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Closing Costs

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206 east 124 street condominium potential closing costs for 5 available units as of May 2009.

 Apt ##
 1A 1B 1C 1D 4B
 Purchase Price
$400,000$300,000$440,000$380,000$340,000
 Loan (80%)
$320,000$240,000
$352,000
$304,000
$272,000
 Total Estimated Closing Costs $22,054$18,708
$23,352
$21,355
$19,946
 Closing Costs as a % of the Asking Price 5.5%6.2%
5.3%
5.6%
5.9%
     Buyer's Obligations per Offering PlanPaid To:
     
 NYC Transfer Tax =1%
City$4,000$3,000
$4,400
$3,800
$3,400
 NYS Transfer Tax =0.4%State$1,600$1,200
$1,760
$1,520
$1,360
 Title Insurance = 0.58% (*.7)Insurance Agency
$1,624$1,218
$1,786
$1,543
$1,380
 Appraisal Fee = $300-500
Lender$400$300
$400
$350
$300
 Capital Contribution =$500
Board$500$500
$500
$500
$500
     Reimbursements to Sponsor
      
 For Writing the Offering Plan
Sponsor$2,000$2,000
$2,000
$2,000
$2,000
 For Getting a Tax Abatement
Sponsor$2,000$2,000
$2,000
$2,000
$2,000
 For Sponsor's Attorney Fee
Sponsor$1,000$1,000$1,000$1,000$1,000
     Buyer's Direct Obligations
      
 Mortgage Tax = 1.8% -$30
City$5,730$4,290
$6,306
$5,442
$4,866
 Buyer's Attorney = est.$1,200
Lawyer$1,200$1,200$1,200$1,200
$1,200
 Recording Fees = est.$250 City$250 
$250 
$250 
$250 
$250 
 Bank Fees = est.$1,750
Lender$1,750$1,750
$1,750
$1,750
$1,750
       
     Subtotals:      
 Buyer's Obligations per Offering PlanVarious$8,124
$6,218
$8,846
$7,713
$6,940
 Reimbursements to SponsorSponsor$5,000
$5,000
$5,000
$5,000
$5,000
 Buyer's Direct ObligationsVarious$8,930$7,490
$9,506
$8,642
$8,006

 Bank Fees estimated at $750 plus application fee $350, processing fee $300, credit report fee $15, and bank attorney fee $650.

The Buyer should confirm the Closing Cost calculations by reading the Offering Plan and consulting a real estate attorney. 

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