Closing Costs: Co-ops


CO-OPERATIVE APARTMENTS CLOSING COSTS FOR THE SELLER:

Broker
6%
 
Own Attorney
$1,250.00 and up
 
Co-op Attorney
$450+
 
Flip Tax
1% to 3% of purchase price
 
Stock Transfer Tax
$.05 per Share
 
Move-out Deposit
$500
 
NYC Transfer Tax
1% of price up to $500,000 1.425% of price over $500,001
 
NYS Transfer Tax
$2.Per $500. of price
 
Payoff Bank Attorney
$350
 
UCC-3 Filing Fee
$90-100
 
CO-OPERATIVE APARTMENTS CLOSING COSTS FOR THE BUYER:

Own Attorney
$1,250 and up
 
BANK FEES:
Points
0 to 2.5%

 
Application, credit check
$750-900
 
Bank Attorney
$450-$500
 
UCC-1
Filing Fee $100
 
Bank underwriting Fees
$350
 
Appraisal Fees
$300 to $750 (dependent on the price of the apartment)
 
Short-term Interest
One Month
 
Move-in Deposit
$500
 
Managing Agent or Co-op Attorney (Recognition Agreement Fee)
$150-200
 
Lien Search
$300
 
Maintenance Adjustment
One Month
 
Mansion Tax
1% where price exceeds $1,000,000
 
Costs can change and vary for some transactions. All information is subject to errors, omissions and changes in facts or circumstances. Always consult your attorney before signing a contract.
 
Check with bank/mortgage broker for additional fees. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584). These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.