westchester real estate law
Closing Costs for Co-ops in NYC

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.

Sellers Costs Purchaser's Cost

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
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 pay NewYork State income tax of 8.82% of any gain.

Attorney's Fees - Varies

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

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

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 exceeds One Million Dollars or more the purchaser pays a tax of one percent of the total purchase price.

Attorney's Fees - Varies

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

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