Co-op purchases carry a different cost structure than condos — there’s no deed to transfer, so certain taxes don’t apply, but building-specific fees like board packages and recognition agreements take their place. Here’s what to expect as a purchaser.
Attorney
| Fee | Estimated Cost |
|---|---|
| Your Attorney | Consult your attorney (~$2,500 – $5,000+) |
Bank
| Fee | Estimated Cost |
|---|---|
| Points* | 0% – 3% of the loan value |
| Bank Application, Credit Check, etc. | $400 – $600 |
| Bank Attorney | $900 – $1,500 |
| Mortgage Origination Rate* | 0% – 3% of the loan value |
| UCC-1 Filing | $125 |
| Appraisal* | $300 – $1,500 |
| Lien Search Fee | ~$350 |
Building
| Fee | Estimated Cost |
|---|---|
| Board Package Processing Fees | $500 – $2,000 |
| Credit Check Fee (per buyer) | $100 – $300 |
| Move-in Fee | $250 – $500 |
| Move-in Deposit (refundable) | $500 – $1,000 |
| Maintenance Adjustment | Pro-rated for month of closing |
| Recognition Agreement Fee | $200 – $300 |
| Miscellaneous Co-op Charges | Varies by building – consult the co-op’s transfer agent & board package |
Government
| Fee | Estimated Cost |
|---|---|
| Non-Deed Transfer Fee (Co-ops) | $50 |
Mansion Tax (Applies to Purchases of $1M+)
| Purchase Price | Rate |
|---|---|
| $1M to under $2M | 1.00% |
| $2M to under $3M | 1.25% |
| $3M to under $5M | 1.50% |
| $5M to under $10M | 2.25% |
| $10M to under $15M | 3.25% |
| $15M to under $20M | 3.50% |
| $20M to under $25M | 3.75% |
| $25M or more | 3.90% |
*Varies depending on loan product/program selected.*
**Varies based on size of loan and lender.*
*This is a general estimate for informational purposes only and does not constitute financial, legal, or tax advice. Costs vary by transaction and by building. Please consult your attorney and lender for figures specific to your purchase.*
Download the full Co-op Closing Costs sheet (PDF)