Estimated Closing Costs For Real Estate Transactions

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CO-OP APARTMENTS:

For The Seller:

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Real Estate Broker        6% (varies)

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Seller’s Attorney            $2,000 and up (varies)

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Co-op Attorney or        $500 - $750

Managing Agent​

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Flip Tax                          1%-3% of purchase price

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Stock Transfer Tax         $.05 per share

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

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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
 

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NYS Transfer Tax           0.4% ($2 per $500) of gross purchase price

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Payoff Bank                   $450 and up

Attorney  

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UCC Filing Fees            $75-$150

 

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For The Purchaser:

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Purchaser’s Attorney    $2,000 and up (varies)

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Lien Search                  $250-$350

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Co-op Attorney or      $500 - $750

Managing Agent

 

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

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Maintenance               Up to one month

Adjustment     

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Mansion Tax                1% of purchase price when purchase price is                                              

                                      $1,000,000 or more

 

 

Additional Bank Fees (if financing):

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Application, Credit     $750-$1,500

and Appraisal

 

Bank Attorney             $550-$950

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Points                           0-3% of loan

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UCC Filing Fees          $75-$150

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Short-Term Interest      Up to one month

 

CONDOS, TOWNHOUSES, SINGLE-FAMILY HOMES:

For The Seller:

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Real Estate Broker       6% (varies)

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Seller’s Attorney          $2,000 and up (varies)

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Managing Agent         $450 - $750

Fee      

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Move-Out Deposit      $500 - $1,000

(usually 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

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NYS Transfer Tax          0.4% ($2 per $500) of purchase price

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Title Fees/                    $100-$300

Recording Charges

 

Payoff Bank                  $450 and up

Attorney

 

 

Additional Fees for Condo Sellers:

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Managing Agent        $450 - $750

Fee

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Move-Out Deposit    $500 - $1,000 

(may be refundable

if no damage)

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For The Purchaser:

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Title Insurance            approx. $500 per $100,000 of purchase price

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Purchaser’s                  $2,000 and up (varies)

Attorney      

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Recording Fees          $250-$750

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Mansion Tax                1% of purchase price when purchase price is

                                     $1,000,000 or more

 

Additional Bank Fees (if financing):

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Mortgage                    1.8% of mortgage on loans under $500,000;

Recording Tax             1.925% of mortgage on loans $500,000 or more

                                     (in addition, lender separately pays 0.25% of recording tax)

                
 

Application, Credit     $750-$1,500

and Appraisal             

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Bank Attorney             $550-$950

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Points                           0-3% of loan

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Short-Term                  Up to one month

Interest            

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Bank Escrow               2-6 months of real estate taxes

 

 

Additional Fees for Condo Purchasers:

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Managing Agent       $250 - $750

Fee         

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Common Charges     Up to one month

Adjustment           

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Working Capital        Up to one month

Fund Adjustment     

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Move-in Deposit       $500-$1,000 

(may be refundable

if no damage)

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The Law Office of Steven Riker represents clients throughout the New York metropolitan area, including the counties of New York (Manhattan), Kings (Brooklyn), Queens, Bronx, Westchester, Nassau, and Suffolk, from offices conveniently located in midtown Manhattan and White Plains, New York.