1)

BANK APPLICATION AND CREDIT REPORT:

$

300.00

 2)

Appraisal:

$

600.00

 3)

Your attorney:

$

1800.00

 4)

Banks attorney (if financing):

$

600.00

 5)

Bank Underwriting fee (if financing):

$

400.00

 6)

Other Lender fees:

$

700.00

 7)

Recording fees:

$

200.00

 8)

Property Management fee:

$

500.00

 9)

Board Application fee:

$

400.00

 10)

Move In fee:

$

300.00

SubTotal 1:

$

5,800.00

 11)

Mortgage recording tax of 2.05% on the entire mortgage for loans under $500,000. 2.175% on the entire mortgage for loans of $500,000 and higher.

 12)

Title Insurance approx. $650 per $100,000 of sales price

Example: you buy a condo for $800,000. You finance $700,000.
2.175% x $700,000 = $15,225.00 (Mortgage Recording Tax)
$650 x 8 = $5,200.00 (Title Insurance cost)

SubTotal 2: $5,800.00 + $15,225.00 + $5,200.00 = $26,225.00

Plus the following variable costs:

 13)

Loan Points: Variable, often zero

 14)

Prepaid Mortgage Interest (if financing): Variable

 15)

Real Estate Tax Adjustment: Variable

 16)

Real Estate Tax Escrow held by bank: Variable (2-6 months typical)

 17)

Pro Rata Common Charges: Variable

 18)

Move In Deposit (refundable):

$

1000.00

Subtotal 3: the variable costs might typically be $6,0000.00

Total Condo Closing Costs (this Example): $32,000.00

NOTE: if the purchase price is $1,000,000 or greater, in addition to the above closing costs, you have to pay a 1% mansion tax to the state.