RESOURCES FOR BUYERS & SELLERS
First-time buyers (and seasoned buyers too) can be overwhelmed with information and questions when buying a property. This page provides all buyers with some essential information pertaining to the type of property, together with a glossary of terms that any home buyer will find helpful.
CLICK TO DOWNLOAD A GLOSSARY OF TERMS
TOWNHOUSES
SELLING:
Broker's commission:
Attorney’s fee: $1500+
NYC Transfer Tax:
Residential:
Up to $500,000 = 1%
$500,000+ = 1.425%
Commercial:
Up to $500,000 = 1.425%
$500,000+ = 2.625%
Admin. Fee:
Non-Deed Transfers (i.e., Co-ops) = $100
Residential Deed Transfers= $100
Commercial Deed Transfers = $200
NY State Transfer Tax: $4 per $1,000 of price
NYS Equalization Fee: $100
Miscellaneous Title Fees: $500-$1000
Pick-up / Payoff Fee to Title Closer: $500-$1000
BUYING:
Attorney’s fee: $1500+
Bank Fees: $1000
Application Fee: $500
Processing Fee: $500
Appraisal Fee: $1000-$3000 (depending on sales price)
Credit Report Fee: $10.10 single/$15.20 joint
Bank Attorney: $1000-$2000
Tax Escrows: 2 to 6 months
Recording Fees: $500-$1000
Fee Title Insurance: Amounts vary, check with your attorney
Mortgage Title Insurance: Amounts vary, check with your attorney
Municipal Search: $350-$500
Mortgage Tax - NYC (paid by borrower):
1-3 Family Home or Condo:
If mortgage is less than $500,000: 1.80%. If mortgage is $500,00 or more: 1.925% of loan amount
CONDOMINIUM
SELLING:
Broker: 6%
Attorney’s fee: $1500+
Processing Fee: $450+
NYC Transfer Tax:
Residential:
Up to $500,000 = 1%
$500,000+ = 1.425%
Commercial:
Up to $500,000 = 1.425%
$500,000+ = 2.625%
Admin. Fee:
Non-Deed Transfers (i.e., Co-ops) = $50
Residential Deed Transfers= $100
Commercial Deed Transfers = $200
NY State Transfer Tax: $4 per $1,000 of price
NYS Equalization Fee: $75
Pick-up/Payoff Fee: $250-$500
UCC-3 Filing Fee: $100
Miscellaneous Condominium Charges: Vary by building
BUYING:
Attorney’s fee: $1500+
Bank Fees: $350-$750
Application Fee: $500
Processing Fee: $500
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $10.10 single/$15.20 joint
Bank Attorney: $1000-$2000
Tax Escrows: 2 to 6 months
Recording Fees: $250-$750
Fee Title Insurance: Amounts vary, please consult your attorney
Mortgage Title Insurance: Amounts vary, please consult your attorney
Municipal Search: $350-$500
Mansion Tax: 1% of entire purchase where price is $1,000,000 or more.
NYC Mortgage Tax (paid by borrower):
a. Mortgage less than $500,000 = 1.80%
b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%
c. Mortgage on all other property over $500,000.00 = 2.80%
COOPERATIVE
SELLING:
Broker: 6%
Attorney’s fee: $1500+
Co-op Attorney: $1000+
Flip Tax: Typically 1% to 3% of price (if applicable)
Stock Transfer Tax: $0.05 per share
Move-out Deposit/Fee: Varies by building
NYC Transfer Tax:
Residential:
Up to $500,000 = 1%
$500,000+ = 1.425%
Commercial:
Up to $500,000 = 1.425%
$500,000+ = 2.625%
Admin. Fee:
Non-Deed Transfers (i.e., Co-ops) = $50
Residential Deed Transfers= $100
Commercial Deed Transfers = $200
NY State Transfer Tax: $4 per $1,000 of price
NYS Equalization Fee: $100
Pick-up / Payoff Fee: $500-$1000
UCC-3 Filing Fee: $100
Miscellaneous Coop Charges: Vary by building
BUYING:
Attorney’s fee: $1500+
Bank Fees: $500-$1000
Application Fee: $500
Processing Fee: $500
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $10.10 single/$15.20 joint
Bank Attorney: $1000-$2000
Lien Search: $500-$1000
UCC-1 Filing: $100
Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.
ADDITIONAL REAL ESTATE EXPENSES
Miscellaneous Co-op Charges: Vary by building
Recognition Agreement Fee: $200+
Maintenance Adjustment: Pro-rated for the month of closing
Short Term Interest: Equal to interest for balance of month in which you close.