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's commission:
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
CONDOMINIUM
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%
COOPERATIVE
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.
© 2022 JRGomes Properties LLC ■ New York, NY 10024 ■ joao@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.