Closing Costs for the Buyer of a Manhattan Co-op
New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP-584) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
|Attorney||$2,000 - $5,000*|
|Managing Agent Application Fee||$500- $750|
|Credit Report Fee||$50 - $100 per applicant|
|Lead-Based Paint Disclosure Fee||$0 - $50|
|Mansion Tax||1% of purchase price when priced over $1 million|
|Move-In Deposit||$500 - $1,000 (usually refundable if no damage)|
|Origination Costs -||Points 0 - 3% value of loan|
|Application , Credit Checks, etc.||$500 & up|
|Appraisal||$275 & up|
|Bank Attorney||$500 & up|
|UCC-I Filing||$50 & up|
|Recognition Agreement Fee||$200 & up|
|Maintenance Adjustment||Prorated for month of closing|
* Check with bank/mortgage broker for additional fees .