Funds Required For Closing

COOPERATIVE APARTMENT

FOR THE SELLER:
Broker Typically 6%, depending on size and marketing
Own Attorney $1,500 and up
Managing Agent $450
Flip Tax (if any) Consult Managing Agent
Stock Transfer Tax .05 per share
Move-Out Deposit or Fee $1,000
New York City Transfer Tax 1% of price up to $500,000. 1.425% of entire price when exceeds $500,000
New York State Transfer Tax 0.4% (.004) of price
Payoff Bank Attorney (if Seller has mortgage) $350
UCC-3 Filing Fee (if seller has mortgage) $30
FOR PURCHASER:
Own Attorney $1,500 and up
Bank Fees: applications, credit, appraisal, bank attorney and misc. $1,600
Short-Term Interest one month max*
Move-In Deposit or Fee $1,000
Managing Agent or Co-op Attorney $600
Lien Search $300
Maintenance Adjustment one month tax*
Mansion Tax 1% of entire price only when price exceeds $1,000,000
*Prorated for month of closing


CONDOMINIUM/TOWNHOUSE

FOR SELLER:
Broker Typically 6%, depending on size and marketing
Own Attorney $1,500 and up
Managing Agent $450
Move-Out Deposit or Fee $1,000
New York City Transfer Tax 1% of price up to $500,000. 1.425% of entire price when exceeds $500,000
New York State Transfer Tax 0.4% (.004) of price
Misc. Title Company Fees (if Seller has mortgage) $200
FOR PURCHASER:
Own Attorney $1,500 and up
Bank Fees: application, credit, appraisal, bank attorney and misc. $1,600
Short-Term Interest one month max*
Real Estate Tax escrow 2-6 months**
Recording Fees $200
Mortgage Tax 1.75% of amount of mortgage on loans under $500,000 or 1.875% of entire amount on loans over $500,000
Fee Title Insurance Approx. $450 per $100,000
Mortgage Title Insurance Approx. $200 per $100,000
Misc. title Charges $300
Managing Agent's Fee $250
Adjustments:
Common charges One month max*
Real Estate Taxes 1 to 6 months**
Mansion Tax 1% of entire price when price exceeds $1,000,000
*Prorated for month of closing
**expect to pay eight months Real Estate Taxes-combined between Seller as an adjustment and escrow established by lender.
Note: When purchasing a condominium unit from a Sponsor, the Purchaser will be required to pay New York City and New York State Transfer Taxes (See "A" above for amounts) as well as the Sponsor's attorney's fee (typically around $1,000).


MULTI-FAMILY RESIDENTIAL/COMMERCIAL PROPERTY

FOR SELLER:
Broker Typically 6%, depending on size and marketing
Own Attorney $5,000
New York City Transfer Tax 1.425% of price up to $500,000
2.625% of entire price when it exceeds $500,000
New York State Transfer Tax 0.4% (.004) of price
Payoff Bank Attorney (if Seller has mortgage) $350
Miscellaneous $200
Transfer Security Deposit T.B.D.
FOR PURCHASER:
Own Attorney $5,000 and up
Bank Fees:
Points 2%
Application, credit, appraisal, bank attorney and miscellaneous $5,000-$10,000
Short-Term Interest one month max*
Mortgage Tax 2.75% of entire amount on loans over $500,000
Real Estate Tax Escrows 2-6 months
Fee Title Insurance Approx. $450 per $100,000
Mortgage Title Insurance Approx. $200 per $100,000
Miscellaneous Title Charges $1,000
Adjustments:
Rents* T.B.D.
Real Estate Taxes 1-6 months
*Prorated for month of closing

Open Houses & Seminars

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