There are several major differences when preparing to issue a NY title insurance policy versus many other states. More specifically there are differences pending the type of property being purchased. The following is meant to give you a basic understanding and background of the general costs that go hand and hand with closing a transaction in New York for a condominium. The below estimates are for explanatory purposes only. For more detailed quotes please seek out our GFE Quote Calculator or speak directly with your counsel.
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There are several major differences when preparing to issue a NY title insurance policy versus many other states. More specifically there are differences pending the type of property being purchased. The following is meant to give you a basic understanding and background of the general costs that go hand and hand with closing a transaction in New York for a condominium. The below estimates are for explanatory purposes only. For more detailed quotes please seek out our GFE Quote Calculator or speak directly with your counsel.
Condominiums |
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FOR THE SELLERBroker: Typically 5%-6% Sellers Attorney: TBD Processing Fee: $350.00 – $450.00 and more at times NYC Transfer Tax: Residential: Up to $500,000 = 1% $500,000+ = 1.425% Commercial: Up to $500,000 = 1.425% $500,000+ = 2.625% Admin. Fee: Non-Deed Transfers (i.e., Co-ops) = approximately $50.00 Residential Deed Transfers= approximately $85.00 Commercial Deed Transfers = approximately $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75 Pick-up/Payoff Fee: Depending on attorney costs $250-$500 UCC-3 Filing Fee: $100 Miscellaneous Condominium Charges: Vary by building |
FOR THE PURCHASERBuyer’s Attorney: TBD Bank Fees: (processing, admin, credit, doc prep, appraisal, etc.) Discuss directly with your bank Bank Attorney: $550-$1,000 Tax Escrows: Depending on when on the calendar you are closing, typically a lender will hold a 2 month cushion. Recording Fees: $250-$750 NY Title Insurance: Approx. $450 per $100,000 of sales price under 1M, +15% on $1M or more Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount Municipal Search: $350-$500 Mansion Tax: 1% of entire purchase where price is $1,000,000 or more. NYC Mortgage Tax (paid by borrower): a. Mortgage less than $500,000 = 1.80% b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925% c. Mortgage on all other property over $500,000.00 = 2.80% Nassau and Suffolk Counties Mortgage Tax: a. 1-3 family residential dwelling = 0.80% on entire mortgage amount b. 3 or more family residential dwelling, commercial or vacant land = 1.05% on entire mortgage amount Peconic Bay Tax: (East Hampton, Shelter Island and Southampton): a. Exclusions: (i) Purchase Price less than $250,000 on improved property; and (ii) Purchase Price less than $100,000 on un-improved property b. Residential 1-3 Family Dwelling less than $1,000,000 and all other properties = 2.40% c. Residential 1-3 Family Dwelling $1,000,000+ = 3.40% ADDITIONAL REAL ESTATE EXPENSES Utility or Condo Association Fees: Pro-rated for the month of closing Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected Miscellaneous Condominium Charges: Vary by building |
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