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 = 1.425% of purchase price Above $500,000 = 2.625% of purchase price |
| NYC Administrative Fees: | Residential Deed Transfers = $125 Commercial Deed Transfers = $250 |
| NYS Transfer Tax: | $4 per $1,000 of purchase price (.4% 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. |
| Property Condition Disclosure Credit: | $500 (unless exempt) |
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 |
| Homeowner’s Policy Required by Lender: | $300-$750: depending on coverage selected by borrower/purchaser |
| Mansion Tax: | 1% of purchase price, where price is $1,000,000 or more |
| 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 |
| Peconic Bay Region Transfer Tax: | If applicable: 2% of purchase price paid by Purchaser (exemptions: first $250,000 for improved property in Shelter Island, Southampton and East Hampton; first $150,000 for improved property in Riverhead and Southold; first $100,000 for unimproved property in Shelter Island, Southampton and East Hampton; first $75,000 for unimproved property in Riverhead and Southold) |
| Purchaser’s Attorney: | Varies. Consult your attorney. |
| Bank Attorney: | $850-$1,000 (if applicable) |
The costs shown are approximate and should be verified with your real estate attorney.
These costs also change from time to time.