Buyer Closing Costs for Condominiums & Townhouses
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Buyer Closing Costs: |
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| 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 |
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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 |
