Closing Costs for Co-ops in NYC

Closing Costs

Listed below is general information regarding these purchase or sale of a co-op aptment in New York City. The specific numbers may vary depending on the price of the property being conveyed and the building. Keep in mind the information here should only be used as a guide. For a more exact costs information, please contact our office and speak with an attorney.

SELLER'S COSTS

PURCHASER'S COSTS

Transfer Taxes

New York State - 0.4% of sale price

New York City- 1% of sale price
if sale is under 500,000.00. 1.425% of sale price if sale is $500,000.00 or more. Plus $50.00 Filing Fee

Building Fees

Move out deposit - $250-1000

Flip Tax - Varies by building

Managing Agent - Transfer Fee

$450-650

Stock Stamps - $0.05 per share

Loan Payoff

Lender's Attorney - $500-750

UCC-3 filing fee - $75 - $125

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 pay New York State income tax of 7.7% of any gain.

Lien Search - $275.00
Loan Closing Costs- Purchaser should consult with an attorney when examining the lender's good faith estimate.

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

Lender's Attorney Fee - $500-750

Maintenance
Many buildings require pre-payment of maintenance for the month following the closing and an adjustment will be made with the seller for the amount paid.

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

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

Attorney's Fee - Varies