Closing Cost Estimates for the Purchaser
| Fee | Estimated Cost | |
|---|---|---|
| Attorney | Your Attorney Lien Search Fee |
Consult your attorney (~$2,500+) ~$350 |
| Bank |
Points
Bank Application, Credit Check, etc
Bank Attorney
Mortgage Origination Rate
UCC 1 Filing
Appraisal
|
0%-3% of loan value*
$400-$600
$900-$1,500
0-3% of loan amount*
$125
$300-$1,500**
|
| Building |
Board Package Processing Fees
Credit Check Fee
Move-in Fee
Move-in Deposit
Maintenance Adjustment
Recognition Agreement Fee
|
$500-$2,000
$100-$300 per buyer
$250-$500
$500-$1,000 (refundable)
Pro-rated for the month of closing
$200-$300
Varies by building. Consult the
cooperative's transfer agent &
board package
|
| Government | Transfer Tax Filing Fee Mansion Tax |
$100 $1M to <$2M: 1.00%
$2M to <$3M: 1.25%
$3M to <$5M: 1.50%
$5M to <$10M: 2.25%
$10M to <$15M: 3.25%
$15M to <$20M: 3.50%
$20M to <$25M: 3.75%
$20M or more: 3.90% |
| Taxes | Some tax deductions can be taken for owner’s share. Taxes are included in monthly maintenance. | Owner pays typical homeowner taxes. |
Closing Cost Estimates for the Purchaser
| Fee | Estimated Cost | |
|---|---|---|
| Attorney | Your Attorney | Consult your attorney (~$2,500–$5,000+) |
| Bank |
Points Mortgage Origination Fee |
0%-3% of loan value* $400-$600 $900-$1,500 $300-$1,500* ~ 2-6 months of property taxes** 1.8% of mortgage amount < $500,000 1.925% of mortgage amount >$500,000+ ~0 – 3% of loan amount |
| Building (Condominiums Only) |
Board Package Processing Fees |
$500-$2,000 |
| Government |
Recording Fees Mansion Tax
Residential Deed Transfers Title |
~$250 ~0.45% of purchase price $350-$500 Pro-rated amount depends on when the tax is collected $1M to <$2M: 1.00% $2M to <$3M: 1.25% $3M to <$5M: 1.50% $5M to <$10M: 2.25% $10M to <$15M: 3.25% $15M to <$20M: 3.50% $20M to <$25M: 3.75% $20M or more: 3.90% $75 $100-$500 Rates may vary |
| NEW DEVELOPMENT ONLY (Sometimes negotiable based on leverage) |
NYC Transfer Tax NYS Transfer Tax Sponsor's Attorney Fee |
1% < $500,000 |