Closing Costs for the Buyer of a Manhattan Co-op
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 (TP-584) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
| Attorney | $2,000 - $5,000* |
| Managing Agent Application Fee | $500- $750 |
| Credit Report Fee | $50 - $100 per applicant |
| Lead-Based Paint Disclosure Fee | $0 - $50 |
| Mansion Tax | 1% of purchase price when priced over $1 million |
| Move-In Deposit | $500 - $1,000 (usually refundable if no damage) |
| Origination Costs - | Points 0 - 3% value of loan |
| Application , Credit Checks, etc. | $500 & up |
| Appraisal | $275 & up |
| Bank Attorney | $500 & up |
| UCC-I Filing | $50 & up |
| Recognition Agreement Fee | $200 & up |
| Lien Search | $350 |
| Maintenance Adjustment | Prorated for month of closing |
* Check with bank/mortgage broker for additional fees .
Revised 04-16
1501 Broadway
12th FL
New York
NY
10036
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