THT Closing Cost

ATTORNEY BANK BROKER Co-ops ESTIMATED COST

Closing cost estimates for the seller 6%
$500-$1,000
FEE

Broker

Payoff Bank Fees

Your Attorney Consult your attorney (~$2,500+)

BUILDING Co-op's Attorney/Managing Agent Closing Fee $400-$1,000
Move-out Deposit Varies by co-op, typically $500-$1,000
(refundable)
Move-in Fee $500-$1,000 (non-refundable)
Admin Fee $250-$1,000
Flip Tax or Transfer Tax Refer to managing agent (typically 1-3% of
price or $ per share)

GOVERNMENT *Residential NYC Transfer Tax: up to $500,000 1% 1.425%, plus filing fee of $100
$500,000+
*NY State Transfer Tax 0.4% of purchase price
Transfer Tax Filing Fee $100
UCC-3 Filing Fee $125

Co-ops ESTIMATED COST *varies depending on lead product/program selected **varies based upon size of loan and lender

Closing cost estimates for the purchaser

FEE

ATTORNEY Your Attorney Consult your attorney (~$2,500+)

BANK Points 0%-3% of loan value*
Bank Application, Credit Check, etc $400-$600
BUILDING Bank Attorney $900-$1,500
Mortgage Origination Rate 0-3% of loan amount*
GOVERNMENT UCC 1 Filing $125
Appraisal $300-$1,500**
Lien Search Fee ~$350

Board Package Processing Fees $500-$2,000
Credit Check Fee $100-$300 per buyer
Move-in Fee $250-$500
Move-in Deposit $500-$1,000 (refundable)
Maintenance Adjustment Pro-rated for the month of closing
Recognition Agreement Fee $200-$300
Miscellaneous Co-op Charges Varies by building. Consult the cooperative's
transfer agent & board package
Mansion Tax
Non-Deed Transfers (i.e., Co-ops) 1% of all sales of $1M or more
$50

Condominiums *NYC & NYS Transfer Taxes are paid by the purchaser in case of a new development

Closing cost estimates for the seller

FEE ESTIMATED COST

ATTORNEY BANK BROKER Broker 6%

Payoff Bank Fees $300-$1,000

Your Attorney Consult your attorney (~$2,500+)

BUILDING Managing Agent Closing Fee $500+
Move out Fee $500-$1,000
Move out Deposit $500-$1,000 (refundable)

GOVERNMENT *Residential NYC Transfer Tax: up to $500,000 1%
$500,000+ 1.425%
*NY State Transfer Tax .4% of purchase price
NYS Equalization Fee $75
Pick up/Payoff Fee to Title Closer $250-$500

RECORDING & CLOSING Pick up/Payoff Fee to Title Closer $250-$500

Condominiums *varies depending on lead product/program selected **varies based upon size of loan and lender

Closing cost estimates for the purchaser

FEE ESTIMATED COST

ATTORNEY Your Attorney Consult your attorney (~$2,500)

Points 0%-3% of loan value*

Bank Application, Credit Check, etc. $400-$600

Bank Attorney $900-$1,500

Appraisal $300-$1,500*

BANK Tax Escrow Typically 2-6 months of property taxes**

Homeowners Insurance (HOI) $400-$1,000 per year

Mortgage Tax (if less than $500,000) 1.80%

Mortgage Tax ($500,000+ on 1-3 family dwellings) 1.925%

Mortgage Origination Rate 0-3% of loan amount*

Mortgage Title Insurance .5%-.8% depending on purchase price and
loan amount

BUILDING Board Package Processing Fees $500-$2,000
Move-in Fee $250-$1,000
Move-in Deposit $500-$1,000 (refundable)
Common Charges Adjustment Pro-rated during the month of closing
Condo Credit Check $300-$500 per buyer

FEE ESTIMATED COST *varies depending on loan product/program selected **varies depending on if the real estate tax
is quarterly or in halves and upon your closing date
GOVERNMENT Recording Fees $625-$750
Title Insurance ~0.45% of purchase price
Municipal Searches $350-$500
Real Estate Tax Adjustment Pro-rated amount depends on when the
tax is collected
Mansion Tax 1% of price for all sales over $1,000,000
Residential Deed Transfers $75
Title Fee Closer $100-$500

*

NYC & NYS Transfer Taxes are paid by the purchaser in case of a new development

BUILDING *Residential NYC Transfer Tax: up to $500,000 1%
$500,000+ 1.425%
*NY State Transfer Tax 0.4% of total gross sale price

Townhouses & *NYC & NYS Transfer Taxes are paid by the purchaser in case of a new development
Multi Family Homes

Closing cost estimates for the seller

FEE ESTIMATED COST

ATTORNEY Your Attorney Consult your attorney (~$2,500-$5,000+

BANK Payoff Bank Fees $500-$1,000

GOVERNMENT Residential NYC Transfer Tax: up to $500,000 1% 1.425%, plus filing fee of $100
*$500,000+
*NY State Transfer Tax 0.4% of purchase price
Transfer Tax Filing Fee $100
UCC-3 Filing Fee $125

Townhouses & *varies depending on loan product/program selected **varies depending upon size of loan and lender
Multi Family Homes ***varies depending on if the real estate tax is quarterly or in halves and upon your closing date

Closing cost estimates for the purchaser

FEE ESTIMATED COST

ATTORNEY Your Attorney Consult your attorney (~$2,500-$5,000+

Points 0%-3% of loan value*

Mortgage Tax ($500,000+ on 1-3 family dwellings) 1.925%

Bank Loan Application Fees $400-$600

Bank Attorney $900-$1,500

BANK HOI $500-$1,000 per year

Appraisal $300-$1,500**

Tax Escrow Typcially 2-6 months of property taxes***

Mortgage Title Insurance $200 for every $1,000 of loan

Mortgage Origination Fee 0-3% of loan value*

Mortgage Tax (if less than $500,000) 1.80%

GOVERNMENT Recording Fees 1% 1.425%, plus filing fee of $100
Municipal Search 0.4% of purchase price
Miscellaneous Title Fees $100
Real Estate Tax Adjustment $125
Mansion Tax 1% of price for all sales of $1,000,000 or more