Reasonable Legal Fees<\/strong><\/p>\n
There is never a reason to hire a large law firm or pay by the hour for a standard transaction (flat fees are the way to go). The firm\u2019s legal fees are extremely competitive and are collected at closing. <\/div>
<\/div><\/div>[\/vc_column][\/vc_row][vc_row type=”full_width_background” bg_position=”left top” bg_repeat=”no-repeat” bg_color=”#000000″ scene_position=”center” text_color=”light” text_align=”left” top_padding=”100″ bottom_padding=”100″ class=”no-border” bg_image=”259″][vc_column width=”2\/3″][vc_column_text]\n
Your transaction should not make you feel like you are lost in space.<\/span><\/div>\n[\/vc_column_text][\/vc_column][vc_column width=”1\/3″][vc_raw_html]\n
JTNDYSUyMGhyZWYlM0QlMjIlMkZ0aGUtdHJhbnNhY3Rpb24lMjIlMjBjbGFzcyUzRCUyMnJvdW5kZWQtYnV0dG9uJTIyJTNFTGV0JTIwbWUlMjBndWlkZSUyMHlvdSUzQyUyRmElM0U=<\/p>\n[\/vc_raw_html][\/vc_column][\/vc_row][vc_row type=”full_width_background” bg_position=”left top” bg_repeat=”repeat” scene_position=”center” text_color=”dark” text_align=”left” bottom_padding=”0″ top_padding=”30″ bg_color=”#ffffff” bg_image=”273″][vc_column width=”1\/1″][vc_column_text]\n
<\/div>\n
Let’s discuss closing costs<\/span><\/p>\n
****<\/span><\/p>\n
One of the most common issues that I encounter from the real estate community is the confusion associated with closing costs. Although the internet is host to several resources, most are difficult to navigate and may even cause further confusion. Below is what I feel to be one of the most comprehensive and accessible guides on the subject. With this resource, buyers and sellers should be able to get a pretty good measure of their closing costs.<\/span><\/p>\n[\/vc_column_text][heading]\n
Purchaser’s Costs<\/span><\/p>\n[\/heading][divider line_type=”No Line” custom_height=”5″][\/vc_column][\/vc_row][vc_row type=”full_width_background” bg_position=”left top” bg_repeat=”repeat” scene_position=”center” text_color=”dark” text_align=”left” class=”nomargin-bottom big-text” bg_color=”#ffffff” bg_image=”273″][vc_column width=”1\/2″ animation=”none” column_padding=”no-extra-padding” background_color_opacity=”1″][toggles][toggle title=”Condominium and Cooperative (PURCHASER\u2019S COSTS)” color=”Extra-Color-1″][vc_column_text]\n
\n
Attorney fee (flat fee\/varies<\/b>)<\/span><\/li>\n
Mansion Tax for residential transactions of $1,000,000 or over<\/span>\n
\n
At least $1 million, but less than $2 million (1%)<\/strong><\/span><\/li>\n
At least $2 million, but less than $3 million (1.25%)<\/strong><\/span><\/li>\n
At least $3 million, but less than $5 million (1.5%)<\/strong><\/span><\/li>\n
At least $5 million, but less than $10 million (2.25%)<\/strong><\/span><\/li>\n
At least $10 million, but less than $15 million (3.25%)<\/strong><\/span><\/li>\n
At least $15 million, but less than $20 million (3.5%)<\/strong><\/span><\/li>\n
At least $20 million, but less than $25 million (3.75%)<\/strong><\/span><\/li>\n
More than $25 million (3.9%)<\/strong><\/span><\/li>\n<\/ul>\n<\/li>\n
Move-in deposit (refundable fee of $500 – $1,000<\/strong>)<\/span><\/li>\n
Move-in fee (non-refundable fee of $250 – $1,000<\/strong>)<\/span><\/li>\n
Purchase Application fee ($500 – $1,000<\/strong>)<\/span><\/li>\n
Due diligence questionnaire ($100 – $500<\/strong>)<\/span><\/li>\n
Closing adjustments for seller’s prepayment of maintenance, common charges, real estate taxes (in condominiums), and other applicable utilities prior to closing (varies<\/strong>)<\/span><\/li>\n
Homeowners Insurance (varies)<\/strong><\/span><\/li>\n<\/ul>\n[\/vc_column_text][\/toggle][toggle title=”Condominium Only ” color=”Extra-Color-1″][vc_column_text]PURCHASER\u2019S COSTS +<\/b><\/span><\/p>\n
\n
Title charges (varies depending on purchase price but regulated by New York State<\/b>)<\/span>\n
\n
Title Insurance (use online rate calculator from a title company website for accuracy<\/strong>)<\/span><\/li>\n
Additional charges for searches and recording\/filing fees vary among title insurers (varies<\/strong>)<\/span>\n
