Estimated closing costs – New Construction Condo Purchase

In a new construction sponsor condo deal, the sponsor often requires that the Purchaser be responsible for the following:

NYC Transfer Tax 1% of the purchase price if the
purchase price is $500,000.00
or under;
1.425% of the purchase price if the
purchase price is over $500,000
NYS Transfer Tax .4% ($2 per $500) of the purchase price
Filing of Transfer Taxes Approx. $150.00
Working Capital Fund Up to one month of the common charge
Super’s apartment as per Offering Plan contribution:
The terms of the contract of sale must be carefully reviewed to determine what the Purchaser is responsible for.