Co-op Closing Costs For the Purchaser when buying a Coop in NYC
For The Purchaser
• Real Estate Attorney:
• $1,500 – $3,000+
• Mansion Tax:
• 1% of total purchase consideration
where $1 million and over
• Managing Agent Application / Processing Fees:
• $500 – $1,000+
• Credit Report Fee:
• $50 – $100+ per applicant
• Move-In Deposit / Fee:
• $500 – $1,000+ (varies by building)
• Maintenance Adjustment: Pro-rated for the month of closing
• Short Term Interest: Equal to interest for balance of month in which you close
• Miscellaneous Co-op Charges: Vary by building
• Flip Tax if any
If Purchasing Directly From Sponsor
• New York City (NYC) Real Property
Transfer Tax:
• 1% of purchase price if $500,000 or less;
1.425% of purchase price if over $500,000
• New York State (NYS) Transfer Tax:
• 0.4% of purchase price
• Sponsor’s Real Estate Attorney:
• $1,500 – $3,000+
• Reserve Fund Contribution:
• 2+ months of maintenance
Mortgage Related Fees
• Origination Fees / Points:
• 0% – 3%+ of the mortgage amount
• Mortgage Application, Credit Check & Processing:
• $500 – $1,000+
• Appraisal:
• $400 – $600+
• Bank Attorney:
• $500 – $750+
• Recognition Agreement Fee:
• $200+
• Lien Search Fee:
• $250 – $500+
• UCC-1 Filing Fee:
• $100+
• Miscellaneous:
• Lead paint disclosure fee, maintenance adjustment,
filing fees, Co-op charges, etc.
Valeo Realty Group will cover some of your closing costs if you work with them as your Buyer’s Broker. 212-706-8883