Resources
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| Co-operative |
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| Mansion Tax |
1% of sales price, only applies when sales price exceeds $1,000,000 |
| Title Insurance |
not applicable |
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| Mortgage Related Fees - only applicable if obtaining financing |
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| Bank Underwriting Fee |
$450 and up |
| Bank Attorney |
$750 and up |
| Bank Credit Report Fee |
$50-$100 per applicant |
| Origination Points |
0 to 3% value of loan |
| Application |
$500 and up |
| Appraisal |
$450 and up |
| Short Term Interest |
one month |
| UCC-1 Filing |
$50 and up |
| Recognition Agreement |
$200 and up not applicable |
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| MISCELLANEOUS EXPENSES |
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| Buyer’s Attorney Fees |
$2,000 and up |
| Managing Agent Fee |
$250-$500 |
| Managing Agent Credit Report Fee |
$50 to $100 per applicant |
| Move In Deposit |
$500 to $1000 (usually refundable if no damage) |
| Maintenance or Common Charge Adjustment |
up to one month |
| Lien Search |
$400-500 |
| *NYC Transfer Tax |
1.000% of sales price (Sales under $500,000) |
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1.425% of sales price (Sales over $500,000) |
| *NYS Transfer Tax |
0.4% of sales price |
| Working Capital Contribution |
one - two months maintenance |
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| *For Sponsor/New Development Sales |
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| Condominiums |
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| Mansion Tax |
1% of sales price, only applies when sales price exceeds $1,000,000 |
| Title Insurance |
approx. 0.5% - 0.8% of sales price |
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| Mortgage Related Fees - only applicable if obtaining financing |
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| Mortgage Tax |
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| Sales under $500,000 |
1.800% of loan mount |
| Sales over $500,000 |
1.925% of loan amount |
| Bank Underwriting Fee |
$450 and up |
| Bank Attorney $750 and up |
$750 and up |
| Bank Credit Report Fee |
$50-$100 per applicant |
| Origination Points |
0 to 3% value of loan |
| Application |
$500 and up |
| Appraisal |
$450 and up |
| Short Term Interest |
one month |
| UCC-1 Filing |
not applicable |
| Recognition Agreement |
not applicable |
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| MISCELLANEOUS EXPENSES |
| |
|
| Buyer’s Attorney Fees |
$2,000 and up |
| Managing Agent Fee |
$250-$500 |
| Managing Agent Credit Report Fee |
$50 to $100 per applicant |
| Move In Deposit |
$500 to $1000 (usually refundable if no damage) |
| Maintenance or Common Charge Adjustment |
up to one month |
| Lien Search |
not applicable |
| Real Estate Tax Adjustments |
one to six months |
| Title Search |
$300-$500 |
| Tax Escrow |
two to six months |
| Title Closer Fee |
$125-$150 |
| Recording Fees |
$200-$350 |
| *NYC Transfer Tax |
1.000%of sales price (Sales under $500,000) |
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1.425% of sales price (Sales over $500,000) |
| *NYS Transfer Tax |
$1,500 - $2,000 |
| Working Capital Contribution |
one - two months common charges |
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| *For Sponsor/New Development Sales |
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| Co-operative |
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| Real Estate Broker |
6% of sales price |
| Attorney |
$750 and up |
| Co-op Attorney |
$450 and up |
| Satisfaction of mortage (if any) |
Varies |
| Move-out Deposit |
$500 |
| Flip Tax |
Based on the number of shares or sales price |
| Stock Transfer Tax |
$.05 per share |
| Transfer Tax Forms |
$100 |
| UCC-3 Filing Fee |
$50 and up |
| *NYC Transfer Tax |
1.000% of sales price (Sales under $500,000) |
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1.425% of sales price (Sales over $500,000) |
| *NYS Transfer Tax |
0.4% of sales price |
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| *Usually paid by seller but in sponsor or new development sales they are paid by the buyer |
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| Condominiums |
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| Real Estate Broker |
6% of sales price |
| Attorney |
$750 and up |
| Satisfaction of mortage (if any) |
Varies |
| Move-out Deposit |
$500 |
| Flip Tax |
not applicable |
| Stock Transfer Tax |
$.05 per share |
| Transfer Tax Forms |
$100 |
| UCC-3 Filing Fee |
$50 and up |
| Title Fees |
$200 |
| Payoff Fee to Title Closer |
$300 |
| Managing Agent Fee |
$450 |
| *NYC Transfer Tax |
1.000% of sales price (Sales under $500,000) |
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1.425% of sales price (Sales over $500,000) |
| *NYS Transfer Tax |
0.4% of sales price |
| *Usually paid by seller but in sponsor or new development sales they are paid by the buyer |
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*The above costs are estimates to be used as a guide only, please consult with an attorney for exact quotes. |
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