First Time Buyers Booklet by Douglas Elliman

First Time BUYER’S BOOKLET New York City

Timeline for Purchasing The first steps include retaining an attorney, getting a preapproval letter (if financing), filling out the REBNY financial, and setting your search parameters. Once you have all that squared away, itâ&#x20AC;&#x2122;s time to hit the ground running and see properties.

STEPS

Loan application & appraisal, loan approval & commitment letter, sign contract/escrow deposit

2-4 Weeks

Prepare the offer 1 Day

Negotiate the offer & acceptance 2-5 Days

When you decide to make an offer on a home, in most cases it can take an average of 60-120 days to complete the purchase, from preparation of the offer to arrival at the closing table.

Bank and attorney prep closing 1-2 Weeks

Co-op board package & interview/ condo application 4-6 Weeks

Final walk through Day of Closing

Transaction closing 3 Hours

Financial Statement NAME(S) ADDRESS The following is submitted as being a true & accurate statement of the financial condition of the undersigned on the ASSETS

APPLICANT

CO-APPLICANT

LIABILITIES

Cash in banks

Notes Payable:

Money markets Funds

To Banks

Contract Deposit

To Relative

Investments: Bonds & Stocks To Others -see schedule

To Others

APPLICANT

Installment Accounts Payable: Investment in Own Business Automobile Accounts and Notes Receivable Other Real Estate Owned - see schedule Automobiles:

Mortgages Payable on Real

Year Make

Estate - see schedule

Personal Property & Furniture

Unpaid Real Estate Taxes

Life Insurance Cash Surrender Value

Unpaid Income Taxes Chattel Mortgages

Retirement Funds/IRA Loans on Life Insurance Policies 401K (Include Premium Advances) KEOGH Outstanding Credit Card Loans Profit Sharing/Pension Plan Other Debts - itemize Other Assets

TOTAL LIABILITIES

TOTAL ASSETS NET WORTH

NET WORTH

COMBINED

COMBINED ASSETS

SOURCE OF INCOME

APPLICANT

CONTINGENT LIABILITIES

CO-APPLICANT

Base Salary

As Endorser or Co-maker on Notes

Overtime Wages

Alimony Payments (Annual)

Bonus & Commissions

Child Support

Dividends and Interest Income

Are you defendant in any legal action?

Real Estate Income (Net)

Are there any unsatisfied judgments?

Other Income - itemize

Other Income - itemize Have you ever taken bankruptcy? Explain:

TOTAL

GENERAL INFORMATION

APPLICANT

CO-APPLICANT PROJECTED EXPENSES / MONTHLY

Personal Bank Accounts at Maintenance Savings & Loans Accounts at

Apartment Financing Other Mortgages

Purpose of Loan

Bank Loans Auto Loan TOTAL

day of

20 .

CO-APPLICANT

PROJECTED EXPENSES / MONTHLY Amount of Shares

Description (Extended Valuation in Column)

Marketable Value

Non-Marketable Value

SCHEDULE OF REAL ESTATE Description and Location

Cost

Actual Value

Mortgage Amount

Maturity Date

SCHEDULE OF NOTES PAYABLE Specify any assets pledged as collateral, including the liabilities they secure: To Whom Payable

Date

Amount

Due

Interest

Pledged as Security

The foregoing application (pages 1 through 5) has been carefully prepared, and the undersigned hereby solemnly declare(s) and certify(s) that all the information contained herein is true and correct. DATE 20 SIGNATURE DATE 20 SIGNATURE

The Cooperative defined

In Manhattan, cooperatives have been the traditional way to own for nearly a century, and comprise two thirds of all apartments available for purchase. Co-ops are owned by an apartment corporation. When you purchase an apartment in a co-op building, you are buying shares of the corporation

that entitle you, as a shareholder, to a “proprietary lease.” Typically the larger your apartment, the more shares of the corporation you own. Co-op shareholders pay a monthly maintenance fee to cover building expenses like heat, hot water, insurance, staff salaries, real estate taxes, and the mortgage debt of the building. Portions of the fee are tax deductible, as shareholders can deduct their share of the building’s real estate taxes. Approval to purchase shares of a coop must be granted by a board of directors, who also have the authority to determine how much of the purchase

price may be financed and minimum cash requirements. All prospective purchasers must submit a “board package” containing a purchase application, personal and professional letters of recommendation plus detailed information on income and assets. The board will also require an interview so they can meet you and ask any questions regarding the information you provided. They can approve or deny any applicant without stating a reason. Purchasing a co-op can be an intricate process and subletting can be challenging. Each co-op has its own rules, which should be considered carefully prior to purchasing. Co-ops generally allow a maximum of 75% financing, but that can shrink to 40-50% in some more restrictive buildings. Coops will also scrutinize the buyer more so than condos and have guidelines for financial qualifications to purchase. Typically the co-op will like to see that the buyer has two years of maintenance and mortgage fees liquid after all closing costs and down payment are accounted for. They will also like to see that the buyer’s debt-to-income ratio is 30% or less. Co-ops vary building to building regarding what purchasing structures they allow so it’s important to present your situation at the start of any transaction to make sure the board will accept it.

