Home Buying in New York>Question Details

Kazmas, Home Buyer in New York, NY

On average, how much should one expect to pay in closing costs as a percentage of purchase price? Should these differ based on co-op or condo?

Asked by Kazmas, New York, NY Mon Apr 23, 2012

Help the community by answering this question:

Answers

12
Hello Kazmas,

It will range from 4 to 6% of the sale price and it is more or less an estimate:
(This applies to Manhattan New York and it applies for a resale)
If it is new development or sponsor units, you may have to pay the closing costs for the new construction or
new conversion.

- Attorneys fee $2000-$3000

- Move out deposit (refundable) fee $500-$1000

- Move out fee $250 - $1000

- Residential transaction 1% ofr sale price if sale is $500k or less
1.425% of sale if greater than $500k

- New York Transfer Tax 0.4%

- Transfer tax Filling fee $50 ($75 for condos)

- Federal Withholding Tax (FIRPTA) 10% of purchase price is withheld if seller is non exempt foreigner.

- Payoff Bank attorney fee $375-$500

- UCC-3filling fee $75-$125

- COOP APT SALES ONLY

- Flip Tax (if applicable) varies per building
Stock transfer $.05 per share
Transfer agent fee $500-$750

- CONDOMINIM APARTMENT SALES ONLY
Application Waiver fees $500-$1000
Pick up fees for mortgage payoffs $200 per mortgage

let me know if you have any other questions

Fern Hamberger
VP Asso broker
fhamberger@citi-habitats.com
1 vote Thank Flag Link Mon Apr 23, 2012
Thanks!
Flag Mon Apr 23, 2012
If purchasing with a mortgage ask your loan officer and or attorney for a good faith estimate. Generally one can expect to pay attorney fees, application fees, credit check fees, any mortgage associated fees, appraisal. title search, any taxes, etc. If purchasing a condo, unlike co-ops there are no application related fees.
1 vote Thank Flag Link Mon Apr 23, 2012
I NEED A HOUSE NOT CONDO OR CO-OP.I AM A PHYSICIAN ONE OF THE POOREST AMONG THE PHYSICIAN IN NY.BUT I CAN HELP TO BUILD UP BETTER COMMUNITY IF I GET REALY PROPER CHANCE.
0 votes Thank Flag Link Sun Apr 29, 2012
10% for down payment.I DO NOT KNOW HOW MUCH WILL BE THE CLOSING COST.
0 votes Thank Flag Link Sun Apr 29, 2012
Good morning Kazmas,

In New York, closing costs for Co-Ops are substantially lower than for Condominiums. For a Condo purchase, assuming your Lender provides a No Points loan, your average closing costs will be 3.5% to 4% of the purchase price.

For a Co-Op these costs are substantially lower because you do not pay the New York State Mortgage tax and the title fees are dramatically lower than for a Condo.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Apr 28, 2012
Click Closing Costs on the link below for a complete rundown on ALL types of residential properties.

Best regards and to your success!
0 votes Thank Flag Link Fri Apr 27, 2012
If you have a specific property in mind, please feel free to contact me. An attorney friend of mine provides free closing costs estimates based on the specific apartment. Otherwise 4% to 5% of the purchase price are reasonable ballpark estimates.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
212-688-1000x146
kharby@crrnyc.com
0 votes Thank Flag Link Tue Apr 24, 2012
Great question, Kazmas.
Absolutely closing costs are different for co-ops than condos because when you own a condo you own actual real estate. When you own a co-op, you own shares of a corporation that owns the building. In addition, when you are the first buyer of a condo unit, the sponsor expects you to pay the NYC and NYS transfer taxes, which in a resale you would not pay as the buyer. Here is a summary of closing costs:

Your Attorney $1,800 +
Managing Agent Application Fee $750
Credit Report Fee $50 - $100 per applicant
Lead Based Paint Disclosure Fee $0 - $50
Mansion Tax 1% of purchase price when over $1 million
Move-in Deposit $500 - $1,000 (usually refundable if no damage)
Mortgage Associated Fees:
Origination Costs – points 0 - 3% value of loan
Application, Credit Check, etc. $500 + up
Appraisal $275 + up
Bank Attorney $500 + up
UCC-1 Filing $50 + up
Recognition Agreement Fee $200 + up
Lien Search $350
Maintenance Adjustment Prorated for month of closing
If you are the first buyer of a new sponsor unit:
NY State Transfer Tax: $4 per $1,000 of price
NYC Transfer Tax: Up to $500,000 = 1%
$500,000+ = 1.425%

Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
0 votes Thank Flag Link Mon Apr 23, 2012
Thanks!
Flag Mon Apr 23, 2012
Hi, you can plan on about 3.5% of the purchase price under a million and about 4% above. If you are paying cash you can eliminate some of your banks fees that are factored into your costs.

Chris
0 votes Thank Flag Link Mon Apr 23, 2012
Here are a list of co-op closing costs:

http://www.buyandsellmanhattan.com/how-to-manhattan-apts/wha…

Here are a list of condo closing costs:

http://www.buyandsellmanhattan.com/how-to-manhattan-apts/wha…

Here is another article that should help you figure out which type of ownership stake is right for you.

http://www.buyandsellmanhattan.com/how-to-manhattan-apts/wha…

Lastly, you may want to read:

http://www.buyandsellmanhattan.com/how-to-manhattan-apts/how…

If you have any questions or if you would like some help for your impending purchase. Feel free to reach out to me at your convenience.

I am also a working part time appriaser, so I have an edge that almost no other brokers can offer thier clients.

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
91725-02284
0 votes Thank Flag Link Mon Apr 23, 2012
Thanks! Extremely helpful!
Flag Mon Apr 23, 2012
Always be prepared with 4-5% of the sales price and enjoy leaving the closing table with some change in your pocket and a smile on your face.

These percentages should hold true for all types of purchases.
0 votes Thank Flag Link Mon Apr 23, 2012
It'll really vary depending on location. A local Realtor could give you a pretty precise number. One item that can substantially affect closing costs is whatever transfer tax may be imposed by the city or county. Sometimes it's almost nothing; sometimes it's in the range of 1%; sometimes it's more.

Recognize, too, that some costs are pretty much the same regardless of the price you're paying. A home inspection, for instance, will vary a bit. But (at least where I am) you could pay $350 for a home inspection for a $100,000 property and not too much more for a $1 million property. Meanwhile, other costs--such as PMI--depend on how much you're putting down.

The closing costs shouldn't differ substantially if it's a condo. I'm less familiar with co-ops.

Again, check with a local Realtor.

Hope that helps.
0 votes Thank Flag Link Mon Apr 23, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer