Closing Costs: Condos & Townhouses


CONDOMINIUM APARTMENTS AND TOWNHOUSE CLOSING COSTS FOR THE SELLER:

Broker
6%

Own Attorney
$1,250.00 and up

Move-out Deposit
$500.00
 
New York Transfer Tax
1% of price up to $500,000.00; and 1.425% of price over $500,001.00 (Paid by seller, except sale by sponsor)
 
Miscellaneous Title Fees
$200
 
Payoff Bank Attorney
$400+
 
CONDOMINIUM APARTMENTS AND TOWNHOUSE CLOSING COSTS FOR THE BUYER:

Attorney
$1,250 and up
 
BANK FEES:
Points
0 to 2.5% of loan value (optional)

 
Applications,credit check
$500+
 
Bank attorney
$750-$900
 
Short-term
One Month
 
Bank Escrows
2-6 Months
 
Bank underwriting Fees
$350
 
Appraisal Fees
$300-$750 (dependent on the price of the apartment)
 
Recording Fees
$400
 
Mortgage Tax
1.8% of amount of mortgage on loans Under $500,000;and 1.925% of amount of mortgage on loans over $500,001
 
Fee Title Insurance
Approx $675 per $100,000
 
Mortgage Title Insurance
Approx $500 per $100,000
 
Violation Search
$275+
 
Managing Agent Fee
$250+
 
Common Charge Adjustment
1 Month
 
Real Estate Tax Adjustment
1 to 3 Months
 
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.