Closing Costs: Cooperative Apartments

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For The Seller
Own Attorney $1,600 + up *
Stock Transfer Stamps $.05 per share
NYC Real Property Transfer Tax 1% of purchase price if $500,000 or less of the entire amount
1.425% of purchase price if over $500,000 of the entire amount
NYS Transfer Tax 0.4% (.004) of purchase price
Flip Tax (if applicable) Determined by co-operative building
Payoff Bank Attorney (if applicable) $450 + up
Managing Agent Fee $500 – $750
Move-Out Deposit $500 – $1000 (usually refundable if no damage)
Broker Commission 6% of purchase price
Estate Fees Coop may impose additional fees for estate sales
Lost Stock and Lease Fees $250 – $750
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 $1,600 + up*
Managing Agent Application Fee $750
Credit Report Fee $50 – $100 per applicant
Lead Based Paint Disclosure Fee $0 – $50
Mansion Tax 1% of purchase price when over $1 million
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
Recognition Agreement Fee $200 + up
Lien Search $350
Maintenance Adjustment Prorated for month of closing
* 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.