To figure your actual monthly costs after mortgage interest and real estate taxes are deducted, click here to download a spreadsheet (either for Mac in Appleworks or Windows in Excel format).  Or go to one of our Links to a mortgage broker or bank. 

ESTIMATE OF CLOSING COSTS FOR RESIDENTIAL COOPERATIVE APARTMENTS

A. Charges to Seller *:

--Your attorney’s fee (usually $2500 and up)
--Brokerage commission: 6% of sales price
--Stock transfer fee: $.05 per share
--NYC transfer tax: 1% of purchase price up to $500,000; 1.425% of entire price if purchase price is over $500,000. There is also a ($25) filing fee.
--NYS real property transfer tax: $2 per $500 of purchase price (0.4%)

Variable fees:
--Managing agent or cooperative attorney: $550 +
--Move-out fee and/or move-out deposit: $500-$1500 (may be partially refundable)
--Flip tax, determined by the building; check your offering plan or managing agent
--Payoff bank attorney fee: $500 including UCC3 filing fee
–Out of state seller: 7.7% of gain withheld toward taxable capital gains
--Non-US residents: 10% of price withheld or paid toward taxable gains
—Miscellaneous co-op charges; check managing agent

B. Charges to Purchaser:

--Your attorney’s fee (usually $2500 and up)

Variable fees:
--Application fee to co-op board and/or managing agent: $600
--Move-in fee and/or deposit: $500-1500 (may be refundable)
--Managing agent and/or co-op attorney closing fees: $750 –Lead-based paint disclosure fee: $50

--If financing:
Points: 0-3% of mortgage amount
Mortgage application, credit check and appraisal: $600
Recognition agreement review fee: $250
UCC Search and UCC1 filing: $450
Short-term interest from date of closing to the end of that month
“Mansion” tax: 1% of purchase price when price exceeds $1,000,000
Bank attorney: $500

Please note: All information here is based on our best knowledge. Fees are subject to fluctuation and to omissions and changes in fact These numbers are given for purposes of estimating only. Please check this information with your attorney, bank or mortgage broker, and managing agent.

* The tax law, effective in 1997, states that if you have lived in the home for at least 2 years during the last five years before the sale, you can use the new capital gains exclusion for your sale. There is no longer a one-time exclusion. There are no more age limitations (the exclusion applies to all ages). There is no more roll-over requirement (you don’t have to buy a more expensive replacement home to avoid the tax gain). Each individual can now exclude up to $250,0000 in capital gain ($500,000 for a married couple).