Purchase Cost - Sumitomo Real Estate NY - Sumitomo Real Estate Sales New York

BUYERS GUIDE

Purchase Cost

General Expenses (There are other fees that are not included in this list.)

Item Fee
Purchase Price Purchase price
Title Insurance/Title Search Approximately 0.5-0.7% of the purchase price
Legal Fee to Buyers Attorney $3,000~
Filing Fee $200~
R.E.Tax/
Common Charge Adjustment
Pro-rated for the month of closing
Mansion Tax 1% of entire purchase where price is $1,000,000 or more.

Additional Expenses for Sponsor unit & New Development

Item Fee
NYS Transfer Tax 0.40%
NYC Transfer Tax 1.00% (Up to $500,000)
1.425% ($500,000+)
Sponsor’s Attorney Fee $1,500~
Working Capital Fund 2 - 3 months of the common charge

Additional Expenses for Mortgage Loan

Item Fee
Mortgage Tax
  1. Mortgage less than $500,000 = 1.80%
  2. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%
  3. Mortgage on all other property over $500,000.00 = 2.80%
Bank’s Attorney Fee $650~
Bank’s Fee Approximately 0.1-2% of the mortgage cost
Recording Fees $500~

All information furnished regarding property for sale, rental or financing is from sources deemed reliable.  No representation is made as to the accuracy thereof and It is submitted subject to errors, omissions, change of price, rental, commission or other conditions, prior sale, lease or financing, or withdrawal without notice.