Manhattan Closing Costs for Coops and Condos

By
Real Estate Agent with The Corcoran Group

COOPERATIVE APARTMENTS CLOSING COSTS

FOR THE SELLER:

Broker Negotiable
Attorney $1,800.00 and up
Co-op Attorney $450.00
Flip Tax 1% to 3% of price (if applicable)
Stock Transfer Tax $.05 per share
Move-out Deposit $500.00 -$1000.
New York City Transfer Tax 1% of price up to $500,000,
plus $25.00 recording fee, and 1.425% of price over$500,000.
New York State Transfer Tax $2.00 per $500.00 of sales price
Bank Attorney Fee $300.00
UCC-3 Filing Fee $20.00

FOR THE PURCHASER:

Attorney $1,800.00 and up
Bank Fees (if applicable):
Points 0 to 3% of loan value
Application, credit check, etc. $400.00
Bank Attorney $450.00
UCC-1 Filing Fee $20.00
Short Term Interest One Month
Move-in Deposit $500.00 -$1000
Recognition Agreement Fee $200.00
Lien Search $250.00
Maintenance Adjustment One Month
Mansion Tax 1% where price exceeds $1,000,000

CONDOMINIUM APARTMENTS CLOSING COSTS

FOR THE SELLER:

Broker Negotiable
Attorney $1,800.00 and up
Managing Agent Fee $750.00
Move-out Fee $100.00 -$1000
New York City Transfer Tax 1% of purchase price up to
$500,000, and 1.425% of the price over $500,000
New York State Transfer Tax $2.00 per $500 of price
Miscellaneous Title Co. Fees $100.00
Bank Attorney Fee $300.00

FOR THE PURCHASER:

Attorney $1,800.00 and up
Bank Fees (if applicable):
Points 0 to 3% of loan value
Application, credit check, etc. $500.00
Bank Attorney $450.00
Short Term Interest One Month
Tax Escrows 2-6 Months
Recording Fees $100.00
Mortgage Tax 1.75% of mortgage amount on loans under $500,000, and 2.12% of mortgage amount on higher loans
Title Insurance Fee for owner Approx. $675.00 per $100,000.00
Mortgage Title Insurance Fee for bank Approx. $500.00 per $100,000.00
Violation Search $170.00
Managing Agent Fee $250.00 and up
Common Charge Adjustment One Month (prorated)
Real Estate Tax Adjustment One to Six Months (prorated)
Mansion Tax 1% where price exceeds $1,000,000

The above fees are estimates advice from an attorney is recommended.
All information is subject to errors, omissions and changes

Manhattan Relocation Package:

Courtesy of:

Mitchell J Hall, Associate Broker, The Corcoran Group

©Mitchell Hall 2006-2009

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Ambassador
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Mitchell.  What a great post.  This really helps.  I do the same thing on a number of my web sites for MD and VA. 

TOTOH, that might be why there are so few buyers out.  Closing is a source of revenue for MD.  I see it is for NY too.

Feb 26, 2008 04:51 PM #1
Rainmaker
637,385
Brian Block
RE/MAX Allegiance, Managing Broker/Branch Vice President - McLean, VA
Northern Virginia & D.C. Real Estate

Mitchell, as a recovering attorney myself, I'm all for attorneys getting paid on deals -- after all that's the way G-d intended it to be.  However, I know that many buyers and sellers are thankful that unlike New York, in Virginia and D.C., very few real estate transactions require an attorney.  When people in this area hear the word attorney in reference to real estate, it strikes fear into their hearts because they assume things have gone awry in tehe deal.

On the flip side, if I had been living in New York, I could have obtained my broker's license without any additional education just by fact of being a licensed attorney.  Not so here.  I just completed 180 hours of broker education and take the exam next week.  

Feb 26, 2008 04:54 PM #2
Rainmaker
515,088
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

Lenn, Thank you, closing costs can really add up. Real estate transactions are an important revenue source for the city and state.

Brian, I think NY is one of the only states that requires attorneys. You are correct a licensed attorney in NY is exempt from obtaining a brokers license and may collect commissions. You would only need to get a license if you have salespersons working under your supervision. If you passed the BAR I think you will do fine on the brokers test it's pretty easy lol. Good Luck

Feb 26, 2008 05:30 PM #3
Rainmaker
223,559
Laurie Mindnich
Centennial, CO
This is really great stuff, Mitchell- thanks!
Feb 26, 2008 06:44 PM #4
Rainmaker
515,088
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC
Hi Laurie, Thanks
Feb 26, 2008 08:18 PM #5
Ambassador
479,774
Kate Elim
Dockside Realty - Spotsylvania, VA
Realtor 540-226-1964, Selling Homes & Land at LA

Mitchell...Your relocation packet is looking great.  Good luck with the contest.

Kathleen

Feb 26, 2008 11:44 PM #6
Rainmaker
515,088
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC
Kathleen, Thank you.
Feb 27, 2008 09:24 AM #7
Rainmaker
230,126
Debbie Summers
Charles Rutenberg Realty - Orlando, Florida - Lake Mary, FL
MoveToLakeMary.com or 407-758-1020
Mitchell - Very educational post...  With all the New York buyers we see in Florida, it is very interesting to see the differences in procedures/costs for closing in your state.  Very rarely do Florida buyers hire an attorney, the closing is handled by a title company with very little cost.  Thanks for the insightful post.
Mar 01, 2008 04:11 PM #8
Rainmaker
515,088
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

Hi Debbie,

Thanks for stopping by. Often buyers from out-of town are shocked at our procedures and closing costs.

Mar 05, 2008 08:42 AM #9
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Rainmaker
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Mitchell J Hall

Lic Associate RE Broker - Manhattan, NYC
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