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