Co-Op Cost Estimator for Buyers

Co-op closing costs in Manhattan are generally lower than condo costs — there's no title insurance, no mortgage recording tax, and no deed transfer. But co-ops introduce their own set of fees: UCC filings, lien searches, recognition agreements, and building-specific charges that vary widely from one building to the next.

Use this guide to plan your budget beyond your down payment. Your attorney will provide exact figures once you're under contract — treat all figures here as estimates for planning purposes only.

Condo — Not applicable here

Title insurance
Mortgage recording tax
NYC & NYS Transfer Tax (resale)
Municipal searches
Recording fees

Co-op — Unique to this transaction

UCC 1 filing
Lien search fee
Recognition agreement fee
Maintenance adjustment (not common charges)
Miscellaneous co-op charges (varies by building)

Attorney

Fee	Estimated Cost
Your attorney Consult your attorney for their specific fee structure	~$2,500 – $5,000+

Bank & Lender Fees

Fee	Estimated Cost
Points	0 – 3% of loan value
Bank application, credit check & misc. fees	$400 – $600
Bank attorney	$900 – $1,500
Mortgage origination fee	0 – 3% of loan value
UCC 1 filing Co-op Only Perfects the lender's security interest in your co-op shares	$125
Appraisal	~$300 – $1,500
Lien search fee Co-op Only Searches for existing liens on the co-op shares	~$350

Building Fees

Building fees vary significantly. Every co-op sets its own transfer fees and charges. Always consult the building's transfer agent and review the board package requirements for your specific building before finalizing your budget.

Fee	Estimated Cost
Board package processing fees	$500 – $2,000
Credit check fee	$100 – $300 per buyer
Move-in fee	$250 – $500
Move-in deposit Refundable	$500 – $1,000
Maintenance adjustment Pro-rated for the month of closing	Pro-rated
Recognition agreement fee Co-op Only Fee for the co-op to execute the Aztech Recognition Agreement with your lender	$200 – $300
Miscellaneous co-op charges Co-op Only Varies by building — consult the co-op's transfer agent	Varies

Government & Transfer Tax

Fee	Estimated Cost
Transfer tax filing fee Administrative filing only — not the full transfer tax	Nominal

No NYC or NYS Transfer Tax for co-op buyers. Because co-ops involve the purchase of shares in a corporation (not real property), the NYC and NYS Transfer Taxes that apply to condo purchases do not apply here. Only a nominal filing fee is required. This is one of the meaningful cost advantages of buying a co-op over a condo at higher price points.

Mansion Tax

Purchase Price Applies to all purchases $1M and above

$1M – <$2M 1.00%

$2M – <$3M 1.25%

$3M – <$5M 1.50%

$5M – <$10M 2.25%

$10M – <$15M 3.25%

$15M – <$20M 3.50%

$20M – <$25M 3.75%

$25M or more 3.90%

Commission

Fee	Estimated Cost
Buyer's agent commission As outlined in your buyer representation agreement	Per agreement

Important Note

All figures on this page are estimates only and are intended for planning purposes. Actual closing costs vary based on your purchase price, financing terms, and the specific requirements of your building. Co-op buildings in particular vary significantly in their fees and charges — always verify with the building's transfer agent. Your attorney will provide a precise closing cost statement once you are under contract.

Have questions about co-op closing costs? We're happy to walk you through it.