|
Condo/Townhome Seller's Closing Costs
(paid by purchaser in new developments) |
| Item |
Expense |
Sponsor's Legal Fee |
$1,000 - $2,000* |
NY City Real PropertyTransfer Taxes: |
1.425% of Purchase Price if under $500K; 1.825%of Purchase Price if $500K or more |
Working Capital Fund: |
1 or 2 months of common charges |
Processing Fee: |
$450+ |
Miscellaneous Title Fees |
$200 - $800 |
|
Additional Expenses |
| Common Charge Adjustment |
Pro-rated for the month of closing
|
Real Estate Tax Adjustment
|
Pro-rated depending on when the tax is collected |
Miscellaneous Condominium Charges |
Varies by building |
Short Term Interest |
Equal to interest for balance of month in which you close |
* Check with bank/mortgage broker for additional fees.
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 |
