tips
If you’re a buyer:
| Co-operatives (Co-op) | Estimated Cost |
| Buyer’s Attorney | $1,450 + |
| Managing Agent Application Fee | $750 |
| Credit Report (on Each Application) | $50 to $75 |
| Lead Paint Disclosure | $0 to $50 |
| Mansion Tax | 1% of price when over $1 million |
| Move-In Deposit | $500 to 1,000 (typically refundable if there are no damages to hallways, elevators, etc.) |
| Maintenance Adjustment | Proration of one month |
| Orgination Fees/Points | 0% to 3% of loan value |
| Application, Credit Check, etc. | $500 |
| Bank Attorney | $450 to $800 |
| UCC-1 Filin | $50+ |
| Short-Term Interest | Up to one month |
| Recognition Agreement Free | $250 |
| Lien Search | $250 |
| Condominiums | Estimated Costs |
| Buyer’s Attorney | $1,450 + |
| Origination Fees/Points | 0 to 3% of loan value |
| Application, Credit Check, etc | $500 |
| Bank’s Attorney | $450 to $800 |
| Real Estate Tax Escrow | 2 to 6 months |
| Recording Fees | $150 |
| Mortage Tax | 1.8% of mortgage on loans under $500,000 and 1.925% of mortagage on loans of $500,000 and over |
| Appraisal UCC-I Filling | $50+ |
| Title Insurance | Approx 0.5% of purchase price |
| Building Search | $250+ |
| Managing Agent Fee | $250 to $500 |
| Common Charge Adjustment | Proportion of one month |
| Real Estate Tax Adjustment | 1 to 5 months |
| Title Closer Fee | $100 to $150 |
| Mansion Tax | 1% of price where over $1 million |
| If Purchase from Sponsor | (New construction/conversions) |
| NYC Real Proper Transfer Tax | 1% of purchase price up to $500,000, 1.425% of purchase price over $500,000 |
| NYS Transfer Tax | $4/$1,000 of purchase price |
If you’re a seller:
| Condominiums | |
| Broker | 6% |
| Seller’s Attorney | $1,250 and up |
| Managing Agent Processing Fee | $450-$650 and up |
| Move-out Depost | $500-$1,000 (usually refundable) |
| Bank Attorney | $450+ |
| NYC Tranfer Tax | 1% of price for purchases of $500,000 or less, 1.425% of price of purchases over $500,000 (paid by Seller, except sale by Sponsor) |
| NYC Transfer Tax | 0,4% of price |
| Title Fees | Title and Recording Fee |
| Mortage Satisfaction Fee | $150-$300 |
| Cooperatives | |
| Broker | 6% |
| Seller’s Attorney | $1,250 and up |
| Coop Attorney/Managing Agent | $400-$600 |
| Flip Tax | Varies |
| Stock Transfer Tax | $0.05 per share |
| Move-out Deposit | $500-$1000 (refundable) |
| NYC Transfer Tax | 1% of price for purchases of $500,000 or less, 1.425% of price of purchases over $500,000 (paid by Seller, except sale by Sponsor) |
| Payoff Bank Attorney | $300 |
| UCC-3 Fling Fee | $25 |
©2011 Lifestyles by Shana