Manhattan Closing Costs for Coops and Condos

By
Real Estate Broker 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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Topic:
Real Estate General Information
Location:
New York New York County Manhattan
Tags:
relocation package
manhattan
closing costs

Comments 9 New Comment

Rainmaker
499,468
Mitchell J Hall
Lic Associate RE Broker - Manhattan, NYC
The Corcoran Group
Hi Laurie, Thanks
February 26, 2008 08:18 PM
Ambassador
470,881
Kate Elim
Realtor 540-226-1964, Selling Homes & Land at LA
Dockside Realty

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

Kathleen

February 26, 2008 11:44 PM
Rainmaker
499,468
Mitchell J Hall
Lic Associate RE Broker - Manhattan, NYC
The Corcoran Group
Kathleen, Thank you.
February 27, 2008 09:24 AM
Rainmaker
229,870
Debbie Summers
MoveToLakeMary.com or 407-758-1020
Charles Rutenberg Realty - Orlando, Florida
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.
March 01, 2008 04:11 PM
Rainmaker
499,468
Mitchell J Hall
Lic Associate RE Broker - Manhattan, NYC
The Corcoran Group

Hi Debbie,

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

March 05, 2008 08:42 AM
Rainmaker
499,468

Mitchell J Hall

Lic Associate RE Broker - Manhattan, NYC
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