The Law Office of Steven Riker
New York Business Litigation, Real Estate, and Corporate Law Firm
New York Commercial and Business Litigation Attorney
New York City Residential and Commercial Real Estate Lawyer
110 E. 59th Street
23rd Floor
New York, NY 10022
Tel: (212) 661-6410
Fax: (212) 994-2146
SR@stevenrikerlaw.com



Estimated Closing Costs
For Real Estate Transactions

CO-OP APARTMENTS:


 For The Seller:

Real Estate Broker

6% (varies)
Seller’s Attorney

$2,000 and up (varies)
Co-op Attorney or Managing Agent

$500 - $750
Flip Tax

1%-3% of purchase price
Stock Transfer Tax

$.05 per share
Move-Out Deposit

$500 - $1,000 (may be refundable if no damage)
NYC Transfer Tax 1% of purchase price if purchase price is $500,000 or less; 1.425% of purchase price if purchase price is over $500,000

NYS Transfer Tax

0.4% ($2 per $500) of gross purchase price
Payoff Bank Attorney

$450 and up
UCC Filing Fees $75-$150


 For The Purchaser:

Purchaser’s Attorney

$2,000 and up (varies)
Lien Search

$250-$350
Co-op Attorney or Managing Agent

$500 - $750
Move-in Deposit

$500 - $1,000 (may be refundable if no damage)
Maintenance Adjustment

up to one month
Mansion Tax 1% of purchase price when purchase price is $1,000,000 or more


 Additional Bank Fees (if financing):

Application, Credit and Appraisal

$750-$1,500
Bank Attorney

$550-$950
Points

0-3% of loan
UCC Filing Fees

$75-$150
Short-Term Interest up to one month


CONDOS, TOWNHOUSES, SINGLE-FAMILY HOMES:


 For The Seller:

Real Estate Broker

6% (varies)
Seller’s Attorney

$2,000 and up (varies)
Managing Agent Fee

$450 - $750
Move-Out Deposit
(usually refundable if no damage)

$500 - $1,000
NYC Transfer Tax 1% of purchase price if purchase price is $500,000 or less; 1.425% of purchase price if purchase price is over $500,000

NYS Transfer Tax

0.4% ($2 per $500) of purchase price
Title Fees/Recording Charges

$100-$300
Payoff Bank Attorney $450 and up


 Additional Fees for Condo Sellers:

Managing Agent Fee

$450 - $750
Move-Out Deposit $500 - $1,000 (may be refundable if no damage)


 For The Purchaser:

Title Insurance

approx. $500 per $100,000 of purchase price
Purchaser’s Attorney

$2,000 and up (varies)
Recording Fees

$250-$750
Mansion Tax 1% of purchase price when purchase price is $1,000,000 or more


 Additional Bank Fees (if financing):

Mortgage Recording Tax 1.8% of mortgage on loans under $500,000; 1.925% of mortgage on loans $500,000 or more (in addition, lender separately pays 0.25% of recording tax)

Application, Credit and Appraisal

$750-$1,500
Bank Attorney

$550-$950
Points

0-3% of loan
Short-Term Interest

up to one month
Bank Escrow 2-6 months of real estate taxes


 Additional Fees for Condo Purchasers:

Managing Agent Fee

$250 - $750
Common Charges Adjustment

Up to one month
Working Capital Fund Adjustment

Up to one month
Move-in Deposit $500-$1,000 (may be refundable if no damage)



The Law Office of Steven Riker

110 East 59th Street, 23rd Floor
New York, NY 10022
Office: (212) 661-6410
Fax: (212) 994-2146
Email: SR@stevenrikerlaw.com

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The Law Office of Steven Riker, in New York City, represents clients throughout the New York metropolitan area, including the Bronx, Brooklyn, Manhattan, Queens, Yonkers, New Rochelle, Staten Island, Long Island, New York County, Westchester County, Bronx County, and Kings County.

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