Typical Estimated Closing Costs for Co-operative Apartments in NY

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

NYS 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

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