Closing costs for Manhattan property

by  Brian Silvestry

For the Seller:

Coops,Condos,residential 1-4 family
Brokerage Commission negotiable typically 6%
NYC Transfer tax:
1% of price for purchases up to $500,000
1.425% of price for purchases over $500,000
NYS Transfer tax
$2 per $500.00 of sales price
Attorney fee $1500 and up
Flip tax (depends on building) 0-5% COOPS***

For a commercial property(5 or more units or SRO)
Brokerage commission negotiable
NYC Transfer Tax:
2.625% of purchase price
NYS Transfer Tax:
$2 per $500.00 of sales price
Attorney fee $1500 and up

For the purchaser:

Loan fees approximately 5% of mortgage amount approximately includes:
Mortgage recording Tax NYS 0.5% of purchase price
Mortgage recording Tax NYC  1.8% of purchase price for purchases under $500,000 and for
$500,000 and above 1.925% of purchase price
Appraisal $300 and up
Application fee $300 and up
Bank attorney $500 and up
Title insurance varies
Attorney fee $1500 and up
Mansion tax of 1% of price for purchases of $1,000,000 and up

Note purchasers of coops do not pay mortgage recording transfer taxes since they are purchasing shares not real property.

Note that each building has different fees for the following fees associated with the building itself:
Application fee
Credit report fee
Move in fee
Move out fee

Additionally, when purchasing from sponsors as in new construction, the buyer pays the transfer taxes of the seller especially during seller’s markets. This is negotiable and more negotiable when the market is flush with inventory.

 

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