Estate Tax Escrow 2-6 months**
Real Estate Tax Adjustment 1-3 Months
Recording Fees $700***
Mortgage Tax 1.8% of amount of Mortgage on loans
under $500,000 or 1.925% of entire
amount on loans over $500,000
Fee Title Insurance Approx. $450 per $100,000
Mortgage Title Insurance Approx. $200 per $100,000
Misc. Title Charges $300
Managing Agents’ Fees $250
Move In Fee – Condominium $750.00
Adjustments:
× Common Charges One month max*
× Real Estate Taxes 1 to 6 months**
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Maintenance One month max
Mansion Tax 1% of the entire price only on one-3 Family
homes, condos and co-ops when price exceeds $1,000,000
* May appear as a credit if closing at beginning of a month.
** Depending on date real estate taxes are due and Closing for a county outside the 5 boroughs, this can have a significant impact on closing costs due at table.
*** Nassau County recording fees are significantly higher.
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FOR SELLER:
Broker Typically 6% depending on size and marketing
Own Attorney $1,500 and up
Managing Agent $450
Move-Out Deposit or Fee $1,000
New York City Transfer Tax 1% of Purchase Price up to $500,000.00
1.425% of entire price when price exceeds $500,000
New York State Transfer Tax .4% (.004) of price
Misc. Title Company Fees (if seller has mortgage) $200
II. COOPERATIVE APARTMENT
A.FOR PURCHASER
Own Attorney $1,500 and up
Bank Fees: application, credit, appraisal,
bank attorney and misc. $1600
Short-Term Interest one month max*
Move-In Deposit of Fee $1,000 approx.
Managing Agent or Co-op Attorney $950 approx.
Lien Search $375
Maintenance Adjustment one month max*
Mansion Tax 1% of the entire price only when
price exceeds $1,000,000
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FOR SELLER:
Broker Typically 6% depending on size and marketing
Own Attorney $1,500 and up
Managing Agent $450
Flip Tax (if any) Consult Managing Agent
Stock Transfer Tax .05 per share
Move-Out Deposit or Fee $1,000
New York City Transfer Tax 1% of the price up to $500,000 1.425% of entire price when price
exceeds $500,000
New York State Transfer Tax .4% (.004) of price
Payoff Bank Attorney (if Seller has mortgage) $350
UCC-3 Filing Fee (if Seller has mortgage) $30
III. MULTI-FAMILY RESIDENTIAL/COMMERCIAL PROPERTY
A. FOR PURCHASER
Own Attorney $2,500 and up
Bank Fees:
· Points consult MTG broker
· Application, credit, Appraisal,
bank attorney and misc. $5,000 - $10,000
Short-Term Interest one month max*
Mortgage Tax 2.05% of amount of Mortgage on loans
under $500,000 or 2.8% of entire
amount on loans over $500,000
Real Estate Tax Escrow 2-6 months**
Fee Title Insurance Approx. $450 per $100,000
Mortgage Title Insurance Approx. $200 per $100,000
Misc. Title Charges $1,000
Adjustments:
· Rent* T.B.D.
· Real Estate Taxes 1 to 6 months
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B. FOR SELLER:
Broker Typically 6% depending on size and marketing
Own Attorney $1,500 and up
New York City Transfer Tax 1% of the price up to $500,000 1.425% of entire price when price
exceeds $500,000
Payoff Bank Attorney (if Seller has mortgage) $350
Miscellaneous $200
Transfer Security Deposits T.B.D.
* prorated for month of closing
Note: When purchasing a condominium unit or new construction from a sponsor, the Purchaser will be required to pay NYC and NYS Transfer Taxes (See “A” above for amounts) as well as the Sponsor’s attorney’s fee (typically around $1,000)