CLIENT TOOLS

COOPERATIVE APARTMENTS - 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 = 1.425% of purchase price
Above $500,000 = 2.625% of purchase price
NYC Administrative Fees: Non-Deed Transfers = $100
NY State Transfer Tax: $4 per $1,000 of purchase price (.4% of purchase price)
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
Payoff Attorney Fee: $375-$500 (if applicable)
UCC 3 Termination Fee: $75-$100 (if applicable)
Broker: 6% of purchase price
Seller's Attorney: Varies. Consult your attorney.
Cooperative Fees: $500-$1,000 refundable move out deposit
$250-$750 non-refundable move out fee
Co-op Transfer Agent or Attorney: $450-$850
Flip Tax: Typically 1%-3% of purchase price (if applicable)
Stock Transfer Tax: $0.05 per share

FOR BUYER

Lien Search: $350
UCC 1 Filing Fee: $75-$100 (if applicable)
Mansion Tax: 1% of purchase price where price is $1,000,000 or more.
Purchaser's Attorney: Varies. Consult your attorney.
Bank Attorney: $850-$1,000 (if applicable)
Recognition Agreement Review Fee: $150-$300 (if applicable)
Cooperative Fees: $500-$1,000 refundable move in deposit
$250-$750 non-refundable move in fee
Cooperative UCC Insurance: Is available from several title companies - Price varies depending on purchase price but regulated by NYS. Best to use an online rate calculator from any reputable title company website.

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