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 co-ops. 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 co-ops. 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.
FOR THE SELLERBroker: Typically 5%-6% Own Attorney: TBD Co-op Attorney: $400.00-$600.00 Flip Tax: Typically 1% to 3% of price (if applicable) Stock Transfer Tax: $0.05 per share Move-out Deposit/Fee: Varies by building 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) = $50 Residential Deed Transfers= $75 Commercial Deed Transfers = $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75.00 Pick-up / Payoff Fee: $250-$500 UCC-3 Filing Fee: $100 Miscellaneous Coop Charges: Vary by building |
FOR THE PURCHASERMORTGAGE CLOSING COSTS Buyer’s Attorney: Consult your attorney Bank Fees: (admin, origination, credit, appraisal, etc.) Refer to your Banks GFE Bank Attorney: $650-$750 Lien Search: $250-$350 UCC-1 Filing: $100 Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more. ADDITIONAL REAL ESTATE EXPENSES Miscellaneous Co-op Charges: Vary by building Recognition Agreement Fee: $200.00 or more Maintenance Monthly Fee |
