Closing Costs

Home Closing Costs

Co-Op Apartments

FOR THE SELLER

Own Attorney: Varies*
Stock Transfer Stamps: $0.05 per share
NYC Real Property Transfer Tax: 1% of sale price if $500K or less; 1.425% of sale price if more than $500K**
NYS Transfer Tax: 0.4% of sale price for transactions less than $3M.
0.65% of sale price for transactions greater than or equal to $3M***
UCC-3 Filing: $75 – $125
Flip Tax (if applicable): Determined by co-op building (unless otherwise stated or negotiated)
Payoff Bank Attorney (if applicable): $450 – $550
Managing Agent Fees: $650 and up
Move-Out Deposit: $1,000
Broker Commission: 6% of sale price
Estate Fees: Co-op may impose additional fees for estate sales
Lost Stock & Lease Fees: $250 and up E Tax Filing (ACRIS): $100
NYS Capital Gains Tax Withholding: 8.97% of taxable gain on sale (Only applicable to non-NY residents)
Federal Withholding Tax (FIRPTA): 10% – 15% of sale price if seller is non-U.S. resident (Additional taxes on capital gain associated with the sale of real estate including Federal, State and the specialized Medicare tax may apply. Consult with your tax professional to ensure compliance with all applicable tax regulations. Corcoran is not a licensed tax advisor.)

FOR THE PURCHASER

Own Attorney: Varies*
Building Management Agent Fee: $500 and up
Move-in Deposit†: $500 – $1,000 (usually refundable if no damage)
Lien Search: $350
Maintenance Adjustment: Pro-rated for month of closing
Mansion Tax: Sale price over $1M but less than $2M = 1%
Sale price from $2M to less than $3M = 1.25%***
Sale price from $3M to less than $5M = 1.5%***
Sale price from $5M to less than $10M = 2.25%***
Sale price from $10M to less than $15M = 3.25%***
Sale price from $15M to less than $20M = 3.5%***
Sale price from $20M to less than $25M = 3.75%***
Sale price from $25M and up = 3.9%***

MORTGAGE ASSOCIATED FEES

Origination Costs – points: 0 – 3% of loan
Application, Credit Check, etc: $500 and up
Appraisal: Varies*
Bank Attorney: $800 – $1,250
UCC-1 Filing: $125

Condo Apartments, Townhouses & 1-3 Family Dwellings

FOR THE SELLER

Own Attorney: Varies*
NYC Real Property Transfer Tax: 1% of sale price if $500K or less; 1.425% of sale price if more than $500K**
NYS Transfer Tax: 0.4% of sale price for transactions less than $3M.
0.65% of sale price for transactions greater than or equal to $3M****
Reserve Fund Contribution (if applicable)†: Determined by condo board; Payable by buyer unless otherwise stated
Payoff Bank Fees (if applicable): $250 and up
Managing Agent Fees†: $650 and up
Move-Out Deposit†: $500 – $1,000 (usually refundable if no damage)
Broker Commission: 6% of sale price
E Tax Filing (ACRIS): $100
Property Condition Disclosure Statement Waiver Fee: $500 – $1,000
NYS Capital Gains Tax Withholding: 8.97% of taxable gain on sale (Only applicable to non-NY residents)
Federal Withholding Tax (FIRPTA): 10% – 15% of sale price if seller is non-U.S. resident (Additional taxes on capital gain associated with the sale of real estate including Federal, State and the specialized Medicare tax may apply. Consult with your tax professional to ensure compliance with all applicable tax regulations. Corcoran is not a licensed tax advisor.)

FOR THE PURCHASER

Own Attorney: Varies*
Building Application: $500 and up
Title Insurance, Title Search & Recording Fees: 0.6% of sale price and up
Move-in Deposit†: $500 – $1,000 (usually refundable if no damage)
Contribution to the Superintendent’s Residence: Prices can vary so be certain to inquire
Common charges, property taxes & insurance premium: Adjustments pro-rated as of closing

Mansion Tax: Sale price over $1M but less than $2M = 1%
Sale price from $3M to less than $5M = 1.5%***
Sale price from $10M to less than $15M = 3.25%***
Sale price from $20M to less than $25M = 3.75%***

Sale price from $2M to less than $3M = 1.25%***
Sale price from $5M to less than $10M = 2.25%***
Sale price from $15M to less than $20M = 3.5%***
Sale price from $25M and up = 3.9%***

MORTGAGE ASSOCIATED FEES

Origination Costs – points: 0 – 3% of loan
Application, Credit Check, etc: Varies*
Appraisal: Varies*
Bank Attorney: $800 – $1,250
Mortgage Recording Tax: 1.8% for all mortgages
less than $500,000; 1.925% for all mortgages of
$500K or more minus $30 for townhomes
Real Estate Tax Escrow: 0 – 6 months, depending
on lender requirements

EXCLUSIVE TO NEW DEVELOPMENTS

NYC Real Property Transfer Tax:
1% to 1.425% of sale price**
NYS Transfer Tax: 0.4% of sale price
0.65% of sale price for transactions greater than or
equal to $3M****
(Transfer taxes are calculated and added to sale
price (for tax purposes only) and then recalculated
based on the bulked up price)
Sponsor Attorney Fee: $2,500 – $3,500
Working capital fund contribution: One-time
fee equal to 1 or 2 months common charges,
depending on condominium