Typical Estimated Closing Costs for Condominium Apartments in NYC
Posted by Michelle Carrington on Saturday, December 21, 2019 at 9:53 PM
By Michelle Carrington / December 21, 2019
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Typical Estimated Closing Costs for Condominium Apartments in NYC
Here is a quick breakdown on the esitmated costs when selling a condominium apartment in NYC:
| Broker | 4-6% of Gross Price |
| Seller's Attorney | Consult your attoney |
| Processing Fee | $600+ |
| Miscellaneous Condo Charges | Varies by building |
| UCC-3 Filing Fee | $20-40 |
| Sponsor's Attorney Fee | $1,500 and up (new development only) |
| Working Capital Fund Contribution | Amount equal to 1-2 months common charges |
| Pick-Up/Payoff Fee to Title Closer | $200-500, consult with your attorney |
| Flip Tax | Varies building to building, consult your agent |
| Maintenance | Pro-rated amount for the month of closing |
| Transfer Tax | See table below |
Transfer Tax Table
| PROPERTY TYPE | NYC TRANSFER TAX | NY STATE TRANSFER TAX |
| Single residence condo unit $499,999.99 and below | 1% | $2 per $500 of conveyance price |
| Residential units $500,000 and up | 1.425% | $2 per $500 of conveyance price |
| Residential units $3,000,000 and up (NYC only) | 1.425% | $3.25 per $500 of conveyance price |
| Commercial properties and vacant land under $500,000.00 | 1.425% | $2 per $500 of conveyance price |
| Commercial properties and vacant land $500,000 and up | 2.625% | $2 per $500 of conveyance price |
| Commercial properties and vacant land $2,000,000 and up (NYC only) | 2.625% | $3.25 per $500 of conveyance price |
Please note, while transfer taxes are typically paid by the seller, in case of some sponsor sales the buyers are responsible for the transfer taxes.
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