Co-Op Closing Costs

 

Buyer's Closing Costs

Your Attorney:  $2,000+

Mortgage Bank Fees:  Points: 0% to 3% of loan amount

Mortgage Fees:  (Credit Report, Appraisal, Application) $500 - $1,000

Mortgage Bank Attorney:  $650+

Lien Search:  $250 - $350

UCC-1 Filing:  $80

Short Term Interest:  Equal to interest for balance of month in which you close

Move-in Deposit:  $250 - $1,000 (Refundable)

Recognition Agreement Fee:  $200+

Maintenance Adjustment:  Pro-rated for the month of closing

Mansion Tax:  1% of entire purchase price on sales over $1,000,000.

 

Seller's Closing Costs

Your Attorney:  $2,000+

Managing Agent Fee:  $450+

Move-out Deposit:  $250 - $1,000 (Refundable after move-out if there is no damage.)

Mortgage Bank Attorney:  $350+

NYC Transfer Tax:  1% of price up to $500,000; or, 1.425% of price if $500,000 and over. Plus $25 administrative fee.

NYS Transfer Tax:  $4.00 per $1,000.00 of price, or 0.4% of purchase price

Miscellaneous Title Fees:  $200

Payoff Fee to Title Closer:  $300+

UCC-3 Filing:  $50+

Flip Tax:  Depends on building

Stock Transfer Tax:  $0.05 per share
 

Information provided are examples of typical costs incurred for a residential purchase and sale transaction in Manhattan.  Costs may vary greatly for many reasons, and commercial transactions.  Please consult a qualified attorney before making your decision.