closing cost estimates for the buyer
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
Mortgage Origination Rate: 0—3% of the loan value
UCC 1 Filing: $125
Appraisal: $300—$1,500
Board Package Processing Fees: $500—$2,000
Credit/Background Check: $125—$500 per buyer
Move-in Fee: $250—$1,000
Move-in Deposit: $500 - $1,500 (refundable)
Maintenance Adjustment: Pro-rated for the month of closing
Recognition Agreement Fee: $200—$300
Miscellaneous Co-op Charges: Varies by building. Consult the co-op’s transfer agent & board package.
Transfer Tax Filing Fee: $125
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%
Buyer Agent: In 99% of deals, the seller will pay the agent commissions. If this is not the case, please refer to your Buyer’s Representation Agreement and discuss with your agent.
*The figures provided are general estimates and not guaranteed. Fees may vary based on a variety of factors. This information is provided without warranty, and you are encouraged to consult your attorney to discuss your specific situation and verify costs.