\n
Recording fees: $250-$750<\/strong><\/span><\/li>\n
Municipal searches: $350-$500<\/strong><\/span><\/li>\n
Title endorsements: $25-$150<\/strong><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n
If Financing<\/b><\/span>\n
\n
Mortgage Title Insurance (use online rate calculator from a title company website for accuracy<\/strong>)<\/span><\/li>\n
Financing fees (varies depending on lending institution<\/strong>)<\/span><\/li>\n
NYS Mortgage Recording Tax<\/span>\n
\n
If mortgage is less than $500,000 multiply by 1.80% of the mortgage amount and then deduct $30<\/span><\/strong><\/li>\n
If mortgage is $500,000 or more multiply by 1.925% of the mortgage amount and then deduct $30<\/span><\/strong><\/li>\n
Mortgages made within 12 months of one another are linked for purposes of calculation in NYC<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][vc_column width=”1\/2″ animation=”none” column_padding=”no-extra-padding” background_color_opacity=”1″][toggles][toggle title=”New Construction\/Conversion Condominium Only (Sponsor Sales)” color=”Extra-Color-1″][vc_column_text]PURCHASER\u2019S COSTS +<\/b><\/span>
\nCONDOMINIUM ONLY +<\/b><\/p>\n
Sponsor may<\/i> include purchaser payment of the following:<\/b><\/span><\/p>\n
\n
Sponsor’s legal fees (up to $3,000<\/strong>)<\/span><\/li>\n
Sponsor’s NYC and NYS transfer taxes based on inflated purchase price<\/span>\n
\n
FIRST, calculate the transfer taxes on the base price<\/span>\n
\n
NYC Transfer Tax<\/span>\n
\n
1% of sales price if sale is<\/strong> $500,000 or less<\/b><\/span><\/li>\n
1.425% of sales price if sale is<\/strong> greater than $500,000<\/b><\/span><\/li>\n<\/ul>\n<\/li>\n
NYS Transfer Tax<\/span>\n
\n
$2 for every $500 of the sales price if under $3,000,000<\/strong><\/span><\/li>\n
$3.25 for every $500 of the sales price if $3,000,000 or over<\/strong><\/span><\/li>\n<\/ul>\n<\/li>\n
This leads to an inflated purchase price<\/strong><\/span><\/li>\n<\/ul>\n<\/li>\n
THEN, calculate transfer taxes once again<\/strong> using the above guidelines on the inflated purchase price<\/b><\/span><\/li>\n
Keep in mind that the inflated purchase price<\/b> may trigger a Mansion Tax if the amount adjusts to $1,000,000 or over<\/span><\/li>\n<\/ul>\n<\/li>\n
If purchasing more than one unit at the same time or within a twenty-four (24) month period, buyer may be responsible for transfer taxes at a higher \u201ccommercial\u201d rate (2.625% instead of 1.425%, if the aggregate of the purchase price exceeds $500,000.)<\/span><\/li>\n
Working Capital Fund contribution (<\/span>up to two months’ common charges<\/strong>)<\/span><\/span><\/li>\n
Reserve Fund contribution (up to three months’ common charges<\/strong>)<\/span><\/li>\n
Share of resident manager’s unit (depends on purchaser’s % common interest in building<\/strong>)<\/span><\/li>\n<\/ul>\n[\/vc_column_text][\/toggle][toggle title=”Cooperative only” color=”Extra-Color-1″][vc_column_text]PURCHASER\u2019S COSTS +<\/b><\/span><\/p>\n
\n
Coop Search Report\/Lien Search (up to $450<\/strong>)<\/span><\/li>\n
If Financing<\/strong><\/span>\n
\n
Financing fees (varies depending on lending institution<\/strong>)<\/span><\/li>\n
Aztec Recognition Agreement fee (up to $400<\/strong>)<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][\/vc_row][vc_row type=”full_width_background” bg_position=”left top” bg_repeat=”repeat” scene_position=”center” text_color=”dark” text_align=”left” bottom_padding=”0″ bg_color=”#ffffff” bg_image=”273″][vc_column width=”1\/1″][heading]\n
Seller’s Costs<\/span><\/p>\n[\/heading][divider line_type=”No Line” custom_height=”5″][\/vc_column][\/vc_row][vc_row type=”full_width_background” bg_position=”left top” bg_repeat=”repeat” scene_position=”center” text_color=”dark” text_align=”left” bottom_padding=”50″ class=”big-text” bg_color=”#ffffff” bg_image=”273″][vc_column width=”1\/2″][toggles][toggle title=”Cooperative and Condominium (SELLER\u2019S COSTS) ” color=”Accent-Color”][vc_column_text]\n
\n
Attorney fee (flat fee\/varies<\/strong>)<\/span><\/li>\n
