You won’t pay broker fees at closing, but you will have other closing costs associated with your purchase. The Digs rebate typically offsets a large portion of those costs or covers all of them and then some.
CO-OP CLOSING COSTS
CO-OP FEES
| RECOGNITION AGREEMENT REVIEW FEE | $150-$300 (If financing) |
| CO-OP FEES | $500-$1000 refundable move-in deposit $250-$750 non- refundable move-in fee |
LIEN SEARCH / UCC-1
| LIEN SEARCH | $350 |
| UCC I FILING FEE | $75-$100 (If financing) |
TAXES
| MANSION TAX | Mansion Tax is a percentage of your purchase price, depending on the purchase price Purchase price $1,000,000 – $1,999,999: 1% Purchase price $2,000,000 – $2,999,999: 1.25% Purchase price $3,000,000 – $4,999,999: 1.5% Purchase price $5,000,000 – $9,999,999: 2.25% Purchase price $10,000,000 – $14,999,999: 3.25% Purchase price $15,000,000 – $19,999,999: 3.5% Purchase price $20,000,000 – $24,999,999: 3.75% Purchase price $25,000,000 and up: 3.9% |
LEGAL
| PURCHASER’S ATTORNEY | $2,500-$3,500 |
| BANK’S ATTORNEY | $850-$1,000 |
ADDITIONAL CLOSING COSTS FOR SPONSOR SALES
| SPONSOR’S ATTORNEY | $2,500-$4,000 |
| SPONSOR’S TRANSFER TAXES | Determined by first calculating the transfer taxes on the purchase price using the following guidelines:
NYC Transfer Tax: 1.425% of the purchase price if above $500,000 NYS Transfer Tax: Once the figure of NYC and NYS taxes is determined, then the taxes are re-calculated based on the sum of the original purchase price and the NYC and NYS transfer taxes. |
CONDO CLOSING COSTS
CONDO FEES
| CONDO FEES | $500-$1,000 refundable move-in deposit $250-$750 non-refundable move-in fee |
TITLE INSURANCE
| FEE TITLE INSURANCE | Varies depending on the purchase price and regulated by the state, but is typically approximately .45% of the purchase price.It is best to use an online rate calculator from a reputable title company website. |
| MORTGAGE TITLE INSURANCE | Reduced rate applies for simultaneous purchase and mortgage (if applicable). It is best to use an online rate calculator from a reputable title company website. |
| RECORDING FEES | $250-$750 |
| MUNICIPAL SEARCH FEES | $350-$500 |
| TITLE ENDORSEMENTS | $75-$150 |
HOMEOWNERS INSURANCE
| HO6 POLICY REQUIRED BY LENDER | Costs will vary depending on coverage selected by the purchaser. Check with insurance agent. |
LEGAL
| PURCHASER’S ATTORNEY | $2,500-$3,500 |
| BANK’S ATTORNEY | $850-$1,000 |
TAXES
| MANSION TAX | Mansion Tax is a percentage of your purchase price, depending on the purchase price Purchase price $1,000,000 – $1,999,999: 1% Purchase price $2,000,000 – $2,999,999: 1.25% Purchase price $3,000,000 – $4,999,999: 1.5% Purchase price $5,000,000 – $9,999,999: 2.25% Purchase price $10,000,000 – $14,999,999: 3.25% Purchase price $15,000,000 – $19,999,999: 3.5% Purchase price $20,000,000 – $24,999,999: 3.75% Purchase price $25,000,000 and up: 3.9% |
| MORTGAGE RECORDING TAX | Mortgage less than $500,000: 1.8% of the mortgage amount (minus $30 for 1 or 2 family dwellings)
Mortgage $500,000 and above on 1-3 family residential dwelling: 1.925% of the mortgage amount (minus $30 for 1 or 2 family dwellings) Mortgage on all other property $500,000 and over: 2.8% of the mortgage amount |
ADDITIONAL CLOSING COSTS FOR NEW DEVELOPMENT
| SUPER’S UNIT | Purchaser pays for this in some cases. The unit is allocated a dollar value by the sponsor and the purchser’s portion is calculated as a percentage of the common interest associated with the unit. |
| WORKING CAPITAL CONTRIBUTION | One time charge of 1-2 months of common charges |
| SPONSOR’S ATTORNEY | $2,500-$4,000 |
| SPONSOR’S TRANSFER TAXES | Determined by first calculating the transfer taxes on the purchase price using the following guidelines:
NYC Transfer Tax: 1.425% of the purchase price if above $500,000 NYS Transfer Tax: Once the figure of NYC and NYS taxes is determined, then the taxes are re-calculated based on the sum of the original purchase price and the NYC and NYS transfer taxes. |
TOWNHOUSE CLOSING COSTS
TITLE INSURANCE
| FEE TITLE INSURANCE | Varies depending on the purchase price and regulated by the state, but is typically approximately .45% of the purchase price.It is best to use an online rate calculator from a reputable title company website. |
| MORTGAGE TITLE INSURANCE | Reduced rate applies for simultaneous purchase and mortgage (if applicable). It is best to use an online rate calculator from a reputable title company website. |
| RECORDING FEES | $250-$750 |
| MUNICIPAL SEARCH FEES | $350-$500 |
| TITLE ENDORSEMENTS | $75-$150 |
HOMEOWNERS INSURANCE
| HO6 POLICY REQUIRED BY LENDER | Costs will vary depending on coverage selected by the purchaser. Check with insurance agent. |
LEGAL
| PURCHASER’S ATTORNEY | $2,500-$3,500 |
| BANK’S ATTORNEY | $850-$1,000 |
TAXES
| MANSION TAX | Mansion Tax is a percentage of your purchase price, depending on the purchase price Purchase price $1,000,000 – $1,999,999: 1% Purchase price $2,000,000 – $2,999,999: 1.25% Purchase price $3,000,000 – $4,999,999: 1.5% Purchase price $5,000,000 – $9,999,999: 2.25% Purchase price $10,000,000 – $14,999,999: 3.25% Purchase price $15,000,000 – $19,999,999: 3.5% Purchase price $20,000,000 – $24,999,999: 3.75% Purchase price $25,000,000 and up: 3.9% |
| MORTGAGE RECORDING TAX | Mortgage less than $500,000: 1.8% of the mortgage amount (minus $30 for 1 or 2 family dwellings)
Mortgage $500,000 and above on 1-3 family residential dwelling: 1.925% of the mortgage amount (minus $30 for 1 or 2 family dwellings) Mortgage on all other property $500,000 and over: 2.8% of the mortgage amount |
ADDITIONAL CLOSING COSTS FOR NEW DEVELOPMENT
| SPONSOR’S ATTORNEY | $2,500-$4,000 |
| SPONSOR’S TRANSFER TAXES | Determined by first calculating the transfer taxes on the purchase price using the following guidelines:
NYC Transfer Tax: 1.425% of the purchase price if above $500,000 NYS Transfer Tax: Once the figure of NYC and NYS taxes is determined, then the taxes are re-calculated based on the sum of the original purchase price and the NYC and NYS transfer taxes. |