PURCHASER’S ATTORNEY (CONSULT YOUR ATTORNEY)
$1,500 - $2,500
BANK FEES
$350 - $750
APPRAISAL
$300 - $1,000
PURCHASE APPLICATION (INCLUDING CREDIT CHECK)
$500
LENDER’S ATTORNEY
$750
UCC - I FILING
$75
MOVE-IN DEPOSIT REFUNDABLE
$500 - $1,000
MOVE-IN FEE
$250
RECOGNITION AGREEMENT FEE
$250
LIEN SEARCH $250
$250
MAINTENANCE ADJUSTMENT
UP TO ONE MONTH
MANSION TAX
SEE BELOW
PURCHASER’S ATTORNEY (CONSULT YOUR ATTORNEY)
$1,500 - $2,500
BANK FEES
$350 - $750
APPLICATION FEE
$350
PROCESSING FEE
$330
APPRAISAL FEE DEPENDING ON SALES PRICE
$300-$1,500
BANK ATTORNEY
$650-$750
TAX ESCROWS
2 TO 6 MONTHS
RECORDING FEES
$250-$750
FEE TITLE INSURANCE
AMOUNTS VARY, PLEASE CONSULT YOUR ATTORNEY
MORTGAGE TITLE INSURANCE
AMOUNTS VARY, PLEASE CONSULT YOUR ATTORNEY
MUNICIPAL SEARCH
$350-$500
MANSION TAX
SEE BELOW
NYC MORTGAGE TAX
MORTGAGE LESS THAN $500,000 = 1.8%;MORTGAGE $500,000 + ON 1-3 FAMILY RESIDENTIAL DWELLING = 1.925%
SPONSOR TRANSFER TAXES
NEW DEVELOPMENT / SPONSOR SALES ONLY RESIDENTIAL: UP TO $500,000 = 1%; $500,000+ = 1.425%
PROPERTY PRICE
MANSION TAX RATE
$1,000,000 – $1,999,999
1.00%
$2,000,000 – $2,999,999
1.25%
$3,000,000 – $4,999,999
1.50%
$25,000,000 or more
3.90%
PROPERTY PRICE
MANSION TAX RATE
$10,000,000 – $14,999,999
3.25%
$15,000,000 – $19,999,999
3.50%
$20,000,000 – $24,999,999
3.75%
$25,000,000 or more
3.90%
BUYER’S ATTORNEY
CONSULT YOUR ATTORNEY
BANK FEES
$750
APPLICATION FEE
$350
PROCESSING FEE
$330
APPRAISAL FEE DEPENDING ON SALES PRICE
$300-$1,500
CREDIT REPORT FEE
$10.10 SINGLE / $15.20 JOINT
BANK ATTORNEY
TAX ESCROWS
$650-$750
2 TO 6 MONTHS
RECORDING FEES
$250-$750
FEE TITLE INSURANCE
AMOUNTS VARY, PLEASE CONSULT YOUR ATTORNEY
MORTGAGE TITLE INSURANCE
AMOUNTS VARY, PLEASE CONSULT YOUR ATTORNEY
MUNICIPAL SEARCH
$350-$500
MORTGAGE TAX - NYC (PAID BY BORROWER)
1-3 FAMILY HOME OR CONDO: IF MORTGAGE IS LESS THAN $500,000: 1.80%. IF MORTGAGE IS $500,00 OR MORE: 1.925% OF LOAN AMOUNT
far less properties sell per capita compared to the national average. The seller’s agent has a contractual fiduciary relationship with the seller. They may be a family member or family friend. Anything they say or do is to advance the seller’s best
In New York City, we have 3 major types of real estate.
Each has different characteristics and closing costs.
Most properties either built or converted before 1990 are co-operatively owned (Co-ops). Homeowners are called shareholders because they purchase stock in a corporation, and that corporation owns the building.
They are collectively partners in an entity that owns the building, and, in turn, grant themselves the privileges of ownership associated with owning real property in the form of a proprietary lease.
There is a required purchase application process. This is sometimes found tedious and angst-ridden by most people. The good news is that we do this with consistency and our team is designed to make this happen quickly and efficiently.
We focus on what’s important, income and assets, and not on what’s superfluous. A co-op has other characteristics as well.
When you or your neighbors make permanent (non-cosmetic) changes, the building has guidelines and an approval process. If you want to rent, the board may limit you over time, and so on.
Some buildings prohibit you from financing more than a certain amount. Every characteristic of each listing will be recorded for you by us for your reference at a later date.
Well, now that you have read about Co-ops, you might be asking yourself, is there another option? There is!
A condominium is technically defined as an air lot – you own all the air inside of the walls. You can do whatever you want inside your own air. However, there are some myths about condos.
A condo doesn’t have unlimited subletting, there is an application process, and as a condo owner, you are subject to the rules put forth by the Board of Managers. You have a collective interest in the building’s sustainable financial and physical health.
What! A House?! Yes it’s true. The author grew up splitting time in a townhouse and a co-op.
A house historically holds a value greater than a co-op or condo. You can get an owner-occupied mortgage for any building with up to 4 units, and the other unit’s rent can offset your costs.
On the other hand maintenance, taxes, and insurance costs can be much more expensive than apartments.
An agent is bound by State Law to disclose and declare their Agency when having substantive conversations with potential buyers. That form is attached. This disclosure is not a contract, as your buyer’s agent, it’s a promise from me to you of the following:
A buyer’s agent must act in the interest of the buyer.
Must follow the lawful instructions of the buyer.
Examples of, but not limited to:
Any discussions, facts, or information that should not be revealed to others. All financial disclosures kept in confidence.
We have helped many celebrities and top-level executives. We’d tell you whom, but then we’d have to...well, you know.
Reporting the location of any money placed in the hand of the agent.
All discussions involving money are to be 100% transparent with regard to who gets what at all times.
In addition to market experience, agents are expected to have a heightened ear for anything and everything.
This means not taking anything at face value, referring experts to certify anything that may be in doubt, and maintaining a professional and courteous deal environment.