I dont think youll find an online calculator because closing costs can vary from one new condo to another. For new condos, besides the normal title fees, mortgage tax - 1.8% for up 499k loan amount and 1.925% for loan amounts 500k or above, you are likely to find the addition of transfer taxes - 1.4% of 500k or less purchase price and 1.825% for anything above, sponsor's attorney, and a couple of months of common charges for capital reserves or security. sunny.hong@bankofamerica.com
gcondo
about 5 months ago
is it over a mil? add 1% for your "mansion".
your bank, your attorney, their attorney, transfer tax, mortgage tax (if you have a mortgage), filing fees, reimbursement of sponsors pre-paid real estate tax, um, I think that's about it. oh and dont forget to tip that title search guy!! rofl
yeah the offering plan has it all, and ask your lawyer right?
lookinginnyc
about 5 months ago
Thanks for all the advice. Its under a million.
gcondo - what did you mean by "dont forget to tip the title search guy"?
Is there a online calculator to find the closing costs on a new condo?
Offering plan has this.
Chase has an online calculator that provides estimated closing costs.
http://mortgage.chase.com/pages/purchase/crq_p_landing.jsp
I dont think youll find an online calculator because closing costs can vary from one new condo to another. For new condos, besides the normal title fees, mortgage tax - 1.8% for up 499k loan amount and 1.925% for loan amounts 500k or above, you are likely to find the addition of transfer taxes - 1.4% of 500k or less purchase price and 1.825% for anything above, sponsor's attorney, and a couple of months of common charges for capital reserves or security. sunny.hong@bankofamerica.com
is it over a mil? add 1% for your "mansion".
your bank, your attorney, their attorney, transfer tax, mortgage tax (if you have a mortgage), filing fees, reimbursement of sponsors pre-paid real estate tax, um, I think that's about it. oh and dont forget to tip that title search guy!! rofl
yeah the offering plan has it all, and ask your lawyer right?
Thanks for all the advice. Its under a million.
gcondo - what did you mean by "dont forget to tip the title search guy"?