Estimated Closing Costs

Co-operative Apartments Seller Seller's Attorney: $2,500 and up. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000.
Managing Agent Fee: $450 and up
Co-op Attorney: $450 and up
Flip Tax (if any): Consult Managing Agent
Stock Transfer Tax: $.05 per share
Move-out Fee: $250 - $1,000
New York City Real Property Transfer Tax: 1% of purchase price up to $500,000; 1.425% of entire purchase where price exceeds $500,000 and $100 administrative fee
New York State Transfer Fee: .4% (.004) of price. Non New York State residents may be able to procure an exemption for state transfer.
New York State Estimated Capital Gains Tax: 8.97% of estimated gain paid at closing unless: (A) The Seller is a NY State resident at time of sale or (B) The Capital Gains Tax property was the seller's principal residence for 2 out of the last5 years or (C) The seller has set up a 1031.Tax-Deferred Exchange
Federal Withholding Tax (FIRPTA): 10% of purchase price is withheld if Seller is a non-exempt foreigner
Payoff Bank Attorney: $400 and up
UCC-3 Filing Fee: $70 and up
Broker Commission: 6%
Buyer Purchaser's Attorney: $2,500. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000
Bank Fees: Points 0-2.5% (Typically 0.0%)
Application, credit, appraisal,bank attorney and misc.* $1,600 and up
Short-Term Interest: One month max**
Move-In Deposit or Fee: $1,000 and up
Managing Agent or Co-op Attorney: $600
Lien Search: $300
UCC-1 Filing Fee: $70 and up
Financing/Recognition Agreement Fee: $150 - $250
Maintenance Adjustment: One month max*
Mansion Tax: 1% of entire price when price is equal to or greater than $1,000,000


** Prorated for month of closing.

Warburg does not provide legal or tax advice. These are only estimates and all Information shown for illustrative purposes only. Please discuss and confirm all closing costs for specific transactions with your attorney and/or financial advisor. Check with bank/mortgage broker for additional fees. Warburg Realty is registered in the U.S. Patent and Trademark Office.

Condominiums / Townhouses Seller Seller's Attorney: $2,500 and up
Managing Agent Fee: $450 and up
Application/Waiver Fees: $500 - $1,000
Move-out Deposit or Fee: $1,000
New York City Real Property Transfer Tax: 1% of sales price if sale is up to $500,000; 1.425% of sales price if sale exceeds $500,000 and $75 filing fee (Paid by Buyer when purchasing from Sponsor)
New York State Transfer Tax: .4% (.004) of price
New York State Estimated Capital Gains Tax: 8.97% of estimated gain paid at closing unless: (A) The Seller is a NY State resident at time of sale or (B) The property was the seller's principal residence for 2 out of the last 5 years or (C) The seller has set up a 1031 Tax-Deferred Exchange.
Miscellaneous Title Company Fees: $200 (if Seller has mortgage)
Payoff Bank Attorney: $450 and up
Federal Withholding Tax (FIRPTA): 10% of purchase price is withheld if Seller is a non-exempt foreigner
Pick-up fees for Mortgage Payoffs: $200 per mortgage
Broker's Commission: 6%
Buyer Purchaser's Attorney: $2,500 and up
Bank Fees: Points 0-2.5% (Typically 0.0%)
Application, credit, appraisal, bank attorney and misc.* $1,600 and up
Short-Term Interest: One month max**
Real Estate Tax Escrow: 2-8 months**
Recording Fees: $250-$750
New York State Mortgage Recording Tax: 1.8% of amount of mortgage on loans up to $500,000; 1.925% of entire amount on loans over $500,000
1.925% of entire amount on loans over $500,000
Owner's Title Insurance: $436 per $100,000 of purchase price
Mortgage Title Insurance: $364 per $100,000 of mortgage amount on purchase only
Searches: $750 (Bankruptcy, Title, Municipal, Violation)
Managing Agent Fee: $450 and up
Move-In Fee: $250 - $1,000
Adjustments: Common Charges - one month max*
Real Estate Taxes 1 to 3 months**
Mansion Tax: 1% of entire price when price is equal to or greater than $1,000,000


** Prorated for month of closing.
*** Expect to pay additional Real Estate Taxes - combined between Seller as an adjustment and escrow established by Lender.

Note: When purchasing a condominium from a Sponsor, the Purchaser will be required to pay New York City and New York State Transfer Taxes, as well as the Sponsor's attorney's fee (typically around $1000).

Warburg does not provide legal or tax advice. All costs subject to change. All information shown for illustrative purposes only. Please discuss and confirm all closing costs for specific transactions with your attorney and/or financial advisor. Warburg Realty is registered in the U.S. Patent and Trademark Office
All costs subject to change. Information shown for illustrative purposes only. For specific information, please visit your financial consultant.
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