Buyer Closing Costs

You won’t pay broker fees at closing, but you will have other closing costs associated with your purchase. The Digs rebate typically offsets a large portion of those costs or covers all of them and then some.

CO-OP CLOSING COSTS

CO-OP FEES

RECOGNITION AGREEMENT REVIEW FEE$150-$300 (If financing)
CO-OP FEES$500-$1000 refundable move-in deposit
$250-$750 non- refundable move-in fee

LIEN SEARCH / UCC-1

LIEN SEARCH$500
UCC I FILING FEE$100-$150 (if financing)

TAXES

MANSION TAXMansion Tax is a percentage of your purchase price, depending on the purchase price

1% of the gross purchase price for purchases between $1,000,000 and $1,999,999

1.25% of the gross purchase price for purchases between $2,000,000 and $2,999,999

1.5% of the gross purchase price for purchases between $3,000,000 and $4,999,999

2.25% of the gross purchase price for purchases between $5,000,000 and $9,999,999

3.25% of the gross purchase price for purchases between $10,000,000 and $14,999,999

3.5% of the gross purchase price for purchases between $15,000,000 and $19,999,999

3.75% of the gross purchase price for purchases between $20,000,000 and $24,999,999

3.9% of the gross purchase price for purchases of $25,000,000 and up

LEGAL

PURCHASER’S ATTORNEY$2,500-$4,500
BANK’S ATTORNEY$1,000-$2,000

ADDITIONAL CLOSING COSTS FOR SPONSOR SALES

SPONSOR’S ATTORNEY$2,500-$4,500
SPONSOR’S TRANSFER TAXESSponsor’s transfer taxes are determined by first calculating the transfer taxes on the purchase price using the following guidelines:

NYC Transfer Tax:
1% of the purchase price if $500,000 or below 1.425% of the purchase price if above $500,000

NYS Transfer Tax:
$4 per $1000 of purchase price (.4% of purchase price). For sales over $3,000,000, the NYS transfer tax will increase by 0.25%.

Once the figure of NYC and NYS taxes is determined, then the taxes are re-calculated based on the sum of the original purchase price and the NYC and NYS transfer taxes.

CONDO CLOSING COSTS

CONDO FEES

CONDO FEES$500-$1,000 refundable move-in deposit
$250-$750 non-refundable move-in fee

TITLE INSURANCE

FEE TITLE INSURANCEVaries depending on the purchase price and regulated by the state, but is typically approximately .45% of the purchase price.It is best to use an online rate calculator from a reputable title company website.
MORTGAGE TITLE INSURANCEReduced rate applies for simultaneous purchase and mortgage (if applicable). It is best to use an online rate calculator from a reputable title company website.
RECORDING FEES$250-$750
MUNICIPAL SEARCH FEES$350-$500
TITLE ENDORSEMENTS$75-$150

HOMEOWNERS INSURANCE

HO6 POLICY REQUIRED BY LENDERCosts will vary depending on coverage selected by the purchaser. Check with insurance agent.

LEGAL

PURCHASER’S ATTORNEY$2,500-$4,500
BANK’S ATTORNEY$1,000-$2,000

TAXES

MANSION TAX

Mansion Tax is a percentage of your purchase price, depending on the purchase price

1% of the gross purchase price for purchases between $1,000,000 and $1,999,999

1.25% of the gross purchase price for purchases between $2,000,000 and $2,999,999

1.5% of the gross purchase price for purchases between $3,000,000 and $4,999,999

2.25% of the gross purchase price for purchases between $5,000,000 and $9,999,999

3.25% of the gross purchase price for purchases between $10,000,000 and $14,999,999

3.5% of the gross purchase price for purchases between $15,000,000 and $19,999,999

3.75% of the gross purchase price for purchases between $20,000,000 and $24,999,999

3.9% of the gross purchase price for purchases of $25,000,000 and up
MORTGAGE RECORDING TAXMortgage less than $500,000: 1.8% of the mortgage amount (minus $30 for 1 or 2 family dwellings)

