Closing Cost Estimates for Co-op
Closing Cost Estimates for Cooperative ApartmentsFor the Seller: Broker’s Commission 6% Seller’s Attorney $1,500 – $2,500 (depending on purchase price) Co-op Attorney/Managing Agent $400 – $600 Flip Tax Varies
Stock Transfer Tax $0.05 per share Move-out Deposit $500 – $1,000 (refundable) Move-out Fee $250 and up New York City Transfer Tax 1% of price, for purchase of $500,000 or less; 1.425% of price for purchase over $500,000 (Paid by Seller, except sale by Sponsor) Transfer Tax Filing Fee $25 recording fee New York State Transfer Tax 0.4% of price (Paid by Seller, except sale by Sponsor) Payoff Bank Attorney $300 UCC-3 Filing Fee $75 and up
For the Purchaser: Purchaser’s Attorney $1,500 – $2,500 (depending on purchase price) Bank Fees: Points 0 to 3% of loan value Application, credit check, etc. Approximately $500 Bank Attorney Approximately $750 – $800 UCC – I Filing $75 and up Short Term Interest Up to 1 month Move-in Deposit $500 – $1,000 (refundable) Move-in Fee $250 and up Recognition Agreement Fee $250 Lien Search $250 Maintenance Adjustment Up to 1 month Mansion Tax 1% of price where price is $1,000,000 or more * Note: Some of the above fees are estimates. All information is subject to errors, omissions and changes in facts and or circumstances. Each building adopts its own “flip tax,” often based on a percentage of the sales price.
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