Condominiums

For the Seller

Broker: Usually 6% depending on the size and Marketing.
Attorney: Consult your own attorney
Processing Fee: $450+
Move-out Deposit: One time fee of $500.00+
Bank Attorney: $450+
NYC Transfer Tax: 1% of price up to $500,000; or $1.425% of price if $500,000 and over. Plus $25 administrative fee
NY State Transfer Tax: $2.00 per $500.00 of price, or 0.4% of purchase price
Miscellaneous Title Fees: $200
Payoff Fee to Title Closer: $300+

For the Buyer

Attorney: Consult your own attorney
Bank Fees: Points: 0% to3% of loan value
Application Fee: (Credit Report, Appraisal) $500+
Bank Attorney: $450+
Short Term Interest: One month
Tax Escrows: 2 to 6 months
Recording Fees: $300
Mortgage Tax: 1.75% of amount of mortgage on loans under $500,000; or, 1.875% of amount of mortgage on loans of $500,000 and over
Fee Title Insurance: Approx. $450 per $100,000
Mortgage Title Insurance: Approx. $200 per $100,000
Municipal Search: $275+
Managing Agent Fee:$250+
Common Charge Adjustment: Pro-rated for the month of closing
Real State Tax Adjustment: 1 to 6 months
Mansion Tax: 1% of entire purchase price Where price is $1,000,000 or more.
Move-in Deposit: One time fee of $500/+

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