FOR SELLER
| NYC Transfer Tax – Residential: | $500,000 or Below = 1% of purchase price Above $500,000 = 1.425% of purchase price |
| NYC Transfer Tax – Commercial: | $500,000 or Below = 1% of purchase price Above $500,000 = 1.425% of purchase price |
| NYC Administrative Fees: | Residential Deed Transfers = $125 Commercial Deed Transfers = $250 |
| NYS Transfer Tax: | $3,000,000 or Below = $0.40% of purchase price Above $3,000,000 = $0.65% of purchase price |
| NYS Equalization Filing Fee: | $125 (for one to three family and condo) |
| NYS Estimated Capital Gains Tax: | 8.82% of estimated gain at closing ONLY applies to Non-NYS resident seller at time of sale |
| Federal Withholding Tax (FIRPTA): | 10% of purchase price for non-exempt Foreign Seller |
| Title Closer Pick-up/Payoff Fee (PER MORTGAGE): | $175-$250 |
| Broker: | 6% of purchase price |
| Seller’s Attorney: | Varies. Consult your attorney. |
| Condominium Fees: | $400-$1,000 for application/waiver $500-$1,000 refundable move out deposit $250-$750 non-refundable move out fee |
FOR BUYER
| Fee Title Insurance: | Varies depending on purchase price but regulated by NYS. Best to use an online rate calculator from any reputable title company website. |
| Mortgage Title Insurance: | Reduced rate applies for simultaneous Purchase and Mortgage (if applicable). Also, best to use online rate calculator for sake of accuracy. |
| Recording Fees: | $250-$750 |
| Municipal Search: | $350-$500 |
| Title Endorsements: | $75-$150 |
| HO6 Policy Required by Lender: | $300-$750: depending on coverage selected by borrower/purchaser |
| Mansion Tax: | At least $1 million, but less than $2 million = 1.00% At least $2 million, but less than $3 million = 1.25% At least $3 million, but less than $5 million = 1.50% At least $5 million, but less than $10 million = 2.25% At least $10 million, but less than $15 million = 3.25% At least $15 million , but less than $20 million = 3.50% At least $20 million, but less than $25 million = 3.75% More than $25 million = 3.90% |
| NYC Mortgage Tax (paid by borrower): | If applicable: Mortgage less than $500,000 = 1.80% of mortgage amount (minus $30 for 1 or 2 family dwellings)
Mortgage above $500,000 on 1-3 family residential dwelling = 1.925% of mortgage amount (minus $30 for 1 or 2 family dwellings) Mortgage on all other property over $500,000 = 2.80% of mortgage amount |
| Purchaser’s Attorney: | Varies. Consult your attorney. |
| Bank Attorney: | $850-$1,000 (if applicable) |
| NEW CONSTRUCTION CONDO | Purchaser will pay costs normally paid by the Seller such as Seller attorney fees and NYC and NYS Transfer Taxes. |
| Resident Manager’s (Super’s) Unit: | Purchaser pays for this in some cases calculated as a percentage of the common interest associated with unit as part of the Condominium Building |
| Working Capital Fund Contribution: | One time charge of approximately 1-2 months of common charges |
| Sponsor Attorney Fees: | $2,500-$3,000 |
| Sponsor’s NYC and NYS Transfer Tax: | Determined by FIRST calculating the transfer taxes on the purchase price using the following guidelines: |
| NYC Transfer Tax – Residential: | $500,000 or Below = 1% of purchase price Above $500,000 = 1.425% of purchase price |
| NYS Transfer Tax: | $3,000,000 or Below = $0.40% of purchase price Above $3,000,000 = $0.65% of purchase price |
| 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. |
The costs shown are approximate and should be verified with your real estate attorney.
These costs also change from time to time.