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Closing Fees
This guide will give you general closing fees associated with the purchase or sale of a cooperative or
condominium. Please note that these are estimates and potential buyers and sellers should consult their
own real state attorney or financial advisor for specifics.
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| Condominiums | | Cooperative |
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For the Seller
Broker: Usually 6% depending on the size and Marketing.
Attorney: Consult your own attorney
Processing Fee: $450+
Move-out Deposit: One time fee of $500.00+
Bank Attorney: $450+
NYC Transfer Tax: 1% of price up to $500,000; or $1.425% of price if $500,000 and over. Plus $25 administrative fee
NY State Transfer Tax: $2.00 per $500.00 of price, or 0.4% of purchase price
Miscellaneous Title Fees: $200
Payoff Fee to Title Closer: $300+
For the Buyer
Attorney: Consult your own attorney
Bank Fees: Points: 0% to3% of loan value
Application Fee: (Credit Report, Appraisal) $500+
Bank Attorney: $450+
Short Term Interest: One month
Tax Escrows: 2 to 6 months
Recording Fees: $300
Mortgage Tax: 1.75% of amount of mortgage on loans under $500,000; or, 1.875% of amount of mortgage on loans of $500,000 and over
Fee Title Insurance: Approx. $450 per $100,000
Mortgage Title Insurance: Approx. $200 per $100,000
Municipal Search: $275+
Managing Agent Fee:$250+
Common Charge Adjustment: Pro-rated for the month of closing
Real State Tax Adjustment: 1 to 6 months
Mansion Tax: 1% of entire purchase price Where price is $1,000,000 or more.
Move-in Deposit:One time fee of $500/+
Note: For condominiums in new developments, the Purchaser will pay cost normally paid by the Seller. These include Seller attorney fees as well as NY and NYC /Transfer Taxes.
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For the Seller
Broker: Usually 6% depending upon size and marketing
Attorney: Consult your own attorney
Co-op Attorney: $450.00+<
Flip Tax: 1% to 3% of Price (if applicable)
Stock Transfer Tax: $ 0.05 per share
Move-out Deposit: One time fee of $500.00+
NYC Transfer Tax:1% of price up to $500,000.00: or, 1,425% of price if $500,000.00 and over plus $25.00 administrative fee.
NY State Transfer Tax: $2.00 per $500.00 of price, or 0.4% of purchase price
Payoff Fee to Title Closer:$350
UCC-3 Filing Fee: $30
For the Buyer
Attorney: Consult your attorney
Bank Fees: Points: 0% to3% of loan value
Application, credit check, etc.: $500+
Bank Attorney: $450+
Miscellaneous Bank Fees: $500+
Lien Search: $300
UCC-1 Filing: $20
Appraisal Fee: $300+
Application Fee (Credit Report/Appraisal): $500 Short Term Interest Equal to interest for balance month in which you close
Move-in Deposit: One time fee of $500+
Recognition Agreement Fee:$200+
Maintenance Adjustment: Pro-rated for the month of closing
Mansion Tax: 1% of entire purchase price when price is $1,000,000 or more.
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New York City apartments
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Upper Eest Side apartments
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Luxry NYC apartments
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