Brokerage commission (up to 6% of sale price<\/strong>)<\/span><\/li>\n
NYC Transfer Tax<\/span>\n
\n
1% of sale price if sale is<\/strong> $500,000 or less<\/b><\/span><\/li>\n
1.425% of sale price if sale is<\/strong> greater than $500,000<\/b><\/span><\/li>\n<\/ul>\n<\/li>\n
NYS Transfer Tax <\/span>\n
\n
$2 for every $500 if the sales price is under $3,000,000<\/strong><\/span><\/li>\n
$3.25 for every $500 if the sales price is $3,000,000 or over<\/strong><\/span><\/li>\n
If CEMA is filed, continuing lien deduction allowed where the seller pays NYS transfer tax on the sale price minus the assigned mortgage<\/span><\/li>\n<\/ul>\n<\/li>\n
New York State Estimated Capital Gains Withholding<\/span>\n
\n
8.82% of the estimated gain is withheld at closing and submitted to NYS Income Tax, unless the following applies:<\/span>\n
\n
Seller is a resident of NYS at the time of the sale; or<\/span><\/li>\n
Property was seller’s principal residence for 2 out of the last 5 years; or<\/span><\/li>\n
Seller has set up a 1031 Exchange or other exemption under the Internal Revenue Code (IRC)<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n
Federal Withholding Tax (FIRPTA)<\/span>\n
\n
Purchaser withholds 10% (<$1,000,000) or <\/strong>15% (>$1,000,000) of purchase price<\/strong> if seller is a non-exempt foreign national<\/span><\/li>\n<\/ul>\n<\/li>\n
Move-out deposit (refundable fee of $500 – $1,000<\/strong>)<\/span><\/li>\n
Move-out fee (non-refundable fee of $250 – $1,000<\/strong>)<\/span><\/li>\n
Closing adjustments to purchaser for seller’s failure to pay maintenance, common charges, real estate taxes (in condominiums), and other applicable utilities prior to closing (varies<\/strong>)<\/span><\/li>\n<\/ul>\n[\/vc_column_text][\/toggle][toggle title=”Condominium Only” color=”Accent-Color”][vc_column_text]SELLER\u2019S COSTS +<\/b><\/span><\/p>\n
\n
Application\/Waiver fee (up to $1,000 depending on condominium<\/strong>)<\/span><\/li>\n
Flip tax\/Transfer fee (if applicable; varies depending on condominium<\/strong>)<\/span><\/li>\n
Transfer tax document (ACRIS) preparation ($150<\/strong>)<\/span><\/li>\n
Pickup fee to title closer (up to $250 per mortgage<\/strong>) (if mortgage on premises<\/b>)<\/span><\/li>\n<\/ul>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][vc_column width=”1\/2″][toggles][toggle title=”Cooperative Only” color=”Accent-Color”][vc_column_text]SELLER’S COSTS +<\/span><\/strong><\/p>\n
\n
Transfer agent fees (up to $1,000<\/strong>)<\/span><\/li>\n
Stock transfer tax ($0.05 per share<\/strong>)<\/span><\/li>\n
Flip tax (if applicable; varies depending on cooperative<\/strong>)<\/span><\/li>\n
Transfer tax filing fee ($100<\/strong>)<\/span><\/li>\n
Transfer tax document (ACRIS) preparation (up to <\/strong>$300<\/strong>)<\/span><\/li>\n
Payoff bank fees (up to $500 per payoff bank<\/strong>) (if mortgage on premises<\/b>)<\/span><\/li>\n
UCC-3 filing fee ($75<\/strong>) (if mortgage on premises<\/b>)<\/span><\/li>\n<\/ul>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][\/vc_row][vc_row type=”full_width_background” bg_position=”left top” bg_repeat=”repeat” scene_position=”center” text_color=”light” text_align=”left” top_padding=”60″ bottom_padding=”60″ bg_image=”201″][vc_column width=”1\/1″][heading]\n
What they’re saying about Aksel Law:<\/p>\n[\/heading][testimonial_slider autorotate=”20000″][testimonial title=”Testimonial” id=”1438537649-1-40″ name=”Dr. Michael S.” quote=”My wife and I were about to buy our first home and did not know what to expect. We decided to use Greg Akselband based on a few recommendations. He guided us through the home buying process and helped us with some stressful situations, which included securing a loan from our bank and negotiating some final terms in our favor at the closing table. Overall it was a great experience working with Greg and I would recommend him to anyone looking to buy a home.”]\n
