Condominium Apartments/Townhouses
and 1-3 Family Dwellings
FOR THE SELLER:
| Own Attorney | Varies |
| NYC Real Property Transfer Tax | 1% of purchase price if $500,000 or less 1.425% of purchase price if more than $500,000 |
| NYS Transfer Tax | 0.4% of purchase price |
| Reserve Fund Contribution (if applicable)† | Determined by condominium board, payable by buyer unless otherwise stated |
| Payoff Bank Fees (if applicable) | $250 and up |
| Managing Agent Fees† | $650 and up |
| Move-Out Deposit† | $500 & up (usually refundable if no damage) |
| Broker Commission | 6% of purchase price |
| E Tax Filing (ACRIS) | $100 |
| Property Condition Disclosure Statement Waiver Fee | $500 |
| NYS Capital Gains Tax Withholding (Only applicable to non-NY residents) |
8.82% of taxable gain on sale |
| (FIRPTA) Only applicable to foreign persons Additional taxes on capital gain associated with the sale of real estate including Federal, State and the specialized Medicare tax may apply. Please consult with your tax professional ensure compliance with all applicable tax regulations. |
Buyer to withhold 10% of purchase price |
FOR THE PURCHASER:
| Own Attorney | *Varies |
| Building Application | $500 and up |
| Title Insurance, Title Search & Recording Fees | 0.6% of purchase price and up |
| Title Closer Customary Fee | $200 |
| Mansion Tax | 1% of total purchase price when price is 1 million or more |
| Move-in Deposit† | $500 & up (usually refundable if no damage) |
| Common charges, property taxes, & Insurance premium | Adjustments pro-rated as of closing |
MORTGAGE ASSOCIATED FEES:
| Origination Costs-points | 0-3% value of loan |
| Application, Credit Check, etc | $750 and up |
| Appraisal | $425 and up |
| Bank Attorney | $600 and up |
| Mortgage Recording Tax | 1.8% for all mortgages less than $500,000 & 1.925% for all mortgages of $500,000 or more, minus $30 for townhomes |
| Real Estate Tax Escrow | 0-6 months, depending on lender requirements |
EXCLUSIVE TO NEW DEVELOPMENTS:
| NYC Real Property Transfer Tax† | 1-1.425% of purchase price |
| NYS Transfer Tax
Transfer taxes are calculated and added to purchase price (for tax purposes only) and then recalculated based on the bulked up price. |
0.4% of purchase price |
| Sponsor Attorney Fee | $1,500 & up |
| Working capital fund contribution | one time fee equal to 1 or 2 months common charges, depending on condominium |
| Mortgage Recording Tax | 1.8% for all mortgages less than $500,000 & 1.925% for all mortgages of $500,000 or more, minus $30 for townhomes |
Co-operative Apartments
FOR THE SELLER:
| Own Attorney | Varies |
| Stock Transfer Stamps | $.05 per share |
| NYC Real Property Transfer Tax | 1% of purchase price if $500,000 or less 1.425% of purchase price if more than $500,000 0.4% of purchase price |
| NYS Transfer Tax | 0.4% of purchase price |
| UCC-3 Filing | $75 |
| Flip Tax (if applicable) | Determined by co-operative building (unless otherwise stated or negotiated) |
| Payoff Bank Fees (if applicable) | $250 and up |
| Managing Agent Fees† | $650 and up |
| Move-Out Deposit† | $500 & up (usually refundable if no damage) |
| Broker Commission | 6% of purchase price |
| Estate Fees | Co-op may impose additional fees for estate sales |
| Lost Stock and Lease Fees | $250 and up |
| E Tax Filing (ACRIS) | $100 |
| NYS Capital Gains Tax Withholding (Only applicable to non-NY residents) |
8.82% of taxable gain on sale |
| (FIRPTA) Only applicable to foreign persons Additional taxes on capital gain associated with the sale of real estate including Federal, State and the specialized Medicare tax may apply. Please consult with your tax professional ensure compliance with all applicable tax regulations. |
Buyer to withhold 10% of purchase price |
FOR THE PURCHASER:
| Own Attorney | *Varies |
| Building Managing Agent Fee | $500 and up |
| Move-in Deposit† | $500 & up (usually refundable if no damage) |
| Mansion Tax | 1% of total purchase price when price is 1 million or more |
| Lien Search | $350 |
| Maintenance Adjustment | Pro-rated for month of closing |
Mortgage Associated Fees:
| Origination Costs – points | 0-3% value of loan |
| Application, Credit Check, etc | $500 and up |
| Appraisal | $425 and up |
| Bank Attorney | $600 and up |
| UCC-1 Filing | $75 and up |