Mortgage $500,000 and above on 1-3 family residential dwelling: 1.925% of the mortgage amount (minus $30 for 1 or 2 family dwellings)

Mortgage on all other property $500,000 and over: 2.8% of the mortgage amount
WORKING CAPITAL CONTRIBUTIONOne time charge of 1-2 months of common charges

ADDITIONAL CLOSING COSTS FOR NEW DEVELOPMENT

SUPER’S UNITPurchaser pays for this in some cases. The unit is allocated a dollar value by the sponsor and the purchser’s portion is calculated as a percentage of the common interest associated with the unit.
WORKING CAPITAL CONTRIBUTIONOne time charge of 1-2 months of common charges
SPONSOR’S ATTORNEY$2,500-$4,500
SPONSOR’S TRANSFER TAXESSponsor’s transfer taxes are determined by first calculating the transfer taxes on the purchase price using the following guidelines:

NYC Transfer Tax:
1% of the purchase price if $500,000 or below 1.425% of the purchase price if above $500,000

NYS Transfer Tax:
$4 per $1000 of purchase price (.4% of purchase price). For sales over $3,000,000, the NYS transfer tax will increase by 0.25%.

Once the figure of NYC and NYS taxes is determined, then the taxes are re-calculated based on the sum of the original purchase price and the NYC and NYS transfer taxes.
MISCELLANEOUS SPONSOR FEES$1,000-$2,000

TOWNHOUSE CLOSING COSTS

TITLE INSURANCE

FEE TITLE INSURANCEVaries depending on the purchase price and regulated by the state, but is typically approximately .45% of the purchase price.It is best to use an online rate calculator from a reputable title company website.
MORTGAGE TITLE INSURANCEReduced rate applies for simultaneous purchase and mortgage (if applicable). It is best to use an online rate calculator from a reputable title company website.
RECORDING FEES$250-$750
MUNICIPAL SEARCH FEES$350-$500
TITLE ENDORSEMENTS$75-$150

HOMEOWNERS INSURANCE

HO6 POLICY REQUIRED BY LENDERCosts will vary depending on coverage selected by the purchaser. Check with insurance agent.

LEGAL

PURCHASER’S ATTORNEY$2,500-$4,500
BANK’S ATTORNEY$1,000-$2,000

TAXES

MANSION TAXMansion Tax is a percentage of your purchase price, depending on the purchase price

1% of the gross purchase price for purchases between $1,000,000 and $1,999,999

1.25% of the gross purchase price for purchases between $2,000,000 and $2,999,999

1.5% of the gross purchase price for purchases between $3,000,000 and $4,999,999

2.25% of the gross purchase price for purchases between $5,000,000 and $9,999,999

3.25% of the gross purchase price for purchases between $10,000,000 and $14,999,999

3.5% of the gross purchase price for purchases between $15,000,000 and $19,999,999

3.75% of the gross purchase price for purchases between $20,000,000 and $24,999,999

3.9% of the gross purchase price for purchases of $25,000,000 and up
MORTGAGE RECORDING TAXMortgage less than $500,000: 1.8% of the mortgage amount (minus $30 for 1 or 2 family dwellings)

Mortgage $500,000 and above on 1-3 family residential dwelling: 1.925% of the mortgage amount (minus $30 for 1 or 2 family dwellings)

Mortgage on all other property $500,000 and over: 2.8% of the mortgage amount

ADDITIONAL CLOSING COSTS FOR NEW DEVELOPMENT

SPONSOR’S ATTORNEY$2,500-$4,500
SPONSOR’S TRANSFER TAXESSponsor’s transfer taxes are determined by first calculating the transfer taxes on the purchase price using the following guidelines:

NYC Transfer Tax:
1% of the purchase price if $500,000 or below 1.425% of the purchase price if above $500,000

NYS Transfer Tax:
$4 per $1000 of purchase price (.4% of purchase price). For sales over $3,000,000, the NYS transfer tax will increase by 0.25%.

Once the figure of NYC and NYS taxes is determined, then the taxes are re-calculated based on the sum of the original purchase price and the NYC and NYS transfer taxes.