Closing Costs

Listed below is general information regarding the purchase or sale of a co-op outside 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 - 0.4% of sale price Building Fees Move out deposit - $250-1000 Flip Tax - Check with your 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 (andcorporations) 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

Lien Search - $275.00 Loan Closing Costs- Purchaser should consult with an attorney when examining the good faith estimate recieved from lender. Building Fees Move in deposit - $250-1000 Administrative - $400-600 Lender's Attorney Fee - $500-750 Maintenance Many buildings require the pre-payment of maintenance for the month following the closing and an adjustment will be made with the seller for maintenace 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