The Law Office of Steven Riker

 

 

Office: (212) 661-6410 | Fax: (212) 994-2146

Email: SR@stevenrikerlaw.com

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Westchester Office

445 Hamilton Avenue,

Suite 1102 | White Plains,

NY 10601​

Manhattan Office

One Grand Central Place,

46th Floor | New York,

NY 10165

Manhattan Office

One Grand Central Place,

46th Floor | New York,

NY 10165​

 

Estimated Closing Costs For Real Estate Transactions

CO-OP APARTMENTS:


For The Seller:

Real Estate Broker        6% (varies)

 

Seller’s Attorney            $2,000 and up (varies)

Co-op Attorney or        $500 - $750

Managing Agent​


 

Flip Tax                          1%-3% of purchase price


 

Stock Transfer Tax         $.05 per share

Move-Out Deposit       $500 - $1,000 (may be refundable if no damage)

NYC Transfer Tax          1% of purchase price if purchase price is $500,000                                      

                                       or less; 1.425% of purchase price if purchase

                                       price is over $500,000
 

NYS Transfer Tax           0.4% ($2 per $500) of gross purchase price

Payoff Bank                   $450 and up

Attorney  

UCC Filing Fees            $75-$150

 

 

For The Purchaser:

Purchaser’s Attorney    $2,000 and up (varies)

Lien Search                  $250-$350

Co-op Attorney or      $500 - $750

Managing Agent

 

Move-in Deposit         $500 - $1,000 (may be refundable if no damage)

Maintenance               Up to one month

Adjustment     

Mansion Tax                1% of purchase price when purchase price is                                              

                                      $1,000,000 or more

 

 


Additional Bank Fees (if financing):

Application, Credit     $750-$1,500

and Appraisal

 

Bank Attorney             $550-$950

Points                           0-3% of loan

UCC Filing Fees          $75-$150

Short-Term Interest      Up to one month

 


CONDOS, TOWNHOUSES, SINGLE-FAMILY HOMES:


For The Seller:

Real Estate Broker       6% (varies)

Seller’s Attorney          $2,000 and up (varies)

Managing Agent         $450 - $750

Fee      

Move-Out Deposit      $500 - $1,000

(usually refundable

if no damage)

 

NYC Transfer Tax         1% of purchase price if purchase price is                                                      

                                      $500,000 or less; 1.425% of purchase price                                                  

                                      if purchase price is over $500,000


 

NYS Transfer Tax          0.4% ($2 per $500) of purchase price

Title Fees/                    $100-$300

Recording Charges

 

Payoff Bank                  $450 and up

Attorney

 

 

Additional Fees for Condo Sellers:

Managing Agent        $450 - $750

Fee

Move-Out Deposit    $500 - $1,000 

(may be refundable

if no damage)


For The Purchaser:

Title Insurance            approx. $500 per $100,000 of purchase price

Purchaser’s                  $2,000 and up (varies)

Attorney      

Recording Fees          $250-$750

Mansion Tax                1% of purchase price when purchase price is

                                     $1,000,000 or more

 


Additional Bank Fees (if financing):

Mortgage                    1.8% of mortgage on loans under $500,000;

Recording Tax             1.925% of mortgage on loans $500,000 or more

                                     (in addition, lender separately pays 0.25% of recording tax)

                
 

Application, Credit     $750-$1,500

and Appraisal             

Bank Attorney             $550-$950

Points                           0-3% of loan

Short-Term                  Up to one month

Interest            

Bank Escrow               2-6 months of real estate taxes

 

 


Additional Fees for Condo Purchasers:

Managing Agent       $250 - $750

Fee         

Common Charges     Up to one month

Adjustment           

Working Capital        Up to one month

Fund Adjustment     

Move-in Deposit       $500-$1,000 

(may be refundable

if no damage)


 

The Law Office of Steven Riker represents clients throughout the New York metropolitan area, including the counties of New York (Manhattan), Kings (Brooklyn), Queens, Bronx, Westchester, Nassau, and Suffolk, from offices conveniently located in midtown Manhattan and White Plains, New York.