A. COOPS
Taliya A. Bashani, Esq. tali@tablawfirm.com

CLOSING COSTS
PH: 212-379-6405 FAX: 646-651-4566
BUYERS:
1) LienSearch–generallyaround$450
2) CoopAttorneyFee-around$600-$750
3) RecognitionAgreementFee(onlyappliestofinancing)-usually$350 4) MoveIn/MoveOutFees/Deposits-$250-$500/$1000.00
5) FollowingMonthCommonCharges
6) AnyBoardApplicationfees
7) AttorneyFee-$2400flat(halfupfrontandhalfatclosing)
8) MansionTax-1%ofpurchasepriceover$1M

SELLERS :
1) Payoff(existingmortgagelien)
2) BrokerCommission
3) FliptaxtoCoop(dependentuponthecoopbylaws)=%ofSalePriceorPricepershare 4) TransferTax:StateTax=.4%ofpurchaseprice

– City Tax = 1.0% if less than $500k / 1.425% if greater than $500k 5) AttorneyFee-$2400flat(halfupfrontandhalfatclosing)
6) PayoffBankattyfee-$450
7) TransferFee/CoopAttyFee-about$750

B. CONDOS

BUYERS:

1)  MortgageTax–(appliesonlytobuyerswithfinancing)=1.8%ofloanamountiflessthan

$500k / 1.925% of loan amount if greater than $500k
2)  TitleInsurance–(onetimefeeatClosing-fixedformulabytheStateofNY)Examples:

$500k purchase = $2500 / $750k purchase = $3700 / $1M purchase = $5500
3)  MansionTax=1%ofPurchasePriceifover$1Million(onetimefeeatclosing)
4)  FollowingMonthMaintenanceFees
5)  AnyCondoAssocApplicationfees
6)  AttorneyFee-$2200flat(halfupfrontandhalfatclosing)
SELLERS: Same as Above Coop without Flip Tax
C. NEW CONSTRUCTION / CONDO COVERSIONS (ie: Sponsor Sales)

SAME AS ABOVE CONDOS PLUS THE FOLLOWING:

1)  PurchaserpaysState&CityTransferTaxonbehalfofSponsorandBULKEDUP (purchase price plus transfer tax – then taxed at below rates)

–  State Tax = .4% of purchase price
–  City Tax = 1.0% if less than $500k / 1.425% if greater than $500k
2)  WorkingCapitalContribution-usually2monthsoftheunit’smonthlymaintenancefees

(one time non-refundable fee at Closing)
3)  SponsorAttorneyFee–(PurchaserpaysforSponsor’slegalfeeinadditiontotheirown
atty fee) – usually around $2500