CLOSING COSTS CHECKLIST
Prior to the purchase or sale of residential real estate, it is important for the interested party to anticipate the costs of the transaction. For this reason, our firm takes considerable time and effort in counseling the prospective seller or purchaser as to the financial expectations of the real estate transaction. With offices in lower Manhattan and Bay Ridge, Brooklyn, we have practiced extensively in the areas of general real estate, both commercial and residential, including cooperative and condominium plans. Alfred M. Fazio, a partner with the firm, has lectured extensively on related real estate topics. He provides the real estate brokerage industry with continuing education in his capacity as an instructor with New York University, the New York State Association of Realtors, the Staten Island Board of Realtors and the Multiple Listing Service of Bay Ridge/Bensonhurst. We welcome the opportunity to discuss your concerns as a buyer or seller in the real estate marketplace. The following is a list of anticipated closing costs one might expect to pay on the sale or purchase of a home, condominium or cooperative based on a price of $250,000.00 and a mortgage/loan of $200,000.00; however, it is important for you to realize these are estimates which must be confirmed by your legal representative and tailored to your individual transaction.
| HOME/ CONDOMINIUM PURCHASE |
| Points (Each point is 1% of the mortgage) (This estimate is at 1 point) |
$2,000.00 |
| Application & Appraisal Fee |
$875.00 |
| Tax Set-Up Charge |
$75.00 |
| Pre-paid Interest (Based on 7.5% mortgage, 30 year term) (one month's interest) |
$1,250.00 |
| Bank Attorney Fee |
$650.00 |
| Flood Certification |
$60.00 |
| Title Insurance |
$1,300.00 |
| Title Search |
$225.00 |
| Hazard Insurance |
$750.00 |
| Recording Fees (Deed and Mortgage) |
$180.00 |
| N.Y.S. Mortgage Recording Tax (2% of the mortgage) |
$4,000.00 |
| Engineer Report (Optional) |
$400.00 |
| Termite Inspection |
$75.00 |
| Tax Escrow (Based on $2,400.00 annual taxes) |
$600.00 |
| Common Charges (Condominium only) |
|
| Purchaser's Attorney Fee |
† |
| COOPERATIVE PURCHASE |
| Points (Each point is 1% of the loan) (This estimate is at 1 point) |
$2,000.00 |
| Application and Appraisal Fee |
$875.00 |
| Prepaid Interest (Based on 7.5% mortgage, 30 year term) |
$1,250.00 |
| Bank Attorney Fee |
$650.00 |
| Cooperative Search |
$300.00 |
| Maintenance (Prorated at closing) |
|
| Recording Fees (UCC-1 Financing Statement) |
$35.00 |
| Cooperative Application Fee |
$350.00 |
| Purchaser's Attorney Fee |
† |
| CONDOMINIUM/COOPERATIVE/HOME SALE |
| Brokers' Fee (6-8% of sales price) |
$15,000.00 |
| New York City Transfer Tax (1% of sales price if less than $500,000.00) |
$2,500.00 |
| New York State Transfer Tax ($4.00 per $1,000.00) |
$1,000.00 |
| Mortgage Payoff |
|
| Recording Fees (Satisfaction of Mortgage) |
$55.00 |
| Mortgage/Loan Pick-up Fee |
$150.00 |
| Stock Transfer Fee (Co-Op only) |
$350.00 |
| Co-Op Flip Tax |
|
| Seller's Attorney Fee |
† |
To be Determined.
† Call for a Price Quote.
Capuder Fazio Giacoia LLP
90 Broad Street
New York, New York 10004-2627
Telephone: 212-509-9595
Fax: 212-509-9597
Real Estate Law
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