New York City Closing Costs

Condominiums/Townhouses

FOR THE SELLER:

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Own Attorney - Varies*

NYC Real Property Transfer Tax - 1% of purchase price if $500,000 or less, 1.425% of purchase price of over $500,000

NYS Transfer Tax - 0.4% of purchase price if $3,000,000 or less ; 0.65% of purchase price if more than $3,000,000

Reserve Fund Contribution (if applicable) - Determined by condominium board payable to buyer or seller as specified.

Payoff Bank Fees (if applicable) - $250 + up

Managing Agent Fee - $250 + up

Move-Out Deposit - $500 + up

Broker Commission - 6% of purchase price

E Tax Filing (ACRIS) - $50-$200

NYS Capital Gains Tax Withholding - 7.7% of gain

(out of state seller)

Non-US Resident (FIRPTA) - 6.85% of estimated gain

FOR THE PURCHASER:

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Own Attorney - Varies*

Managing Agent Fee - $250 + up

Credit Report Fee - $50 + up per applicant

Title Insurance, Title Search & Recording Fees - Approximately $4 per 1,000 of purchase price

Lead Based Paint Disclosure Fee - $75 + up

Mansion Tax - 1% if $1,000,000-1,999,999; 1.25% if $2,000,000-2,999,999; And gradually increasing with purchase price.

Move-in Deposit - $500 + up (usually refundable if no damage)

Common charges, real estate taxes, and insurance premium - Adjustments pro rated as of closing

MORTGAGE ASSOCIATED FEES:

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Application, Credit Check, etc. - $500 + up

Appraisal - $300 + up

Bank Attorney - $650 + up

Mortgage Recording Tax - 1.8% of mortgage less $30 up to $500,000; 1.925% of mortgage less $30 over $500,000

Building Searches - $200 - $400

Recording Charge - $17 per document plus $5 per page

Real Estate Tax Escrow - 2-6 months

IF PURCHASED DIRECTLY FROM SPONSOR (ie: new construction)

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NYC Real Property Transfer Tax / NYS Transfer Tax - Calculated and added to purchase price (for tax purposes only) and then recalculated based on the bulked up price

Sponsor's Attorney Fee - $1800 + up

Working capital fund contribution Mansion Tax - One time fee equal to 1 or 2 months common charges

Mansion Tax - 1% if $1,000,000-1,999,999; 1.25% if $2,000,000-2,999,999; And gradually increasing with purchase price.

*Check with bank/mortgage broker for additional fees · New York State Law requires a written letter of engagement if the legal fee will exceed $3000. 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.

Co-operative Apartments

FOR THE SELLER:

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Own Attorney - Varies*

Stock Transfer Stamps - $.05 per share

NYC Real Property Transfer Tax - 1% of purchase price if $500,000 or less, 1.425% of purchase price of over $500,000

NYS Transfer Tax - 0.4% of purchase price if $3,000,000 or less ; 0.65% of purchase price if more than $3,000,000

UCC-3 Filing - $75 - $125

Flip Tax (if applicable) - Determined by co-operative building

Payoff Bank Attorney (if applicable) - $600 - $1.000

Managing Agent Fee - $500 + up

Move-Out Deposit - $500 - $1000 (usually refundable if no damage)

Broker Commission - 6% of purchase price

Estate Fees - Co-op may impose additional fees for estate sales

Lost Stock and Lease Fees E Tax Filing (ACRIS) - $250 + up

E Tax Filing (ACRIS) - $50 + up

NYS capital Gains Tax Withholding (out of state seller) - 6.85% of estimated gain

Non-US Resident (FIRPTA) - 10% of purchase price withheld or paid

FOR THE PURCHASER:

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Own Attorney - Varies*

Managing Agent (Recognition Agreement Fee) - $250 + up

Credit Report Fee - $50 + up per applicant

Lead Based Paint Disclosure Fee - $0 - $50

Mansion Tax - 1% if $1,000,000-1,999,999; 1.25% if $2,000,000-2,999,999; And gradually increasing with purchase price.

Move-in Deposit - $500 + up (usually refundable if no damage)

Lien Search - $250 - $350

MORTGAGE ASSOCIATED FEES:

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Origination Costs - points - 0 - 3% value of loan

Application, Credit Check, etc. - $500 + up

Appraisal - $300 + up

Bank Attorney - $650 + up

UCC-1 Filing - $75 + up

Maintenance Adjustment - Prorated for month of closing