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Closing Costs
CLOSING COSTS FOR CONDOMINIUMS & TOWNHOUSES
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.
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COSTS TO THE PURCHASER
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Personal Attorney Fees
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Approx. $1,750 +
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Mortgage Bank Fees
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0% to 3% of the loan amount (points)
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Credit reports, applications and appraisal
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$500 - $1,000 +
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Mortgage Bank Attorney
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$400 +
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Real Estate Tax Escrow
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2 to 6 months of tax amount
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Mortgage Recording Fees
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$200 - $300
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Mortgage Recoding Tax
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Up to $500,000 is 1.8% of the mortgage
Over $500,000 is 1.925% of the mortgage
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Title Insurance, Title Search and Recording Fees
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Approx. 0.5% of the purchase price
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Managing Agent Fee
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$250 - $500
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Common Charge Adjustments
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pro-rated for the month of closing
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Property Inspection Fees
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$1,000 +
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Mansion Tax
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1% of the total purchase price if over $1 million
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Move-In Deposit
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$500 - $1,000 (usually refundable if no damage)
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For Sponsor Sales and New Developments, purchaser usually pays the following:
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NYC Real Property Transfer Tax
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1% of the total purchase price if $500 K or less
1.425% of the total purchase price if over $500 K
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NY State Real Property Transfer Tax
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0.4% of the total purchase price
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Sponsor’s Attorney Fee
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$1,500 +
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COSTS TO THE SELLER
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Personal Attorney Fees
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Approx. $1,750 +
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NYC Real Property Transfer Tax
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1% of the total purchase price if $500 K or less
1.425% of the total purchase price if over $500 K
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NY State Real Property Transfer Tax
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0.4% of the total purchase price
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Mortgage Payoff Fees (if applicable)
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$450 +
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Managing Agent Fee
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$250 - $750
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Move-Out Deposit
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$500 - $1,000 (usually refundable if no damage)
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Broker Commission
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6% of purchase price
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Miscellaneous Filing Fees
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$100 +
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