Click the edit button to add your testimonial.<\/p>\n[\/testimonial][testimonial title=”Testimonial” id=”1438730318230-0-6″ name=”Kevin Z. and Yvette L.” quote=”Gregory was referred to us by our broker when we purchased our first home. He was very responsive and everything went smoothly. When we were thinking about our second purchase for an upgrade, there was no question that we came to Gregory. Although we ended up walking away from the second deal due to issues with the condo itself, Gregory was very professional and responsible until the very end. My husband and I really appreciated all the hard work and time he took to help us understand each step. He frequently followed up on the process and always kept us updated. We would definitely recommend his practice to anyone who\u2019s seeking affordable, efficient and responsive representation in when buying or selling an apartment.”]\n[\/testimonial][testimonial title=”Testimonial” id=”1439562683083-0-5″ name=”Bruce M.” quote=” Gregory Akselband did a wonderful job on my recent sale of my NYC Co-op apartment. He negotiated with the seller’s attorney all the fine details for the sale. Followed up with my bank for the payoff loan and made the whole experience easy for me. He was always available to me even after office hours. I would highly recommend Gregory for all real estate matters.”]\n[\/testimonial][testimonial title=”Testimonial” id=”1449513226939-0-5″ name=”Damien A.” quote=”I have solicited Greg’s services multiple times, both as a buyer and a seller. His professionalism and dedication were exemplary. Cool headed, down to earth and available, he always took the time to explain my options in plain English and made me feel secure along the different stages of the buying and selling journey. Thank you!
\n“]\n[\/testimonial][testimonial title=”Testimonial” id=”1460576896627-0-2″ name=”Michael M.” quote=”I cannot thank Gregory enough for making my purchase process as smooth and painless as it was.<\/p>\n
His extraordinary professionalism, honesty, and friendliness are a welcome change in the often brutal world of New York real estate.<\/p>\n
Gregory takes the time to listen attentively in order to truly understand his client\u2019s needs upfront, saving time and energy later during the process.<\/p>\n
His industry expertise and in-depth knowledge of the Manhattan real estate market simplified the entire undertaking, beginning to end.<\/p>\n
He is fiercely reliable, and his meticulous preparation and absolute dedication made a complex purchase process straightforward and painless.<\/p>\n
Gregory is a consummate professional and a genuine pleasure to work with. “]\n[\/testimonial][\/testimonial_slider][\/vc_column][\/vc_row][vc_row type=”full_width_background” bg_position=”left top” bg_repeat=”no-repeat” scene_position=”center” text_color=”dark” text_align=”left” top_padding=”0″ bottom_padding=”0″ class=”hide”][vc_column width=”1\/1″][vc_raw_js]\n
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[vc_row type=”full_width_content” bg_image=”83″ bg_position=”center center” bg_repeat=”no-repeat” scene_position=”center” text_color=”dark” text_align=”center” video_overlay_color=”#dd1f1f” class=”hero” bottom_padding=”100″][vc_column width=”1\/1″][heading] Gregory Akselband Real Estate Law Cutting Edge and Specialized Representation of Buyers and Sellers of Condos, Coops,…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/www.aksellaw.com\/wp-json\/wp\/v2\/pages\/18"}],"collection":[{"href":"http:\/\/www.aksellaw.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/www.aksellaw.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/www.aksellaw.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.aksellaw.com\/wp-json\/wp\/v2\/comments?post=18"}],"version-history":[{"count":274,"href":"http:\/\/www.aksellaw.com\/wp-json\/wp\/v2\/pages\/18\/revisions"}],"predecessor-version":[{"id":9638,"href":"http:\/\/www.aksellaw.com\/wp-json\/wp\/v2\/pages\/18\/revisions\/9638"}],"wp:attachment":[{"href":"http:\/\/www.aksellaw.com\/wp-json\/wp\/v2\/media?parent=18"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Gregory Akselband<\/h1>\n