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  • If financing, you should move forward with your loan application. Your real estate agent can assist you in finding a mortgage broker . It is advised that you pre-qualify for a mortgage with a brokerage firm prior to beginning your housing search.
  • You will, by now, have received from your real estate agent the board requirements and application materials. The application materials can be similar for a cooperative and condominium. However, the actual process is quite different. You will need to complete all of the required materials which typically include: an application, a financial statement signed by a CPA, all requisite support for your financial statement, three years of tax returns, bank statements, letters of personal and financial reference, letters of professional reference, the contract of sale, bank documents (if financing) indicating that your loan is in place, etc.
  • When your “package” is finished, it will be reviewed by a Douglas Elliman Manager, and then, assuming it is complete, it will be forwarded to the managing agent for review. Upon determination that it is in order and that credit checks were acceptable, it will be forwarded to the Board of Directors. No applications will be accepted by a Managing Agent unless they are complete.
  • In the case of a cooperative, if your application meets initial approval, you will be invited to be interviewed by the Board or by an interviewing committee. This is a serious matter and not to be taken lightly. It should be treated as a business meeting.
  • After approval by the Board, you are ready to begin planning for a closing!

    • In the case of a condominium, there is generally no formal interview. Your application will be reviewed, and if all required materials are included and in order, an approval is typically granted.

    The entire process can move quickly in a condominium, and assuming a loan can be secured in a timely fashion, one can move from contract to closing in about 60 days. However, the cooperative process is more involved, and 60 to 90 plus days is not unusual.

    Closing Costs

    This closing cost guide is designed to give you the general costs associated with the purchase or sale of a cooperative, condominium or townhouse property. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Please take note we do not represent that these are the entirety of potential costs, but are only to be used as a guide. Mortgage closing cost estimates have been furnished by our affiliate, DE Capital Mortgage Company.

    Condominiums

    For the Seller

    Broker: Typically 6%
    Own Attorney: Consult your attorney
    Processing Fee: $450+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
    Pick-up/Payoff Fee: $250-$500
    UCC-3 Filing Fee: $100
    Miscellaneous Condominium Charges: Vary by building

    Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes

    		For the Purchaser

    Buyer’s Attorney: Consult your attorney
    Bank Fees: $350-$750
    Application Fee: $350
    Processing Fee: $330
    Appraisal Fee: $300-$1,500 (depending on sales price)
    Credit Report Fee: $10.10 single/$15.20 jointBank
    Attorney: $650-$750
    Tax Escrows: 2 to 6 months
    Recording Fees: $250-$750
    Fee 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
    Common Charge Adjustment: 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 buildingShort Term Interest: Equal to interest for balance of month in which you close

    Co-ops

    For the Seller
    Broker: Typically 6%
    Own Attorney: Consult your attorney
    Co-op Attorney: $450+
    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: $350-$750Application Fee: $350
    Processing Fee: $330Appraisal Fee: $300-$1,500 (depending on sales price)
    Credit Report Fee: $10.10 single/$15.20 jointBank 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+
    Maintenance Adjustment: Pro-rated for the month of closing
    Short Term Interest: Equal to interest for balance of month in which you close
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