RESOURCES FOR BUYERS & SELLERS

     

First-time buyers (and seasoned buyers too) can be overwhelmed with information and questions when buying a property. This page provides all buyers with some essential information pertaining to the type of property, together with a glossary of terms that any home buyer will find helpful.  

 

CLICK TO DOWNLOAD A GLOSSARY OF TERMS

 

TOWNHOUSES

SELLING:

Broker: 6%

Attorney’s fee: $1500+

NYC Transfer Tax:

Residential:

Up to $500,000 = 1%

$500,000+ = 1.425%

Commercial:

Up to $500,000 = 1.425%

$500,000+ = 2.625%

Admin. Fee:

Non-Deed Transfers (i.e., Co-ops) = $100

Residential Deed Transfers= $100

Commercial Deed Transfers = $200

NY State Transfer Tax: $4 per $1,000 of price

NYS Equalization Fee: $100

Miscellaneous Title Fees: $500-$1000

Pick-up / Payoff Fee to Title Closer: $500-$1000

 

BUYING:

Attorney’s fee: $1500+

Bank Fees: $1000

Application Fee: $500

Processing Fee: $500

Appraisal Fee: $1000-$3000 (depending on sales price)

Credit Report Fee: $10.10 single/$15.20 joint

Bank Attorney: $1000-$2000

Tax Escrows: 2 to 6 months

Recording Fees: $500-$1000

Fee Title Insurance: Amounts vary, check with your attorney

Mortgage Title Insurance: Amounts vary, check with your attorney

Municipal Search: $350-$500

Mortgage Tax - NYC (paid by borrower):

1-3 Family Home or Condo:

If mortgage is less than $500,000: 1.80%. If mortgage is $500,00 or more: 1.925% of loan amount

CONDOMINIUMS

SELLING:

Broker: 6%

Attorney’s fee: $1500+

Processing Fee: $450+

NYC Transfer Tax:

Residential:

Up to $500,000 = 1%

$500,000+ = 1.425%

Commercial:

Up to $500,000 = 1.425%

$500,000+ = 2.625%

Admin. Fee:

Non-Deed Transfers (i.e., Co-ops) = $50

Residential Deed Transfers= $100

Commercial Deed Transfers = $200

NY State Transfer Tax: $4 per $1,000 of price

NYS Equalization Fee: $75

Pick-up/Payoff Fee: $250-$500

UCC-3 Filing Fee: $100

Miscellaneous Condominium Charges: Vary by building

 

BUYING:

Attorney’s fee: $1500+

Bank Fees: $350-$750

Application Fee: $500

Processing Fee: $500

Appraisal Fee: $300-$1,500 (depending on sales price)

Credit Report Fee: $10.10 single/$15.20 joint

Bank Attorney: $1000-$2000

Tax Escrows: 2 to 6 months

Recording Fees: $250-$750

Fee Title Insurance: Amounts vary, please consult your attorney

Mortgage Title Insurance: Amounts vary, please consult your attorney

Municipal Search: $350-$500

Mansion Tax: 1% of entire purchase where price is $1,000,000 or more.

NYC Mortgage Tax (paid by borrower):

a. Mortgage less than $500,000 = 1.80%

b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%

c. Mortgage on all other property over $500,000.00 = 2.80%

 

 

CO-OPS

SELLING:

Broker: 6%

Attorney’s fee: $1500+

Co-op Attorney: $1000+

Flip Tax: Typically 1% to 3% of price (if applicable)

Stock Transfer Tax: $0.05 per share

Move-out Deposit/Fee: Varies by building

NYC Transfer Tax:

Residential:

Up to $500,000 = 1%

$500,000+ = 1.425%

Commercial:

Up to $500,000 = 1.425%

$500,000+ = 2.625%

Admin. Fee:

Non-Deed Transfers (i.e., Co-ops) = $50

Residential Deed Transfers= $100

Commercial Deed Transfers = $200

NY State Transfer Tax: $4 per $1,000 of price

NYS Equalization Fee: $100

Pick-up / Payoff Fee: $500-$1000

UCC-3 Filing Fee: $100

Miscellaneous Coop Charges: Vary by building

 

 

BUYING:

Attorney’s fee: $1500+

Bank Fees: $500-$1000

Application Fee: $500

Processing Fee: $500

Appraisal Fee: $300-$1,500 (depending on sales price)

Credit Report Fee: $10.10 single/$15.20 joint

Bank Attorney: $1000-$2000

Lien Search: $500-$1000

UCC-1 Filing: $100

Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.

ADDITIONAL REAL ESTATE EXPENSES

Miscellaneous Co-op Charges: Vary by building

Recognition Agreement Fee: $200+

Maintenance Adjustment: Pro-rated for the month of closing

 

Short Term Interest: Equal to interest for balance of month in which you close.

 

 

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© 2015 JRGomes Properties LLC  ■  New York, NY 10023-5240  ■  info@jrgomes.com  ■  All data is deemed reliable but is not guaranteed accurate by JRGOMES PROPERTIES LLC. See Terms of Service for additional restrictions.  All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.  The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.

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