Closing Costs: Co-ops
CO-OPERATIVE APARTMENTS CLOSING COSTS FOR THE SELLER:
Broker
6%
Own Attorney
$1,250.00 and up
Co-op Attorney
$450+
Flip Tax
1% to 3% of purchase price
Stock Transfer Tax
$.05 per Share
Move-out Deposit
$500
NYC Transfer Tax
1% of price up to $500,000 1.425% of price over $500,001
NYS Transfer Tax
$2.Per $500. of price
Payoff Bank Attorney
$350
UCC-3 Filing Fee
$90-100
CO-OPERATIVE APARTMENTS CLOSING COSTS FOR THE BUYER:
Own Attorney
$1,250 and up
BANK FEES:
Points
0 to 2.5%
Application, credit check
$750-900
Bank Attorney
$450-$500
UCC-1
Filing Fee $100
Bank underwriting Fees
$350
Appraisal Fees
$300 to $750 (dependent on the price of the apartment)
Short-term Interest
One Month
Move-in Deposit
$500
Managing Agent or Co-op Attorney (Recognition Agreement Fee)
$150-200
Lien Search
$300
Maintenance Adjustment
One Month
Mansion Tax
1% where price exceeds $1,000,000
Costs can change and vary for some transactions. All information is subject to errors, omissions and changes in facts or circumstances. Always consult your attorney before signing a contract.
Check with bank/mortgage broker for additional fees. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584). These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.