Resources

TOWNHOUSES AND SINGLE FAMILY HOMES 

For the Seller
Broker: Typically 6% Own
Own Attorney: Consult your attorney
NYS Transfer Tax: $4 per $1,000 of price
Miscellaneous Title Fees: $200-$500
Pick-up / Payoff Fee to Title Closer: $100-$300
 
For the Purchaser
Mortgage Closing Costs Buyer’s Attorney: Consult your attorney
Buyer’s Attorney: Consult your attorney
Bank Fees: $750
Application Fee: $350
Processing Fee: $330
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $10.10 single/$15.20 joint
Bank Attorney: $650-$750
Tax Escrows: 2 to 6 months
Recording Fees: $250-$750
Fee Title Insurance: Approx. $450 per $100,000 of sales price under 1M, +15% on $1M or more
Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount
Municipal Search: $350-$500
Mortgage Tax - NYC (paid by borrower):
1-3 Family Home or Condo:
If mortgage is less than $500,000: 1.80%. If mortgage is $500,00 or more: 1.925% of loan amount
Mortgage Tax - Nassau & Suffolk – Westchester & Putnam (paid by borrower):
1-3 Family Home or Condo: 0.80% of loan amount
Peconic Bay Tax: Tax applies to properties in the townships of Southampton, East Hampton, Riverhead, Southold and Shelter Island.
Exclusions (i) Purchase Price less than $250,000 on improved property; and (ii) Purchase Price less than $100000 on un-improved property
Residential
1-3 Family Dwelling less than $1,000,000 and all other properties = 2.40%
Residential
1-3 Family Dwelling $1,000,000+ = 3.40%
 
CONDOMINIUMS 

For the Seller
Broker: Typically 6%
Own Attorney: Consult your attorney
Processing Fee: $450+
NYC Transfer Tax:
Residential
Up to $500,000 = 1%
$500,000+ = 1.425%
Commercial
Up to $500,000 = 1.425%
$500,000+ = 2.625%
Admin. Fee
Non-Deed Transfers (i.e., Co-ops) = $50
Residential Deed Transfers= $75
Commercial Deed Transfers = $165
NY State Transfer Tax: $4 per $1,000 of price
NYS Equalization Fee: $75
Pick-up/Payoff Fee: $250-$500
UCC-3 Filing Fee: $100
Miscellaneous Condominium Charges: Vary by building

Buyer Estimated Closing Costs 

For the Purchaser
Buyer’s Attorney: Consult your attorney
Bank Fees: $350-$750
Application Fee: $350
Processing Fee: $330
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $10.10 single/$15.20 joint
Bank Attorney: $650-$750
Tax Escrows: 2 to 6 months
Recording Fees: $250-$750
Fee Title Insurance: Approx. $450 per $100,000 of sales price under 1M, +15% on $1M or more
Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount
Municipal Search: $350-$500
Mansion Tax: 1% of entire purchase where price is $1,000,000 or more.
NYC Mortgage Tax (paid by borrower):
Mortgage less than $500,000 = 1.80%
Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%
Mortgage on all other property over $500,000.00 = 2.80%
Nassau and Suffolk Counties Mortgage Tax:
1-3 family residential dwelling = 0.80% on entire mortgage amount
3 or more family residential dwelling, commercial or vacant land = 1.05% on entire mortgage amount
Peconic Bay Tax: (East Hampton, Shelter Island and Southampton):
Exclusions: (i) Purchase Price less than $250,000 on improved property; and (ii) Purchase Price less than $100,000 on un-improved property
Residential 1-3 Family Dwelling less than $1,000,000 and all other properties = 2.40%
Residential 1-3 Family Dwelling $1,000,000+ = 3.40%
Additional Real Estate Expenses
Common Charge Adjustment: Pro-rated for the month of closing
Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected
Miscellaneous Condominium Charges: Vary by building
Short Term Interest: Equal to interest for balance of month in which you close

COOPERATIVES 

Estimated Closing Costs For Seller 

For the Seller
Broker: Typically 6%
Own Attorney: Consult your attorney
Co-op Attorney: $450+
Flip Tax: Typically 1% to 3% of price (if applicable)
Stock Transfer Tax: $0.05 per share
Move-out Deposit/Fee: Varies by building
NYC Transfer Tax:
Residential
Up to $500,000 = 1%
$500,000+ = 1.425%
Commercial
Up to $500,000 = 1.425%
$500,000+ = 2.625%
Admin. Fee
Non-Deed Transfers (i.e., Co-ops) = $50
Residential Deed Transfers= $75
Commercial Deed Transfers = $165
NY State Transfer Tax: $4 per $1,000 of price 
NYS Equalization Fee: $75.00
Pick-up / Payoff Fee: $250-$500
UCC-3 Filing Fee: $100
Miscellaneous Coop Charges: Vary by building
 
Estimated Closing Costs - Prospective Buyer 
For the Purchaser
Mortgage Closing Costs
Buyer’s Attorney: Consult your attorney
Bank Fees: $350-$750
Application Fee: $350
Processing Fee: $330
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $10.10 single/$15.20 joint
Bank Attorney: $650-$750
Lien Search: $250-$350
UCC-1 Filing: $100
Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.
Additional Real Estate Expenses
Miscellaneous Co-op Charges: Vary by building
Recognition Agreement Fee: $200+
Maintenance Adjustment: Pro-rated for the month of closing
Short Term Interest: Equal to interest for balance of month in which you close

Standard Fund Requirements

The Budget
Location, size, amenities, building type, school locations and nearness to public transportation are crucial to determining what a property will cost. We suggest that buyers review financing options to determine what amount of money they can put toward a deposit and then determine what they can afford for a monthly mortgage payment. Some people may want to see if they pre-qualify for mortgage status in order to know what budget they will be working within.

Type of Property
The next thing to determine would be the type of property you'd like to buy. Would you like an apartment, condominium, coop or commercial property?

Apartment Purchase
For apartment purchases there is no approval process, besides normal financial inquiries. Buyers are entitled to have complete control over any renovations they wish to make. Maintenance costs are the sole responsibility an owner and with this the owner gets total control over maintenance and repairs. Transferring deeds or reselling an apartment do not require approval. The size of a property can vary according to a budget and location of the property.

Condominium Purchase
Condo owners buy the apartment and also own a percentage of the common building areas, i.e. entrance areas, hallways and recreational areas etc. The condominium is considered real property; because of this fact, owner's have the right to do use the property any way he/she sees fit. Owners are subject to pay property taxes which can either be escrowed into a part of a monthly mortgage payment or which are paid annually as an expense. Monthly maintenance fees are generally paid to the building's condominium association.

Coop Purchase
Buying a coop is tricky, but Manhattan Life Real Estate's team of qualified agents can help. When purchasing a cooperative apartment the purchaser is really purchasing shares in a cooperation. The shares correspond to the units in which you live. coop fees include a monthly mortgage payment and maintenance fees for the building. Maintenance fees are sometimes high but both mortgage payments and maintenance fees generally result in higher tax deductibles.