| Item |
Expense |
|
New York City Real Property Transfer Tax
(Paid by seller, except most sponsor sales) |
Property Sales Under $500,000 will be 1% of Sales Price.
Property Sales Over $500,000 will be 1.425%. |
|
New York State Real Property Transfer Tax
(Paid by seller, except most sponsor sales) |
0.4% of Property Sales Price |
|
Mansion Tax
(Paid by buyer, only when price exceeds $1,000,000) |
1% of Property Sales Price |
|
Title Insurance
(Paid by buyer, condominium/townhouse only) |
0.5% to 0.8% of purchase price |
|
Mortgage Tax
(Paid by buyer, condominium/townhouses only, if financing ) |
Sales Under $500,000 will be 1.8% of mortgaged amount.
Sales Over $500,000 will be 1.925% of mortgaged amount. |
|
Miscellaneous Expenses |
Legal fees, Flip Tax, Bank Costs, Managing Agent/Building Fees will vary. |
| Broker Commission |
6% |
|
|
Note: these are estimates used to give you a rough idea of what to be prepared for on closing costs. Consult your attorney for up to date information on current rates and fees, which may differ. Charges on co-ops are slightly different from those on condominiums because they involve stock transfer rather than real property. Again, consult your attorney.
Revised: 12/09 |
