[one_half]For the Seller (Condos & 1-4 Family Properties)
Application/Waiver Fee $500 – $1,000
Pick-Up Fee for Mortgage Pay-Off $175 – $250
Real Estate Tax & Common Charge Adjustment:
Not really a “closing cost”. Seller reimburses Purchaser for the portion of maintenance and/or Real Estate Taxes that the Seller failed to pay prior to Closing
Brokerage Commission 6% of Sales Price
Seller’s Attorney’s Fee $1,000-$2,000
Move-Out Deposit – refundable (Condos) $500- $1,000
Move-Out Fee – non-refundable (Condos) $250- $1,000
NYC Real Property Transfer Tax:
1% of Sales Price – $500,000 or less 1.425% of Sales Price – greater than $500,000
Commercial/Bulk Sales Rate:
If 2 or more un-attached units are sold simultaneously to the same buyer, the commercial transfer tax rate applies- 1.425% of the Sales Price if $500,000 or less or 2.625% of Sales Price if greater than $500,000
NYS Transfer Tax 0.4% of Sales Price
NYS Estimated Capital Gains Tax:
8.97% of estimated gain – paid at closing unless (i) Seller is a NY State resident at time of sale, or (ii) property was Seller’s primary residence for 2 out of the last 5 years, or (iii) Seller has set up a 1031 Tax- Deferred Exchange (investment property only)
Transfer Tax Filing Fee $75
Federal Withholding Tax (FIRPTA):
10% of Sale Price if Seller is a non-resident foreigner[/one_half]
[one_half_last]For the Purchaser
Title Insurance – Owner’s Policy:
Approximately $4 per $1,000 of insurance (fee regulated by statute) plus various search and recording fees totaling an additional $1,000
Title Insurance – Mortgage:
Only applies if the Purchaser is obtaining financing – variable depending on loan amount
Real Estate Tax & Common Charge Adjustment:
Not really a “closing cost”. Purchaser reimburses Seller for the portion of common charges and/or Real Estate Taxes that the Seller has pre-paid
New York State Mortgage Recording Tax:
1.80% if mortgage amount is less than $500,000 1.925% if mortgage amount is greater than $500,000
Title Closer Gratuity $250
Bank Fees (only applicable if Purchaser is obtaining a loan):
Includes items such as discount points, appraisal fee, origination fee, credit report fee, document preparation fee, courier fee, application fee Variable depending on lender and loan product
Bank Attorney fee $700- $950
General Move-In Deposit (Condos) refundable $500- $1,000
Move-In Fee (Condos) non-refundable $250- $1,000
Purchase Application Fee $500- $1,000
Mansion Tax 1% of Purchase Price if $1,000,000 or more
Purchaser’s Attorney Fee $1,000-$2,000
Sponsor Attorney’s Fee (New Construction) $1,000-$2,000
Sponsor’s NYC and NYS Transfer Taxes:
Calculated and added to the Purchase Price (to arrive at the tax) and then recalculated based upon the grossed-up price (may trigger Mansion Tax)
Working Capital Fund Contribution: 1 – 2 months of Common Charges[/one_half_last]
