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Closing Costs

 

Condominium and Townhouse

 

(Consult your attorney and financial advisor for specifics)

 

Attorney Fees……..........................Can vary however can be upwards of $2000

Credit check reports and applications fees……$500 and upwards

Move in deposit…..........................$500+ however usually refunded after move in

 

Insurance and Tax:

Owners Policy Insurance….............Approx $4 per $1,000 of insurance

Mortgage Title Insurance…………..Variable on loan amount

NYS Mortgage Recording Tax….....80% if loan is less than $500K

                                                   1.925% if greater than $500K

 

Mansion Tax..................................1% of a $1,000,000 purchase or greater

Search and recording fees…….........Approx $1000

 

Appraisal Fee……...........................$500 and upwards

Bank Attorney….............................Can vary however can be $600 and upwards

UCC-1 Filing……...........................$75 & upwards

 

 

Please Note:  For the New Development buyer, NYS and NYC transfer tax will both be paid by the buyer, typically 1.825% of the purchase price.

 

Co-operative Buyers Closing Costs

 

(Consult your attorney and financial advisor for specifics)

 

Attorney Fees……..........................Can vary however can be upwards of $2000

Credit check reports and applications fees……$500 and upwards

(Includes Lien and Judgement search)

 

Mansion Tax……...........................1% of $1,000,000 purchase or greater

Move in deposit…..........................$500+ however usually refunded after move in

 

Appraisal Fee……..........................$500 and upwards

Bank Attorney…............................Can vary however can be $600 and upwards

UCC-1 Filing……..........................$75 & upwards