Closing Costs: Condominium Apartments / Townhouses

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For The Seller
Own Attorney $1,700 & up *
NYC Real Property Transfer Tax 1% of purchase price if $500,000 or less
1.425% of purchase price if over $500,000 of the entire amount
NYS Transfer Tax .4% (.004) of purchase price
Payoff Bank Fees (if applicable) $450 *
Managing Agent Fee $250 – $750
Move-Out Deposit $500 – $1,000 (usually refundable if no damage)
Broker Commission 6% of purchase price
E Tax Filing (ACRIS) $50
Gains Tax Withholding (out of state seller) 7.7% of gain
Non-US Resident (FIRPTA) 10% of price withheld or paid
For The Purchaser
Own Attorney $1,700 + up*
Managing Agent Fee $250 – $500
Credit Report Fee $50 – $100 per applicant
Lead Based Paint Disclosure Fee $0 – $50
Mansion Tax 1% of purchase price where $1 million and over
Move-in Deposit $500 – $1,000 (usually refundable if no damage)
Mortgage Associated Fees:
Origination Costs – points 0 – 3% value of loan
Application, Credit Check, etc. $500 + up
Appraisal $275 + up
Bank Attorney $500 + up
UCC-1 Filing $50 + up
Mortgage Recording Tax Up to $500,000 is 1.8% of mortgage; over $500,000 is 1.925% of mortgage
Title Insurance, Title Search & Recording Fees Approximately 0.5% of purchase price
Building Searches $200 – $400
Recording Charge $17 per document plus $5 per page
Real Estate Tax Escrow 2-6 months
If Purchased Directly from Sponsor: ( ie: new construction)
NYC Real Property Ttransfer Tax 1% of purchase price up to $500,000

1.425% of purchase price over $500,000

NYS Transfer Tax $4 per $1,000 of purchase price
Sponsor’s Attorney Fee $1,500
* Check with bank/mortgage broker for additional fees. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584). These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

Costs can change and vary for some transactions. All information is subject to errors, omissions and changes in facts or circumstances. Always consult your attorney before signing a contract.