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.