| Item |
Expense |
| Attorney |
$1,600 & up |
| Managing Agent Fee |
$250 - $500 |
| Credit Report Fee |
$50 - $100 per applicant |
| Lean-Based Paint Disclosure Fee |
$0 - $50 |
| Mansion Tax |
1% of purchase price ($1 million & above) |
| Move-In Deposit |
$500 - $1,000 (usually refundable if no damage) |
| Mortgage Associated Fees |
Varies |
| Origination Costs - Points |
0 - 3% value of the loan |
| Application, Credit Checks, etc |
$500 & up |
| Appraisal |
$275 & up |
| Bank Attorney |
$500 & up |
| UCC-I Filing |
$50 & up |
| Mortgage Recording Tax |
Up to $500,000 is 1.75% of mortgage; over $500,000 is 1.875% of mortgage. |
| Title Insurance, Title Search & Recording Fees |
Not more than 0.5% of purchase price. |
| Building Searches |
$200 - $400 |
| Recording Charge |
$17 per document plus $5 per page |
|
If purchased directly from sponsor (ie. new construction)
|
| NYC RPT Tax |
1% of purchase price up to $500,000; 1.475% of purchase price over $500,000 |
| NYC Transfer Tax |
$4 per $1,000 of purchase price. |
* Check with bank/mortgage broker for additional fees.
New York 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 costs are provided only as estimates. Please confirm closing costs for specific transactions with your attorney. |
