Closing Costs for Coop and Condo-Op in New York
Coop/ Condo-op Closing Costs
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: 1% of price up to $500,000; or 1.425% of price if $500,000 and over.
NY State Transfer Tax: $4 per $1,000 of price
Pick-up / Payoff Fee: $250-$500
UCC-3 Filing Fee: $100
Miscellaneous Co-op 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: $280
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $9.80 single/$14.60 joint
Bank Attorney: $750-$850
Lien Search: $250-$350
UCC-1 Filing Fee: $100
Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.
ADDITIONAL REAL ESTATE EXPENSES
Miscellaneous Co-op Charges: Vary by building
Recognition Agreement Fee: $200+
Maintenance Adjustment: Pro-rated for the month of closing
Short Term Interest: Equal to interest for balance of month in which you close
This closing cost guide is designed to give you the general costs associated with the purchase or sale of a cooperative, condominium or townhouse property. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Please take note we do not represent that these are the entirety of potential costs, but are only to be used as a guide.
