Seller’s Condo Closing Costs
Real Estate Broker’s Fee:
Usually 6%, seldom negotiable
Attorney’s Fee
Varies, but generally at least $1,500.
Processing Fee: $450+
Condo Board’s Move-out Deposit: A one time fee of $500.00+
Your Mortgage Company or Bank Attorney’s Fee: $450+
New York City Transfer Tax:
1% of price up to $500,000; or, 1.425% of price if $500,000 and over, plus a $25 administrative fee.
New York State Transfer Tax:
$2.00 per $500.00 of price, or
0.4% of purchase price
Miscellaneous Title Fees:
$200
Payoff Fee to Title Closer:
$300+
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Buyer’s Condo Closing Costs
Attorney’s Fee:
Varies, but generally at least $1,500.
Bank Fees: Points: 0% to 3% of loan value
Application Fee (Credit Check, Processing Fee): $500+
Property Appraisal: $300+
Your Mortgage Company or Bank Attorney’s Fee: $500+
Short Term Interest: One month
Tax Escrows: 2 to 6 months
Recording Fees: $300
Mortgage Tax: 2.05% of amount of mortgage on loans under $500,000; or, 2.175% of amount of mortgage on loans of $500,000 and over
Fee Title Insurance: Approx. $450 per $100,000
Mortgage Title Insurance: Approx. $200 per $100,000
Title Search: $275+
Managing Agent Fee: $250+
Common Charge Adjustment: Pro-rated for the month of closing
Real Estate Tax Adjustment: 1 to 6 months
“Mansion Tax”: New York State’s tax upon buyers for 1% of entire purchase price when the residential property costs
$1,000,000 or more.
Move-in Deposit: One time fee of $500+
New York City Real Property Transfer Tax (Note: Buyer pays this only if the unit is purchased directly from the developer):
1% of purchase price up to $500,000
1.425% of purchase price over $500,000
New York State Transfer Tax (Note: Buyer pays this only if the unit is purchased directly from the developer):
$4 per $1,000 of purchase price
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