QUICK FACTS • ~2/3 of all active listings are co-ops • Co-ops generally allow a maximum of 75% financing • Purchasing a co-op can be an intricate process • Subletting can be challenging

The Condominium

defined

A condominium apartment qualifies as real property and a purchaser is given a deed as if they were buying a house. The difference between owning a condo and a house is that in addition to owning the apartment, you also own a small percentage of the common elements of the building.

Each individual apartment in a condominium receives a separate tax bill from the city. There is still a monthly common charge similar to the maintenance charge in a co-op, which is paid to the condominium association to cover your share of items such as payroll, building maintenance and supplies, management fees, and building repairs. These charges do not include your real estate taxes and are not tax-deductible. Unlike co-ops, there is no underlying mortgage for a condominium building. With Condos, you will still be required to submit a board package but there will be no interview and little scrutiny of your

application. The only way you can get rejected from the condo is if the board exercises the right of first refusal and buys the unit directly from the seller. The straightforward nature of buying a condo, plus the fact that in some cases you can finance up to 90% of the purchase price and sublet your apartment at will, makes this form of ownership a top choice for flexibility, especially among investors, foreign buyers, and parents purchasing for their children. One caveat is that closing costs are dramatically higher due to mortgage recording taxes and title insurance.

Generally on the whole, condos tend to be 30% more expensive than comparable coops.

QUICK FACTS • Qualifies as real property • Up to 90% financing • Less application scrutiny • Subletting unrestricted and unlimited from Day One • 30% more expensive than comparable Co-ops

New Development defined

Being among the first to invest in a new building will usually give you a choice in terms of floor plans, views and exposures and you may also have access to favorable pricing if purchased in the initial sales period. If you are getting a loan, mortgages can be difficult to obtain in new construction until a certain percentage of the project is sold. For this reason, many developers

arrange for a â&#x20AC;&#x153;preferred lenderâ&#x20AC;? to provide financing. Closing dates are always approximate and itâ&#x20AC;&#x2122;s not uncommon for the developer to push it out a few weeks or even a few months. Construction projects generally take longer than expected so if you are buying new construction, be flexible on your timing and be prepared to put the deposit down months or years before you close. While they are the quickest sales to execute (and usually to move into unless it's a pre-construction or the building doesn't have its certificate of occupancy yet), they are usually the most expensive price per square foot and in lesser

desirable parts of the neighborhoods. This is largely attributed to land on the fringe of neighborhoods being less expensive and more available, also developers may qualify for tax breaks and have less hassles with the zoning department. The amenities are typically state of the art in order to justify the smaller footprint and the building type is always a condo. With new developments, you avoid the board package and board interviews, but there are hefty closing costs due to the sponsor and the state. With new development, you will have a few additional costs to what is expected with standard condo resales: NYC Real Property Transfer Tax (1.425% of purchase price over $500,000), NY State Transfer Tax ($4 per $1000 of purchase price), sponsor's attorney's fee, and a contribution to the working capital fund. Also with new developments, many developers were granted incentives in the form of tax abatements when they first filed to start the project. If you're on Streeteasy and see a new development quoting $11 for its monthly tax bill, that abatement will expire at some point and the taxes will be phased into the full value. That absurdly low price will hold for the first ¾'s of the abatement.

NEW DEV FACTS • No boad package or interview • Hefty closing costs • State of the art amenities

Pre-Construction • You will be purchasing off of a model unit • The estimated completion date is never accurate - be flexible with your timeline • Mortgages may be difficult to secure

Post-Construction • Tend to be quickest sales to execute • Most expensive Price/Square feet

What's the deal with

Subletting?

If a purchaser is looking for a property he or she will be able to use as an investment and sublease, that should definitely be made a priority during the initial stages of the home search.

CONDOS Condos are markedly easier to sublease than co-ops (since they are real property, which you have title to); directly after closing on a condo, you can freely sublease starting day one. There is no board interview, the board package for the subleasor is fairly light, and the board can really only reject the applicant if there is something egregiously wrong or they financially do not qualify – both things you’ll vet prior to their ever submitting a board package. The lease will be held between you and the tenant and there is no limit to renewals or how often you can sublease. Renewals do not need to be cleared by the board; you simply draft another lease, which again is held between you and your tenant.

