[one_half]For the Seller (Cooperatives)
Flip Tax: Variable depending on the building (if applicable)
Stock Transfer Tax $0.05 per share
Transfer Agent Fee (Coop Attorney’s Fee) $500 – $750
Maintenance Adjustment:
Not really a “closing cost”. Seller reimburses Purchaser for the portion of maintenance 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 $500- $1,000
Move-Out Fee – non-refundable $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 $100
Federal Withholding Tax:
(FIRPTA) 10% of Sale Price if Seller is a non-resident foreigner
Payoff Bank Attorney Fee $375 – $500
UCC-3 Filing Fee $75 – $125[/one_half]
[one_half_last]For the Purchaser
Cooperative Application Fee $500 – $1,000
Judgment and Lien Search $250 – $350
Recognition Agreement Fee $150 – $250
Maintenance Adjustment:
Not really a “closing cost”. Purchaser reimburses Seller for the portion of maintenance paid through that date
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 used
Bank Attorney fee $700- $950
UCC-1 Filing fee $75- $125
Move-In Deposit – refundable $500- $1,000
Move-In Fee – 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 $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 Maintenance[/one_half_last]
