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Chelsea, Other/Just Looking in New York, NY

What are buyer and seller closing costs on a NYC Co-op?

Asked by Chelsea, New York, NY Sat May 5, 2007

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Hi Chelsea the link below has approximate closing costs for NYC coops. Some of the fees are estimates and I recommend advice from an attorney. All of the information is subject to errors, omissions and changes. Every coop has different fees so the numbers below are estimates.
5 votes Thank Flag Link Tue Aug 14, 2007
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
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Co-op closing costs are generally lower than condo closing costs b/c there's no mortgage recording tax in co-ops. Below is a chart of the typical closing costs for both the buyer & seller of a co-op.
sophia.anzaroot@elliman.com
For the Seller
Broker: Typically 6%
Own Attorney: Consult your attorney
Co-op Attorney: $450+
Flip Tax: Typically 1% to 3% of price (if applicable)
Stock Transfer Tax: $0.05 per share
Move-out Deposit/Fee: Varies by building
NYC Transfer Tax:
Residential:
Up to $500,000 = 1%
$500,000+ = 1.425%
Commercial:
Up to $500,000 = 1.425%
$500,000+ = 2.625%
Admin. Fee:
Non-Deed Transfers (i.e., Co-ops) = $50
Residential Deed Transfers= $75
Commercial Deed Transfers = $165
NY State Transfer Tax: $4 per $1,000 of price
NYS Equalization Fee: $75.00
Pick-up / Payoff Fee: $250-$500
UCC-3 Filing Fee: $100
Miscellaneous Coop Charges: Vary by building

For the Purchaser
MORTGAGE CLOSING COSTS
Buyer’s Attorney: Consult your attorney
Bank Fees: $350-$750
Application Fee: $350
Processing Fee: $330
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $10.10 single/$15.20 joint
Bank Attorney: $650-$750
Lien Search: $250-$350
UCC-1 Filing: $100
Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.
3 votes Thank Flag Link Wed Jan 28, 2009
1 vote Thank Flag Link Sun Dec 23, 2012
who do you pay closing costs to? coop or bank?
0 votes Thank Flag Link Wed Jul 31, 2013
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