Condominium

ESTIMATED COST

Consult your attorney: $2,500—$5,000+

Points: 0—3% of the loan value

Bank Application, Credit Check, etc: $400—$600

Bank Attorney: $900—$1,500

Appraisal: $300—$1,500

Tax Escrow: 2 to 6 months of property taxes

Mortgage Recording Tax:

1.8% of mortgage amount < $500,000

1.925% of mortgage amount > $500,000+

Mortgage Origination Fee: 0—3% of loan amount

Board Package Processing Fees: $500—$2,000

Move-in Fee: $250—$1,000

Move-in Deposit: $500—$1,500 (refundable)

Common Charges Adjustment: Pro-rated during the month of closing

Credit/Background Check: $125—$500 per buyer

Residential NYC Transfer Tax*: 

1% < $500,000

1.425% > $500,000+

Progressive NY State Transfer Tax*:

0.4% for Residential transactions < $3M

0.65% for Residential transactions > $3M

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

Recording Fees: $250

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: 

$1M to < $2M: 1.00%               $10M to < $15M: 3.25%

$2M to < $3M: 1.25%               $15M to < $20M: 3.50%

$3M to < $5M: 1.50%               $20M to < $25M: 3.75%

$5M to < $10M: 2.25%             $25M or more: 3.90%

Residential Deed Transfers Title: $75

Fee Closer: $100—$500

Lenders Policy Title Insurance: Rates may vary

Buyer Agent: Per your Buyer’s Representation Agreement, please note that in 99% of deals, the seller pays the agent commissions.