Closing Costs

For the Seller

• Broker: Typically 6%
• 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
• 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 (paid by borrower):

• 1-3 Family Home or Condo: 0.80% of loan amount

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%

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

Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes.

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

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

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