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Mortgage Company No Closing Costs

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					   Closing Costs In New York City: Cooperative Apartments
                                                [Estimated as of May 2005]



For The Seller
Broker……………………………….Typically 6%
Own Attorney………………………. $1,600 and up
Co-op Attorney or Managing Agent .....$600 and up
Flip Tax (if any)……………………...variable (consult Managing Agent)
Stock Transfer Tax ………………….$.05 per share
Move-out Deposit or Fee ……………$1,000
*New York City Transfer Tax……….1% of entire gross purchase price,
                                      if price is $500,000 or under; or
*                          ………... .1.425% of entire gross purchase price,
                                       if price exceeds $500,000
*New York State Transfer Tax……….0.4% (.004) of entire gross purchase price
Payoff Bank Attorney……...………....$450
(if Seller has a mortgage)
UCC-3 Filing Fee…... ………………..$50
(if Seller has a mortgage)
E Tax Filing (ACRIS)………………..$150
Gains Tax Withholding………………7.7% of gain
(Out of State Seller)
Non US Resident (FIRPTA)…………10% of price withheld or paid

For The Purchaser
Own Attorney………………………. $1,600 and up
Bank Fees: application, credit,
appraisal, bank attorney
and miscellaneous……………………$2,200
Short-term Interest…………………..One month max (prorated for month of closing)
Move-in Deposit or Fee……………...$1,000
Managing Agent or Co-op Attorney….$750
Lien Search…………………………..$350
Maintenance Adjustment..…………....One month max (prorated for month of closing)
Mansion Tax………………………...1% of entire gross purchase price
                                 (only when price exceeds $1,000,000)


*NOTE:                On the Purchase of a Sponsor-owned Cooperative Unit, the Transfer Taxes
                      are calculated on the purchase price PLUS the Unit’s share of underlying
                      mortgage of the Cooperative (i.e.: Not only on the purchase price)
All information furnished herein is from sources deemed reliable. No representation is made as to the accuracy thereof and it is
submitted subject to errors, omissions and change without notice. We advise Parties to transactions to consult their own coun sel for
verification of these costs.
Closing Costs In New York City: Condominium/Townhouse & 1-3 Family Dwellings
                                                        [Estimated as of May 2005]


         For The Seller
         Broker………………………………..Typically 6%
         Own Attorney………………………. $1,600 and up
         Managing Agent’s Fee ….……………$500 and up
         Move-out Deposit or Fee ……………$1,000
         New York City Transfer Tax……….....1% of entire gross purchase price,
                                                  if price is $500,000 o r under; o r,
                                       …………1.425% of entire gross purchase price,
                                                  if price exceeds $500,000
         New York State Transfer Tax………....0.4% (.004) o f gross purch ase price
         Satisfaction of Mo rtgage Fees……… …$450
         E Tax Filing (ACRIS) ……………...$150
         Gains Tax Withholding……………….7.7% of gain
         (Out of State Seller)
         Non – US Resident (FIRPTA)……….10% of price withheld or paid

         For The Purchaser
         Own Attorney………………………. $1,600 and up
         Bank Fees: application, credit,
         appraisal, bank attorney
         and miscellaneous……………………$2,200
         Short-term Interest…………………..On e month max (prorated for month of closing)
         Real Estate Tax Escrow……………...2 to 6 months
                                               [Expect to pay eight (8) months’ Real Estate Taxes –
                                               - combined between Seller as an adjustment and
                                                escrow established by Lender.]
         Reco rding Fees ……………………$500
         Mortgage Tax………………………...1.80% of entire amount of Mortgage
                                               on Loans $500,000or under,; or,
                        ………………………..1.925% of entire amount of Mortgage
                                               on Loans exceeding $500,000
         Fee Title Insuran ce…………………..Approx. $300 p er $100,000
         Mortgage Title Insuran ce…………….Approx. $100 p er $100,000
         Misc. Title Ch arges…………………...$500
         Managing Agent’s Fee………………..$500
         Adjustments:
               Common Charges…………..One month max (prorated fo r month of closing)
               Real Estate Taxes…………..1 to 6 months
                                               [Expect to pay eight (8) months’ Real Estate Taxes –
                                               - combined between Seller as an adjustment and
                                               escrow established b y Lender.]
         Mansion Tax………………………....1% of entire gross purchase price
                                               (only when price exceeds $1,000,000)
         Move-in Deposit or Fee……………...$1,000



         When purchasing a condominium unit from a Sponsor, the Purchaser will be required to pay New York City
         and New York State Transfer Taxes(See “For The Seller” section above for amounts), as well as the Sponsor’s
         attorney’s fee (typically around $1,500).
         All information furnished herein is from sources deemed reliable. No representation is made as to the accuracy thereof and it is
         submitted subject to errors, omissions and change without notice. We advise Parties to transactions to consult their own coun sel for
         verification of these costs.
Closing Costs In New York City: Multi-Family Residential/Commercial
                                                  [Estimated as of M ay 2005]




  For The Seller
  Broker……………………………….Typically 6%
  Own Attorney……………………….$5,000 and up
  New York City Transfer Tax………....1.425% of entire gross purchase price, if price is $500,000 or under; or
                              ……….2.625% of entire gross purchase price, if price exceeds $500,000
  New York State Transfer Tax………...4% (.004) o f entire gross purchase price
  Payo ff Bank Attorn ey……...……….....$500
  (if Seller has a mortgage)
  Miscellaneous…..…... ……………...$500
  Transfer security deposits…………….TBD
  E Tax Filing (ACRIS)………………...$150
  Gains Tax Withholding………………7.7% of gain
  (out of State Seller)
  Non US Resident (FIRPTA)…………..10% of p rice withheld or paid


  For The Purchaser
  Own Attorney……………………….$ 5,000 and up
  Bank Fees:
        Points………………………0 - 2%
        Application, credit, appraisal,
             bank attorney, engineer and
             miscellaneous……....…...…..$6,000
  Short-term Interest…………………..On e month max (prorated for month of closing)
  Mortgage Tax………………………...2.175% of entire amount of Mortgage on Loans of $500,000 o r under
                   ……………………….2.80% of entire amount of Mortgage on Loans exceeding $500,000
  Real Estate Tax Escrows………...…....2 to 6 months
  Insurance Escrows…………………...8 months
  Fee Title Insuran ce…………………..Approximately $300 p er $100,000
  Mortgage Title Insuran ce…….………$100 per $100,000
  Miscellaneous Title Charges………….$1,000
  (reco rding, etc.)
  Adjustments:
       Rents and Secu rity Deposits…TBD
       Real Estate Taxes…………….1 to 6 months
       Insurance……………………..One year
  Creation of Corporation o r Limited
  Liability Company…………………….$2,300



  All information furnished herein is from sources deemed reliable. No representation is made as to the accuracy thereof and it is
  submitted subject to errors, omissions and change without notice. We advise Parties to transactions to consult their own coun sel for
  verification of these costs.

				
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