Closing Costs for the Buyer of a Manhattan Co-op

ItemExpense
Attorney$1,600 & up*
Managing Agent Application Fee$750
Credit Report Fee$50 - $100 per applicant
Lead-Based Paint Disclosure Fee$0 - $50
Mansion Tax1% of purchase price when priced over $1 million
Move-In Deposit$500 - $1,000 (usually refundable if no damage)

Mortgage Associated Fees
Origination Costs - Points0 - 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
Lien Search$350
Maintenance AdjustmentProrated for month of closing
* Check with bank/mortgage broker for additional fees . 

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 (TP584) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
Revised 12/09 - ABOVE FEES ARE ESTIMATES, AND WILL VARY SLIGHTLY.

Lee Presser
Lee Presser
Licensed Associate Real Estate Broker
575 Fifth Ave, Floor 14 New York NY 10017