RESOURCE CENTER
Professional & Contracting ServicesProfessional & Contracting Services
RelocationRelocation
Apartment, Building & Lease TypesApartment, Building & Lease Types
Closing CostsClosing Costs
Useful LinksUseful Links
Financial InformationFinancial Information
1031 Exchange1031 Exchange
Whats NewWhat's New
List Your Property with Us
AIDA REAL ESTATE SALES
71 W 23rd Street, Suite 1623
New York, NY 10010

Phone: (212) 971-4463
Fax: (212) 977-3968
Email: info@aidarealestate.com

Resources for Real Estate Transactions in New York City, NY

CLOSING COSTS

Closing Costs & Expenses for Seller (Condominium):

  • Broker: Typically 6%.
  • Attorney: $1,500 and up.
  • New York City Transfer Tax: 1% of sale price if under $500,000; or, 1.425% of entire sale price if over $500,000.
  • New York State Transfer Tax: 0.4% of sale price ($2 per $500).
  • Payoff Bank Attorney: $300 and up.
  • Legal Fee, Bank Cost, Managing Agent, Building Fees, Moving Fee.

Closing Costs & Expenses for Buyer (Condominium):

  • Title Insurance: Approx 0.5% to 0.8% of price.
  • Attorney: $1,500 and up.
  • Mansion Tax: 1% of sales price when exceeds $1,000,000.
  • Title Search: $300-$500.
  • Recording Fee: $250 to $350.
  • Title Closer Fee: $125-$150.
  • Common Charges Adjustment: Pro-rated for the month of closing.
  • Real Estate Tax Adjustment: Pro-rated 1-6 months.
  • Legal Fee, Bank Cost, Managing Agent, Building Fees, Moving Fee.
  • New Construction:
    • 1-2 months maintenance for Working Capital Contribution.
    • Mortgage Tax Credit: percentage of common elements x 2.25‰ of sponsor’s mortgage and/or construction loan amount.
    • New York City Transfer Tax: 1‰ of sale price if under $500,000; or, 1.425‰ of entire sale price if over $500,000.
    • New York State Transfer Tax: 0.4‰ of sale price ($2 per $500).

Mortgage Closing Expenses (Condominium):

  • Mortgage Tax: 1.8% of the amount of mortgage under $500,000; or, 1.925% on loan over $500,000.
  • Bank Underwriting Fee: $350 and up.
  • Mortgage Title Insurance: $500 per $100,000.
  • Points: 0% to 3% of value of loan.
  • Bank Credit Report Fee: $50-$100 per applicant.
  • Bank Attorney: $500 and up.
  • Application: $500 and up.
  • Appraisal Fee: $300 and up.
  • Short Term Interest: 1 month.

Closing Costs & Expenses for Seller (Coops):

  • Broker: Typically 6%.
  • Attorney Fees: Consult your attorney.
  • Co-op Attorney: $450 and up.
  • Flip Tax: 1% to 3% of price (if applicable).
  • Stock Transfer Stamps: $0.05 per share.
  • New York City Transfer Tax: 1% of price up to $500,000; or, 1.425% of price if $500,000 and over.
  • New York State Transfer Tax: 0.4% of sale price ($2 per $500).
  • UCC-3 Filing Fee: $30.
  • Legal Fee, Bank Cost, Managing Agent, Building Fees, Moving Fee.

Closing Costs & Expenses for Buyers (Coops):

  • Attorney Fees: Consult your attorney.
  • Application, Credit Check, etc.: $300 and up.
  • Lien Search: Approx $350.
  • Maintenance Adjustment: Pro-rated for the month of closing.
  • Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.
  • Legal Fee, Bank Cost, Managing Agent, Building Fees, Moving Fee.
  • New Construction:
    • 1-2 months maintenance for Working Capital Contribution.
    • New York City Transfer Tax: 1% of sale price if under $500,000; or, 1.425% of entire sale price if over $500,000.
    • New York State Transfer Tax: 0.4% of sale price ($2 per $500).

Mortgage Closing Expenses (Coops):

  • Bank Underwriting Fee: $350 and up.
  • Points: 0% to 3% of value of loan.
  • Bank Attorney: $500 and up.
  • Bank Credit Report Fee: $50-$100 per applicant.
  • Application: $500 and up.
  • Appraisal Fee: $300 and up.
  • Short Tern Interest: 1 month.
  • UCC-1 Filing: $50 and up.
  • Recognition Agreement Fee: $200 and up.

Aida Real Estate Sales, LLC will not be held liable to any party on the basis of the above estimated closing costs. It is advisable to consult your attorney for confirmation.

Featured Listings Featured Listings Open House Open House