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Sellers Cost

Closing Costs

Typical Estimated Closing Costs: Condominium Apartments

For the Seller

Broker: 6%

Seller’s Attorney: Consult your attorney

Processing Fee: $600+

Miscellaneous Condo Charges: Varies by building

UCC-3 Filing Fee: $20 - $40 in all counties except Nassau

UCC-3 Filing Fee: (Nassau) $340 ($40 to file + $300 per block)

Sponsor’s Attorney Fee: $1,500 and up (new development only)

Working Capital Fund Contribution: An amount equal to 1–2 months common charges

Pick-Up/Payoff Fee to Title Closer: $200–$500, consult your attorney

Flip Tax: Varies building to building, consult your agent

Transfer Tax

Property Type

Single Residence Condo Unit
$499,999.99 and below
NYC RPT

1%
NY Sstate Transfer Tax

$2 per $500 of
conveyance price
Residential Units
$500,000 and up
1.425%
$2 per $500 of
conveyance price
Residential Units
$3,000,000 and up (NYC Only)
1.425%
$3.25 per $500 of
conveyance price
Commercial Properties and Vacant
Land under $500,000.00
1.425%
$2 per $500 of
conveyance price
Commercial Properties and Vacant
Land $500,000 and up
2.625%
$2 per $500 of
conveyance price
Commercial Properties and Vacant
Land $2,000,000 and up (NYC Only
2.625%
$3.25 per $500 of
conveyance price

Additional Expenses:

Maintenance Adjustment
Pro-rates for the month closing
Short-term Interest
Equal interest for the balance of the month in which you close

¹Transfer taxes paid by seller, except in the case of sponsor sales, in which case the transfer tax is paid by the purchaser at a higher rate. City of Yonkers has an additional
1.5% transfer tax over $25,000. City of Mount Vernon has an additional 1% transfer tax with $100,000 exemption.
This closing-cost guide is designed to give you the general costs associated with the purchase or sale of a condominium property. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Kindly note, we do not represent that these are the entirety of
potential costs, but are only to be used as a guide. All transfer taxes and filing fees are subject to change by government agencies in each location.

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Sellers Cost

Closing Costs

For the Seller

Transfer Tax

Property Type

NYC RPT

NY Sstate Transfer Tax

Additional Expenses:

Maintenance Adjustment

Short-term Interest

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Elena Vasili