• BUYING GUIDE

 

Standard Fund Requirements

The Budget: Location, size, amenities, building type, school locations and nearness to public transportation are crucial to determining what a property will cost. We suggest that buyers review financing options to determine what amount of money they can put toward a deposit and then determine what they can afford for a monthly mortgage payment. Some people may want to see if they pre-qualify for mortgage status in order to know what budget they will be working within.

Type of Property: The next thing to determine would be the type of property you'd like to buy. Would you like a single or two family house, condominium, commercial property, or a multi-family?

 

 

Estimated Fees
 

Multi-Family Residential/Commercial Property
For Seller

Broker Fees: Are typically 6%. Fees vary according to property size and amount of marketing
Attorney Fees: Approximately $5,000
New York City Transfer Tax: 1.425% of price up to $500,000 2.625% of entire price when it exceeds $500,000
New York State Transfer Tax: 0.4% (.004) of price
Payoff Bank Attorney: If Seller has mortgage - $350 Miscellaneous $200 Transfer Security Deposit T.S.D.

 

For Purchaser
Own Attorney Fee: Approximately $5,000
Bank Fees: Points 2%>
Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees: $5,000-$10,000
Short-Term Interest: One month max*
Mortgage Tax: 2.75% of entire amount on loans over $500,000
Real Estate Tax: Escrows 2-6 months
Fee Title Insurance: Approximately $450 per $100,000
Mortgage Title Insurance: Approximately $200 per $100,000
Miscellaneous Title Charges: $1,000
Adjustments: Rents* T.B.D. Real Estate Taxes 1-6 months *Prorated for month of closing

 

Cooperative Apartment
 

For Purchaser:
Own Attorney Fee: Approximately $1500
Bank Fees/Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees: $1,600
Short-Term Interest: One month max*
Move-In Deposit: $1000
Managing Agent or Co-op Attorney Fee: $600
Lien Search: $300
Maintenance Adjustments: One month tax
Mansion Tax: 1% of entire price when price exceeds $1,000,000
*Prorated for month of closing

 

Condominium/Townhouse
 

For Purchaser:
Approximately $1,500
Bank Fees: Points 2%
Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees: $1,600
Short-Term Interest: One month max*
Real Estate Tax: Escrows 2-6 months
Recording Fee: $200
Mortgage Tax: 1.75% of mortgage on loans under $500,000 or 1.875% of entire amount on loans over $500,000
Fee Title Insurance: Approximately $450 per $100,000
Mortgage Title Insurance: Approximately $200 per $100,000
Miscellaneous Title Charges: $300
Managing Agents Fee: $250
Adjustments:
*Prorated for month of closing
*Expect to pay eight months Real Estate Taxes. These taxes are combined between seller as an adjustment and escrow established by lender.
*Note: When purchasing condos from a sponsor, the purchaser will be required to pay New York City and New York State Transfer Taxes; see above for amounts.
*Also, buyers are required to pay sponsor's attorney's fee; this fee is approximately $1,000.

 

Other Charges

Common charges: One month max*
Real Estate Taxes: 1 to 6 months
Mansion Tax: 1% of entire price when price exceeds $1,000,000