Closing Costs for Condos Outside of New York City

Closing Costs

Listed below is general information regarding the purchase of a condo outside of New York City. The specific numbers may vary depending on the price of the property being conveyed or the building in which a sale or purchase is transacted. However, the information here should only be used as a guide, and for a more exact calculation of the costs, please contact our office and speak with an attorney.

SELLER'S COSTS

PURCHASER'S COSTS

Transfer Taxes

New York State - .4% of sale price

Building Fees

Move out deposit - $250-1000

Flip Tax - Check with your building

Managing Agent - Transfer Fee
$450-650

Loan Payoff

Pickup Fee - $100-200

Record Satisfaction - $75-150

Real Estate Broker Fee -Typically

6% of Sale Price

*Tax Withholding

Federal - Foreign persons (and

corporations) are required to have 10% of sale price withheld for
Federal Tax.
New York - Non-residents of New York must determine gain on sale and pay New York State income tax of 7.7% of any gain.

Attorney Fees - Varies

Title Insurance (See chart below for insurance premium)
Searches - $400-600
Recording - $200-400
Gratuity - $150-250
Loan Closing Costs- Purchaser should consult with an attorney when examining the good faith estimate received from lender. Make sure the estimate includes mortgage recording tax.

Building Fees
Move in deposit - $250-1000
Administrative - $400-600

Lender's Attorney Fee - $500-750

Maintenance
Many buildings require the pre-payment of Common Charges for the month following the closing and an adjustment will be made with the seller for common charge paid

Taxes
Many lenders require that any taxes due within 60 days of closing be paid at closing and an adjustment will be made with the seller for taxes paid.

Insurance
It is highly recommended that the purchaser obtain insurance for liability, casualty and theft of personal property. This coverage is to supplement the coverage by the building.

Mansion Tax
If purchase price equals or exceeds One Million Dollars the purchaser pays a tax of one percent of the total purchase price.

Attorney Fees - Varies

Title Insurance

Purchase Price

$500,000.00

$750,000.00
$1,000,000.00
$1,500,000.00

Combined Premium Assuming 80% Financing
$3,130.00
$4,245.00
$5,439.00
$7,651.00

No Financing
$2,518.00
$3,513.00
$4,508.00
$6,338.00