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
- 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
VP Asso broker
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.
Licensed Real Estate Salesperson
New York, NY
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 â€“ 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%
Halstead Property, LLC
Here are a list of condo closing costs:
Here is another article that should help you figure out which type of ownership stake is right for you.
Lastly, you may want to read:
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.
SVP/ Associate Broker
Rutenberg Realty NYC
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.