ANTICIPATED CLOSING COSTS
For Co-op Purchases:
- Mansion Tax: 1% of purchase price for properties over $1 million, progressive rates up to 3.9% for properties over $25 million
- Attorney fees: $2,500-$5,000
- Bank fees/points if financing: 1-2% of the loan amount
- Move-in deposit: $500-$1,500 (often refundable)
- Flip tax: 1-3% of purchase price (if applicable)
- Title insurance: Not required for co-ops
- Mortgage recording tax: Not applicable for co-ops
For Condo Purchases:
- Mansion Tax: Same progressive structure as co-ops
- Attorney fees: $2,500-$5,000
- Bank fees/points if financing: 1-2% of loan amount
- Title insurance: 0.4-0.5% of purchase price
- Recording fees: $250-$500
- Mortgage recording tax: 1.8-1.925% of mortgage amount
- Move-in deposit: $500-$1,500 (often refundable)
- Common charges/real estate tax adjustment: Pro-rated amount
