New York Title Insurance | Closing Costs for Condominums

There are several major differences when preparing to issue a NY title insurance policy versus many other states. More specifically there are differences pending the type of property being purchased. The following is meant to give you a basic understanding and background of the general costs that go hand and hand with closing a transaction in New York for a condominium. The below estimates are for explanatory purposes only.  For more detailed quotes please seek out our GFE Quote Calculator or speak directly with your counsel.

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New York Title Insurance Closing Costs Explained

There are several major differences when preparing to issue a NY title insurance policy versus many other states. More specifically there are differences pending the type of property being purchased. The following is meant to give you a basic understanding and background of the general costs that go hand and hand with closing a transaction in New York for a condominium. The below estimates are for explanatory purposes only.  For more detailed quotes please seek out our GFE Quote Calculator or speak directly with your counsel.

 

Condominiums

FOR THE SELLER

Broker: Typically 5%-6%

Sellers Attorney: TBD

Processing Fee: $350.00 – $450.00 and more at times

NYC Transfer Tax:

Residential:

Up to $500,000 = 1%

$500,000+ = 1.425%

Commercial:

Up to $500,000 = 1.425%

$500,000+ = 2.625%

Admin. Fee:

Non-Deed Transfers (i.e., Co-ops) = approximately $50.00

Residential Deed Transfers= approximately $85.00

Commercial Deed Transfers = approximately $165

NY State Transfer Tax: $4 per $1,000 of price

NYS Equalization Fee: $75

Pick-up/Payoff Fee: Depending on attorney costs $250-$500

UCC-3 Filing Fee: $100

Miscellaneous Condominium Charges: Vary by building

FOR THE PURCHASER

Buyer’s Attorney: TBD

Bank Fees: (processing, admin, credit, doc prep, appraisal, etc.) Discuss directly with your bank

Bank Attorney: $550-$1,000

Tax Escrows: Depending on when on the calendar you are closing, typically a lender will hold a 2 month cushion.

Recording Fees: $250-$750

NY Title Insurance: Approx. $450 per $100,000 of sales price under 1M, +15% on $1M or more

Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount

Municipal Search: $350-$500

Mansion Tax: 1% of entire purchase where price is $1,000,000 or more.

NYC Mortgage Tax (paid by borrower):

a. Mortgage less than $500,000 = 1.80%

b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%

c. Mortgage on all other property over $500,000.00 = 2.80%

Nassau and Suffolk Counties Mortgage Tax:

a. 1-3 family residential dwelling = 0.80% on entire mortgage amount

b. 3 or more family residential dwelling, commercial or vacant land = 1.05% on entire mortgage amount

Peconic Bay Tax: (East Hampton, Shelter Island and Southampton):

a. Exclusions: (i) Purchase Price less than $250,000 on improved property; and (ii) Purchase Price less than $100,000 on un-improved property

b. Residential 1-3 Family Dwelling less than $1,000,000 and all other properties = 2.40%

c. Residential 1-3 Family Dwelling $1,000,000+ = 3.40%

ADDITIONAL REAL ESTATE EXPENSES

Utility or Condo Association Fees: Pro-rated for the month of closing

Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected

Miscellaneous Condominium Charges: Vary by building

 

 

 

 

 

 

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