Breakdown of Closing Costs (Fees, Costs, Taxes) In Buying or Selling a COOP in New York
Seller Costs, Fees, Taxes
| ATTORNEY & BROKER | |
| Own Attorney | $1,200 & UP |
Broker Commission |
6% of Sales Price |
| STATE AND CITY TAXES & FEES | |
| Stock Transfer Stamps | $.05 per share |
| NYC RPT Tax |
|
| NYS Transfer Tax | $4 per $1,000 of purchase price |
| UCC-3 Filing | $75 & UP |
| COOP IMPOSED FEES | |
| Payoff Bank Fees (if applicable) | $300 & UP |
| Flip Tax (if applicable) | Determined by cooperative building |
| Move-Out Deposit | $500 - $1,000 (usually refundable if no damage) |
| Managing Agent Fee | $500 - $750 |
| Estate Fees | Coop may impose additional fees for estate sales |
| Lost Stock and Lease Fees | $250 - $750 |
Purchaser Costs, Fees, Taxes
| ATTORNEY & BROKER | |
| Own Attorney | $1,200 & UP |
Mortgage Broker Commission |
Variable |
| STATE AND CITY TAXES & FEES | |
| Mansion Tax | 1% of purchase price where $1 million and over |
| MORTGAGE FEES / COSTS | |
| Origination Costs – POINTS | 0 – 3% value of loan |
| Application, Credit Check, Etc. | $500 & UP |
| Appraisal | $275 & UP |
| Bank Attorney (the buyer will pay for the bank's attorney) | $500 & UP |
| UCC-1 Filing | $50 & UP |
| Recognition Agreement Fee | $200 & UP |
| Lien Search | $250 - $350 |
| COOP IMPOSED FEES | |
| Managing Agent Application Fee | $300 & UP |
| Credit Report Fee | Determined by cooperative building |
| Lead Based Paint Disclosure Fee | $0 - $50 |
| Move-in Deposit | $500 - $1,000 (usually refundable if no damage) |