CLIENT TOOLS

CONDOMINIUM/TOWNHOUSE AND 1-3 FAMILY DWELLINGS - ESTIMATED CLOSING COSTS


FOR SELLER

NYC Transfer Tax - Residential: $500,000 or Below = 1% of purchase price
Above $500,000 = 1.425% of purchase price
NYC Transfer Tax - Commercial: $500,000 or Below = 1% of purchase price
Above $500,000 = 1.425% of purchase price
NYC Administrative Fees: Residential Deed Transfers = $125
Commercial Deed Transfers = $250
NYS Transfer Tax: $4 per $1,000 of purchase price (.4% of purchase price)
NYS Equalization Filing Fee: $125 (for one to three family and condo)
NYS Estimated Capital Gains Tax: 8.82% of estimated gain at closing ONLY applies to Non-NYS resident seller at time of sale
Federal Withholding Tax (FIRPTA): 10% of purchase price for non-exempt Foreign Seller
Title Closer Pick-up/Payoff Fee (PER MORTGAGE): $175-$250
Broker: 6% of purchase price
Seller's Attorney: Varies. Consult your attorney.
Condominium Fees: $400-$1,000 for application/waiver
$500-$1,000 refundable move out deposit
$250-$750 non-refundable move out fee

FOR BUYER

Fee Title Insurance: Varies depending on purchase price but regulated by NYS. Best to use an online rate calculator from any reputable title company website.
Mortgage Title Insurance: Reduced rate applies for simultaneous Purchase and Mortgage (if applicable). Also, best to use online rate calculator for sake of accuracy.
Recording Fees: $250-$750
Municipal Search: $350-$500
Title Endorsements: $75-$150
HO6 Policy Required by Lender: $300-$750: depending on coverage selected by borrower/purchaser
Mansion Tax: 1% of purchase price, where price is $1,000,000 or more
NYC Mortgage Tax (paid by borrower): If applicable: Mortgage less than $500,000 = 1.80% of mortgage amount (minus $30 for 1 or 2 family dwellings)

Mortgage above $500,000 on 1-3 family residential dwelling = 1.925% of mortgage amount (minus $30 for 1 or 2 family dwellings)

Mortgage on all other property over $500,000 = 2.80% of mortgage amount
Purchaser's Attorney: Varies. Consult your attorney.
Bank Attorney: $850-$1,000 (if applicable)
NEW CONSTRUCTION CONDO Purchaser will pay costs normally paid by the Seller such as Seller attorney fees and NYC and NYS Transfer Taxes.
Resident Manager's (Super's) Unit: Purchaser pays for this in some cases calculated as a percentage of the common interest associated with unit as part of the Condominium Building
Working Capital Fund Contribution: One time charge of approximately 1-2 months of common charges
Sponsor Attorney Fees: $2,500-$3,000
Sponsor's NYC and NYS Transfer Tax: Determined by FIRST calculating the transfer taxes on the purchase price using the following guidelines:
NYC Transfer Tax - Residential: $500,000 or Below = 1% of purchase price
Above $500,000 = 1.425% of purchase price
NYS Transfer Tax: $4 per $1,000 of purchase price (.4% of purchase price)
  ONCE the figure of NYC and NYS taxes is determined, THEN, the taxes are RE-CALCULATED based on the sum of the original Purchase Price AND the NYC and NYS transfer taxes.

The costs shown are approximate and should be verified with your real estate attorney.
These costs also change from time to time.