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BUYER CLOSING COSTS

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$350
UCC I FILING FEE$75-$100 (If financing)

TAXES

MANSION TAX1% of purchase price, where the price is $1,000,000 or more

LEGAL

PURCHASER’S ATTORNEY$150-$300 (If financing)
BANK’S ATTORNEY$500-$1000 refundable move-in deposit
$250-$750 non- refundable move-in fee

ADDITIONAL CLOSING COSTS FOR SPONSOR SALES

SPONSOR’S ATTORNEY$2,500-$4,000
SPONSOR’S TRANSFER TAXESDetermined 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

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

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$2000-$3,500
BANK’S ATTORNEY$850-$1,000

TAXES

MANSION TAX1% of purchase price, where the price is $1,000,000 or more
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

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-$4,000
SPONSOR’S TRANSFER TAXESDetermined 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

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

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.

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.

TAXES

PURCHASER’S ATTORNEY$2000-$3,500
BANK’S ATTORNEY$850-$1,000

LEGAL

MANSION TAX1% of purchase price, where the price is $1,000,000 or more
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-$4,000
SPONSOR’S TRANSFER TAXESDetermined 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

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

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.

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