Typical Estimated Closing Costs for Condominium Apartments in NYC

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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