• Counsel Fees (typically $2,000-3,000)
• Move in fees and deposits (approximately $1,000)
• Financing bank fees: varies depending on loan product
• Mansion tax: applies to transactions at $1,000,000 or over)
  • Flat 1% of entire transaction price
  • If bulk rate transfer, and allocation yields a price of less than $1,000,000 for a unit, that unit is not subject to the mansion tax
  • If building is mixed use and total price is $1,000,000 or more, pay mansion tax only on residential portion, even if residential portion allocation is less than $1,000,000
• Coops only
  • Recognition agreement fee (up to $300)
  • Coop search fee (up to $300)
  • Application fees (up to $1,000)
• Condos only
  • Mortgage recording tax:
  • 1.80% if mortgage is less than $500,000
  • 1.925% of entire mortgage if $500,000 or more
  • e.g. never borrow $500,000
• Title Charges: regulated by statute, no variance among title companies on insurance charges
  • Call for a quote (212.842.0237)
  • Real estate tax adjustment: purchaser must reimburse for pre-paid taxes
• In addition to above
• Sponsor's legal fees: (up to $3,000)
• Sponsor's transfer fees: based on adjusted price
  • Calculate NYS and NYC transfer taxes again (including mansion tax if applicable)
• Working capital fund contributions (up to two months common charges)
• Reserve fund contributions (up to three months common charges)
• Share of resident manager's unit (depends on % common interest)

Courtesy of Jerry M. Feeney