Cooperative & Condominium Properties

This closing cost guide is designed to give you the general costs associated with the purchase or sale of a cooperative, condominium. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Please take note we do not represent that these are the entirety of potential costs, but are only to be used as a guide. Mortgage closing cost estimates have been furnished by DE Capital Mortgage Company.

CONDOMINIUMS – For the Seller

Broker: Typically 6%

Own Attorney: Consult your attorney

Processing Fee: $450+

NYC Transfer Tax:

Residential:

Up to $500,000 = 1%

$500,000+ = 1.425%

Commercial:

Up to $500,000 = 1.425%

$500,000+ = 2.625%

Admin. Fee:

Non-Deed Transfers (i.e., Co-ops) = $50

Residential Deed Transfers= $75

Commercial Deed Transfers = $165

NY State Transfer Tax: $4 per $1,000 of price

NYS Equalization Fee: $75

Pick-up/Payoff Fee: $250-$500

UCC-3 Filing Fee: $100

Miscellaneous Condominium Charges: Vary by building

Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes.

Condominiums – For the Purchaser

Buyer’s Attorney: Consult your attorney

Bank Fees: $350-$750

Application Fee: $350

Processing Fee: $330

Appraisal Fee: $300-$1,500 (depending on sales price)

Credit Report Fee: $10.10 single/$15.20 joint

Bank Attorney: $650-$750

Tax Escrows: 2 to 6 months

Recording Fees: $250-$750

Fee Title Insurance: Approx. $450 per $100,000 of sales price under 1M, +15% on $1M or more

Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount

Municipal Search: $350-$500

Mansion Tax: 1% of entire purchase where price is $1,000,000 or more.

NYC Mortgage Tax (paid by borrower):

a. Mortgage less than $500,000 = 1.80%

b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%

c. Mortgage on all other property over $500,000.00 = 2.80%

ADDITIONAL REAL ESTATE EXPENSES

Common Charge Adjustment: Pro-rated for the month of closing

Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected

Miscellaneous Condominium Charges: Vary by building

Short Term Interest: Equal to interest for balance of month in which you close

COOPS – For the Seller

Broker: Typically 6%

Own Attorney: Consult your attorney

Co-op Attorney: $450+

Flip Tax: Typically 1% to 3% of price (if applicable)

Stock Transfer Tax: $0.05 per share

Move-out Deposit/Fee: Varies by building

NYC Transfer Tax:

Residential:

Up to $500,000 = 1%

$500,000+ = 1.425%

Commercial:

Up to $500,000 = 1.425%

$500,000+ = 2.625%

Admin. Fee:

Non-Deed Transfers (i.e., Co-ops) = $50

Residential Deed Transfers= $75

Commercial Deed Transfers = $165

NY State Transfer Tax: $4 per $1,000 of price

NYS Equalization Fee: $75.00

Pick-up / Payoff Fee: $250-$500

UCC-3 Filing Fee: $100

Miscellaneous Coop Charges: Vary by building

Coops – For the Purchaser

MORTGAGE CLOSING COSTS

Buyer’s Attorney: Consult your attorney

Bank Fees: $350-$750

Application Fee: $350

Processing Fee: $330

Appraisal Fee: $300-$1,500 (depending on sales price)

Credit Report Fee: $10.10 single/$15.20 joint

Bank Attorney: $650-$750

Lien Search: $250-$350

UCC-1 Filing: $100

Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.

ADDITIONAL REAL ESTATE EXPENSES

Miscellaneous Co-op Charges: Vary by building

Recognition Agreement Fee: $200+

Maintenance Adjustment: Pro-rated for the month of closing

Short Term Interest: Equal to interest for balance of month in which you close