CONTACT US
 

Level Group


370 Lexington Avenue, 24th Floor
New York, NY 10017

Phone 212.994.9965
Fax 212.994.9967
Email info@levelgroup.com
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Closing Costs

 
CLOSING COSTS FOR CO-OP APARTMENTS
 
Whether buying or selling real property, you must account for closing costs. For your convenience, we have compiled some information concerning these costs associated with the purchase of property in New York City. PLEASE NOTE - these are general guidelines and are not meant to be accounting or legal advice. All persons should consult their own attorney or financial advisor for more information.  While believed to be accurate, no representation or warranty is made with respect to any of the information presented below.

 
COSTS TO THE PURCHASER
Personal Attorney Fees
Approx. $1,750 +
Mortgage Bank Fees
0% to 3% of the loan amount (points)
Credit reports, applications and appraisal
$500 - $1,000 +
Mortgage Bank Attorney
$400 +
UCC-1 Filing Fees
$50 +
Recognition Agreement Fee
$200 +
Lien Search
$250 - $350
Maintenance Adjustments
pro-rated for the month of closing
Managing Agent Fee
$500 +
Credit Report Fees
$50 - $100 per applicant
Mansion Tax
1% of the total purchase price if over $1 million
Move-In Deposit
$500 - $1,000 (usually refundable if no damage)
 
 
COSTS TO THE SELLER
Personal Attorney Fees
Approx. $1,750 +
NYC Real Property Transfer Tax
 
1% of the total purchase price if $500 K or less
1.425% of the total purchase price if over $500 K
NY State Real Property Transfer Tax
0.4% of the total purchase price
Flip Tax
Determined by each Co-op Building
Stock Transfer Tax
$.05 per share
Estate Fees
Co-op may have additional fees for estate sales
Mortgage Payoff Fees (if applicable)
$450 +
Managing Agent Fee
$500 - $750
Move-Out Deposit
$500 - $1,000 (usually refundable if no damage)
Broker Commission
6% of purchase price
Payoff Fee to Title Closer
$300 +
Miscellaneous Title and Filing Fees
$200 +