ESTIMATED CLOSING COSTS

Cooperatives

FOR SELLERS

Broker Commission: Typically 6% of the sale price

Seller's Attorney: $2,500± (Please consult your attorney for exact figure)

Cooperative's Attorney: $450+ (Please consult building management for exact figure)

Stock Transfer Tax: $0.05 per share

Managing Agent Fee: $450-$1,000

Flip Tax: Typically 1-3% of the sale price (Please consult building management)

NY City Property Transfer Tax (Residential):
Sale Price LESS than $500,000 = 1% of the sales price
Sale Price GREATER than $500,000 = 1.425% of the sale price

NY City Property Transfer Tax (Commercial of Bulk Sale):
Sale Price LESS than $500,000 = 1.425% of the sales price
Sale Price GREATER than $500,000 = 2.625% of the sale price

NY State Property Transfer Tax: $4 per $1,000 of price (0.4% of the sale price)

NY State Property Transfer Tax Filing Fee: $50-$165

Pick-up Fee for Mortgage Pay-Off (**): $175-$500 (**)

Non-US Resident Federal Withholding Tax (FIRPTA): 10% of the Sale Price

Condominiums and Townhouses

FOR BUYERS

Seller's Attorney: $2,500± (Please consult your attorney for exact figure)

Managing Agent Fee: $250-$500

Credit Report Fee: $50-$100 per applicant

Mansion Tax: 1% if the sale price is GREATER than $1,000,000

Processing Fee: $250-$750 to building management

Move-in Deposit: $500-$1,000 (generally refundable if no damage)

Move-in Fee: $250-$1,000

Bank Fees: Amounts Vary (Bank fees include items such as discount points and fees for origination, appraisal, application, credit report(s), document prep, delivery)

Appraisal Fee: $300-$1,500 (depending on sales price)

Bank Attorney: $650-$950

Real Estate Tax Escrow: 2 to 6 months (Please verify with lender)

Recording Fees: $250-$750                                                                                                                                                                            Fee Title Insurance: Amounts Vary (Please consult your attorney                                                                                                                            for exact figure)

                                                                                                                        Mortgage Title Insurance: Amounts Vary (Please consult your                                                                                                                                attorney for exact figure)

                                                                                                                        Municipal Search: $350-$500

                                                                                                                        NY City Mortgage Recording Tax:
                                                                                                                       Mortgage is LESS than $500,000 = 1.80% of the mortgage
                                                                                                                       Mortgage is GREATER than $500,000 = 1.925% of the mortgage

Mansion Tax: Sliding scale, see below (% of sale price)

$1,000,000 – $1,999,999 1.00%
$2,000,000 – $2,999,999 1.25%
$3,000,000 – $4,999,999 1.50%
$5,000,000 – $9,999,999 2.25%
$10,000,000 – $14,999,999 3.25%
$15,000,000 – $19,999,999 3.50%
$20,000,000 – $24,999,999 3.75%
$25,000,000 or more 3.90%

(**) Check with your bank/mortgage broker for additional fees. New York State Law requires a written letter of engagement if the legal fee exceeds $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584).

Please note the maintenance/common charge and real estate tax adjustment. The Seller generally reimburses the Buyer for the pro-rated portion that the Seller has not paid prior to the closing.

Wyllie Real Estate does not represent the figures above as potential costs in their entirety, but are given as a general guideline only. Actual closing costs are a significant part of buying or selling your home and will vary from transaction to transaction. Before signing any contracts buyers and sellers should consult their real estate attorney or financial advisor.

(**) Check with your bank/mortgage broker for additional fees. New York State Law requires a written letter of engagement if the legal fee exceeds $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584).

Please note the maintenance/common charge and real estate tax adjustment. The Seller generally reimburses the Buyer for the pro-rated portion that the Seller has not paid prior to the closing.

Wyllie Real Estate does not represent the figures above as potential costs in their entirety, but are given as a general guideline only. Actual closing costs are a significant part of buying or selling your home and will vary from transaction to transaction. Before signing any contracts buyers and sellers should consult their real estate attorney or financial advisor.