CLOSING COST ESTIMATE:  CONDOMINIUM APARTMENTS / TOWNHOUSES

FOR THE BUYER

Own Attorney:  $1,700 and up*
Managing Agent Fee:  $250 - $500
Credit Report Fee:  $50 - $100 per applicant
Lead Based Paint Disclosure Fee:  $0 - $50
Mansion Tax:  1% of purchase price where $1 million and over
Move-in Deposit:  $500 - $1,000 (usually refundable if no damage)
Mortgage Associated Fees:  (only if mortgage is involved)                                
Origination Costs – points:  0 - 3% value of loan
Application, Credit Check, etc:  $500 and up
Appraisal:  $275 and up
Bank Attorney:  $500 and up
UCC-1 Filing: $50 and up
Mortgage Recording Tax:  Up to $500,000 is 1.8% of mortgage; over $500,000 is 1.925% of mortgage
Title Insurance, Title Search & Recording Fees:  Approx 0.5% of purchase price
Building Searches:   $200 - $400
Recording Charge : $17 per document plus $5 per page
Real Estate Tax Escrow:   2-6 months
 
If Purchased Directly from Sponsor: (such as: new construction)
NYC Real Property Transfer Tax:    1% of purchase price up to $500,000  /  1.425% of purchase price over $500,000
NYS Transfer Tax: $4 per $1,000 of purchase price
Sponsor's Attorney Fee:  $1,500 and up  

* Check with bank/mortgage broker for additional fees . New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.