Specializing in Business Transactions, Commercial Litigation, and Real Estate Law
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 $500 - $750
Managing Agent
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 $450 and up
Attorney
UCC Filing Fees $75-$150
For The Purchaser:
Purchaser’s Attorney $2,000 and up (varies)
Lien Search $250-$350
Co-op Attorney or $500 - $750
Managing Agent
Move-in Deposit $500 - $1,000 (may be refundable if no damage)
Maintenance Up to one month
Adjustment
Mansion Tax 1% of purchase price when purchase price is
$1,000,000 or more
Additional Bank Fees (if financing):
Application, Credit $750-$1,500
and Appraisal
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 $450 - $750
Fee
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
NYS Transfer Tax 0.4% ($2 per $500) of purchase price
Title Fees/ $100-$300
Recording Charges
Payoff Bank $450 and up
Attorney
Additional Fees for Condo Sellers:
Managing Agent $450 - $750
Fee
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 $2,000 and up (varies)
Attorney
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 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
Bank Attorney $550-$950
Points 0-3% of loan
Short-Term Up to one month
Interest
Bank Escrow 2-6 months of real estate taxes
Additional Fees for Condo Purchasers:
Managing Agent $250 - $750
Fee
Common Charges Up to one month
Adjustment
Working Capital Up to one month
Fund Adjustment
Move-in Deposit $500-$1,000
(may be refundable
if no damage)