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Patrick Lilly Group
The Corcoran Group Real Estate
490 Broadway
New York NY 10012
(212) 941-2551
Fax: (212) 230-4219

Buyer Costs for Condominiums & Townhouses

Buyer Closing Costs:

 
Condominium Apartments & Townhouses  
   
Own Attorney varies*
Managing Agent Fee $250 + up
Credit Report Fee $50 + up per applicant
Title Insurance, Title Search & Recording Fees Approx. $4 per 1,000 of purchase price
Lead Based Paint Disclosure Fee $75 + up
Mansion Tax 1% of purchase price when over $1 million
Move-in Deposit $500 + up (usually refundable if no damage)
Common chargs, real estate taxes, and insurance premium Adjustments pro rated as of closing
   
Mortgage Associated Fees:  
Origination Costs - points 0 - 3% value of loan
Application, Credit Check, etc. $500 + up
Appraisal $275 + up
Bank Attorney $600 + up
Mortgage Recording Tax up to $500,000 is 1.8% of mortgage less $30; over $500,000 is 1.925% of mortgage less $30
Building Searches $200 - $400
Recording Charge $17 per document plus $5 per page
Real Estate Tax Escrow 2 - 6 months

IF PURCHASED DIRECTLY FROM SPONSER:

NYC Real Property Transfer Tax

(ie: new construction)

Transfer taxes are calculated and added to purchase price (for tax purposes only) and then

NYS Transfer Tax recalculated based on the builked price
Sponser's Attorney Fee $1,800 + up
Working capital fund contribution one time fee euqal to 1 or 2 months common charges
   

Patrick Lilly Group
The Corcoran Group Real Estate
490 Broadway
New York NY 10012
© 2003 – 2010 Real Pro Systems, LLC
Last modified 7/31/2010