CO-OPS With co-ops, things can vary greatly. Since you don’t “technically” own the property (with co-ops you have a proprietary lease to your apartment based upon the shares you have in the cooperation on the whole), you have restrictions upon what you do with your unit, which are clearly spelled out in house rules. Some of the super small, four story, intimate co-ops in parts of Brooklyn can be relaxed enough to allow subleasing with a simple application, easy paperwork, and laidback interview. Some co-ops allow unlimited subletting after 5 years of ownership. Some allowing subletting 2 out of every 4 years, with the other 2 years either being vacant or owner occupied. Some co-ops only allow for a certain percentage of the building to be subleased at a time, so you get on a

QUICK FACTS • Condos are much easier to sublease • You can freely sublease a condo from day one • Condo leases are between owner & tenant • Co-ops have more restrictions • Co-ops require tenant interviews & sometimes yearly reapplication waiting list for your turn to pop up. Some other buildings allow only two years during your entire time as an owner to sublease, with no exceptions. Most will require your subleasee to interview, however there are a few that will not. They most likely will all require that they submit full board packages. Some may require your tenant to reapply every year in order for you to grant a renewal. These are all things that will be clearly spelled out in house rules so there will be no smoke and mirrors around the topic when you’re considering the value of a purchase. The one upside to a strict subletting policy; if this a home you plan to make your primary residence and you have no intention of leasing it out, then rest assured the majority of the other folk in the building will be owners as well and you’ll avoid a transient, potentially less responsible crowd as neighbors.

Closing CLOSING COSTS CLOSING Closing Costs | COSTS Costs

TYPICAL ESTIMATED CLOSING COSTS CONDOMINIUM APARTMENTS

TYPICAL ESTIMATED CLOSING COSTS: CONDOMINIUM APARTMENTS TYPICAL ESTIMATED CLOSING COSTS: CONDOMINIUM APARTMENTS SELLER FOR FOR THE THE SELLER Broker Broker Seller’s Attorney Seller’s Attorney

Consult your attorney Consult your attorney Processing Fee $600+ Processing Fee $600+ Miscellaneous Condo Charges by building Miscellaneous Condo Charges Varies byVaries building

UCC-3 $20 - $40 in all counties except Nassau UCC-3 Filing FeeFiling Fee $20 - $40 in all counties except Nassau UCC-3 Fee (Nassau) $340 ($40 $340 ($40 to fileper + $300 UCC-3 Filing FeeFiling (Nassau) to file + $300 block)per block) Sponsor’s Fee $1,500 and development up (new development only) Sponsor’s Attorney Attorney Fee $1,500 and up (new only)

WorkingFund Capital Fund Contribution Anequal amount equalmonths to 1–2common months common Working Capital Contribution An amount to 1–2 charges charges Pick-Up/Payoff Fee to Title Closer $200–$500, consult your attorney Pick-Up/Payoff Fee to Title Closer $200–$500, consult your attorney

Flip Tax Flip Tax

Varies to building to building, consult your agent Varies building building, consult your agent

TRANSFER TRANSFER TAX TAX PROPERTY PROPERTY TYPE TYPE

NYC RPTNYC RPT

Single Residence Condo Unit Single Residence Condo Unit $499,999.99 $499,999.99 and belowand below

NY STATE NY STATE 1 TRANSFER TRANSFER TAX1 TAX $2 per $2 per $500 of $500 of conveyance price conveyance price

Residential Units Residential Units $500,000$500,000 and up and up

1.425% 1.425%

$2 per $2 per $500 of $500 of conveyance price conveyance price

Residential Units Residential Units $3,000,000 andOnly) up (NYC Only) $3,000,000 and up (NYC

1.425% 1.425%

$3.25 per$3.25 $500per of $500 of conveyance price conveyance price

Commercial and Vacant Commercial PropertiesProperties and Vacant Land under $500,000.00 Land under $500,000.00

1.425% 1.425%

$2 per $2 per $500 of $500 of conveyance price conveyance price

Commercial and Vacant Commercial PropertiesProperties and Vacant Land $500,000 Land $500,000 and up and up

2.625% 2.625%

$2 per $2 per $500 of $500 of conveyance price conveyance price

Commercial and Vacant Commercial PropertiesProperties and Vacant Land $2,000,000 andOnly) up (NYC Only) Land $2,000,000 and up (NYC

2.625% 2.625%

$3.25 per$3.25 $500per of $500 of conveyance price conveyance price

Maintenance Adjustment Pro-rates Pro-rates for theclosing month closing Maintenance Adjustment for the month Short-term interest Equal interest for the balance which you close Short-term interest Equal interest for the balance of monthofinmonth whichinyou close

EQUAL HOUSING OPPORTUNITY.

