NY Title Insurance | Closing Costs for Co-ops

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 co-ops. 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 Co-op 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 co-ops. 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.

Breakdown of Closing Costs for NY City Co-ops

FOR THE SELLER

Broker: Typically 5%-6%

Own Attorney: TBD

Co-op Attorney: $400.00-$600.00

Flip Tax: Typically 1% to 3% of price (if applicable)

Stock Transfer Tax: $0.05 per share

Move-out Deposit/Fee: Varies by building

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) = $50

Residential Deed Transfers= $75

Commercial Deed Transfers = $165

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

NYS Equalization Fee: $75.00

Pick-up / Payoff Fee: $250-$500

UCC-3 Filing Fee: $100

Miscellaneous Coop Charges: Vary by building

FOR THE PURCHASER

MORTGAGE CLOSING COSTS

Buyer’s Attorney: Consult your attorney

Bank Fees: (admin, origination, credit, appraisal, etc.) Refer to your Banks GFE

Bank Attorney: $650-$750

Lien Search: $250-$350

UCC-1 Filing: $100

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

ADDITIONAL REAL ESTATE EXPENSES

Miscellaneous Co-op Charges: Vary by building

Recognition Agreement Fee: $200.00 or more

Maintenance Monthly Fee

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