Rabin Panero & Herrick: White Plains, New York - Closing Costs for Condos in New York City - 914.848.2222 - 212.935.3555

Listed below is general information regarding the costs for the purchase or sale of a condo in 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.

Transfer Taxes
New York State - 0.41% of sale price
New York City- 1% of sale price
if sale is under 500,000,000 or more. 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 - Check with your building
Managing Agent - Transfer Fee
$450-650

Loan Payoff
Pick-up Fee - $100-200
Record of Satisfaction - $75-150

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 8.82% of any gain.

Attorney's Fees - Varies

Title Costs (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

Common Charges
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's 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

Closing Costs
for Co-Ops in New York City

Closing Costs
for Condos in New York City

Closing Costs
for Co-Ops Outside New York City

Closing Costs
for Condos Outside New York City

Closing Costs
for all Single Family Homes