Dollars and Sense – How much cash will you need to get into your home?

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 an apartment, condominium, coop or commercial property?

Condominium Purchase: Condo owners buy the apartment and also own a percentage of the common building areas, i.e. entrance areas, hallways and recreational areas etc. The condominium is considered real property; because of this fact, owners have the right to do use the property any way he/she sees fit. Owners are subject to pay property taxes which can either be escrowed into a part of a monthly mortgage payment or which are paid annually as an expense. Monthly maintenance fees are generally paid to the building's condominium association.

Co-op Purchase : Buying a co-op is tricky, but Harlem Lofts, Inc.'s team of qualified agents can help. When purchasing a cooperative apartment the purchaser is really purchasing shares in a cooperation. The shares correspond to the units in which you live. Co-op fees include a monthly mortgage payment and maintenance fees for the building. Maintenance fees are sometimes high but both mortgage payments and maintenance fees generally result in higher tax deductibles.

 

Fees to Inquire About

Cooperative Apartment

  • Broker Fees: (typically 6%. Fees vary according to property size and amount of marketing)
  • Attorney Fees
  • Managing Agent
  • Flip Tax
  • Stock Transfer Tax
  • Move Out Deposit Fee
  • New York City Transfer Tax
  • New York State Transfer Tax
  • Payoff Bank Attorney
  • UCC-3 Filing Fee
  • Bank Fees/Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees
  • Short-Term Interest
  • Move-In Deposit
  • Managing Agent or Co-op Attorney Fee
  • Lien Search
  • Maintenance Adjustments
  • Mansion Tax: 1% of entire price when price exceeds $1,000,000 (prorated for month of closing)

‚ÄčCondominium/Townhouse

  • Broker Fees: 6%. Fees vary according to property size and amount of marketing
  • Attorney Fees
  • Managing Agent
  • Move Out Deposit Fee
  • New York City Transfer Tax
  • New York State Transfer Tax
  • Miscellaneous Title Company Fees
  • For Purchaser
  • Bank Fees
  • Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees
  • Short-Term Interest
  • Real Estate Tax
  • Recording Fee 
  • Mortgage Tax
  • Fee Title Insurance
  • Mortgage Title Insurance
  • Miscellaneous Title Charges
  • Managing Agents Fee
  • Adjustments
  • Common charges
  • Real Estate Taxes 
  • Mansion Tax

Multi-Family Residential/Commercial Property

  • Broker Fees
  • Attorney Fees
  • New York City Transfer Tax
  • New York State Transfer Tax
  • Payoff Bank Attorney
  • Bank Fees
  • Application/Credit/Appraisal/Bank Attorney/Miscellaneous Fees
  • Short-Term Interest
  • Mortgage Tax
  • Real Estate Tax
  • Fee Title Insurance
  • Mortgage Title Insurance
  •  Miscellaneous Title Charges