ADDITIONAL EXPENSES: ADDITIONAL EXPENSES:

Transfer taxes paid by seller,inexcept in the case of sponsor which the transfer taxbyis the paidpurchaser by the purchaser at arate. higher City of Yonkers has an additional Transfer taxes paid by seller, except the case of sponsor sales, insales, which in case thecase transfer tax is paid at a higher Cityrate. of Yonkers has an additional 1.5% transfer tax over $25,000. City of Mount Vernon has an additional 1% transfer tax with $100,000 exemption. 1.5% transfer tax over $25,000. City of Mount Vernon has an additional 1% transfer tax with $100,000 exemption. This closing-cost guide is designed to give you the costs general costs associated the purchase of a condominium Please that are estimates This closing-cost guide is designed to give you the general associated with the with purchase or sale oforasale condominium property.property. Please note thatnote these arethese estimates and and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Kindly note, we do not represent that these are the entirety of that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Kindly note, we do not represent that these are the entirety of costs, but are to be as aAllguide. All taxes transfer taxes are to subject to by change by government in each location. potentialpotential costs, but are only to beonly used as aused guide. transfer and filingand feesfiling are fees subject change government agenciesagencies in each location. 1

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CLOSING COSTS COSTS CLOSING CLOSING Closing Costs | COSTS

TYPICAL ESTIMATED CLOSING COSTS CONDOMINUM APARTMENTS

TYPICAL ESTIMATED CLOSING CLOSING COSTS: TOWNHOUSE TOWNHOUSE AND SINGLE SINGLE FAMILY HOMES HOMES TYPICAL TYPICAL ESTIMATED ESTIMATED CLOSING COSTS: COSTS: TOWNHOUSE AND AND SINGLE FAMILY FAMILY HOMES TYPICAL ESTIMATED CLOSINGFOR COSTS: TOWNHOUSE AND SINGLE FAMILY HOMES THE PURCHASER FOR FOR THE THE PURCHASER PURCHASER Buyer’s Attorney Consult your attorney Buyer’s Attorney Consult your attorney FOR THEyourPURCHASER Buyer’s Attorney Consult attorney Bank Fees $750+ Bank Fees Bank Fees Buyer’s Attorney Application Fee Application Fee Application Bank Fees Fee Processing Fee Processing Fee Processing ApplicationFee Fee Appraisal Fee Appraisal Fee Appraisal ProcessingFee Fee Credit Report Fee Credit Report Fee Credit Report Appraisal Fee Fee Bank Attorney Bank Attorney Bank CreditAttorney Report Fee Tax Escrow Tax Escrow Tax Escrow Bank Attorney Mortgage Recording Fees - Nassau Mortgage Recording Fees - Nassau and Suffolk Mortgage Tax EscrowRecording Fees - Nassau and Suffolk and Suffolk Mortgage Recording Fees - Nassau and Suffolk

$750+ $750+ Consult your attorney $350+ $350+ $350+ $750+ $330+ $330+ $330+ $350+ $500–$2,000 $500–$2,000 $500–$2,000 $330+ $45–100+ $45–100+ $45–100+ $500–$2,000 $750–$1,000 $750–$1,000 $750–$1,000 $45–100+ 2–6 months 2–6 months 2–6 months $750–$1,000 $1,200–$1,700 $1,200–$1,700 Deed Fee (Nassau) - $200 verification fee + $355 per block $1,200–$1,700 2–6 months Deed Fee (Nassau) - $200 verification fee + $355 per block Deed Fee Fee (Nassau) (Suffolk) -- $200 per lot per document Deed $200 per verification fee + $355 per block Deed Fee (Suffolk) - $200 lot per document Verification Fee (Nassau) $355 per instrument, per block Deed Fee (Suffolk) - $200-- per lot per per instrument, document per $1,200–$1,700 Verification Fee (Nassau) $355 block Verification Fee (Suffolk) $200 per instrument, per lot Verification Fee (Nassau) $355 per instrument, per block Deed Fee (Nassau) $200 verification fee + $355 block Verification Fee (Suffolk) - $200 per instrument, perper lot Mortgage Fee (Suffolk) - $300 per mortgage or mortgage type document Verification Fee(Suffolk) (Suffolk) - $200 per instrument, per lot type Deed Fee (Suffolk) - $200 per lot per document Mortgage Fee - $300 per mortgage or mortgage document Mortgage Fee (Suffolk) - $300 perper mortgage or mortgage Verification Fee (Nassau) - $355 instrument, per blocktype document $250–$750 Verification Fee (Suffolk) - $200 per instrument, per lot $250–$750 $250–$750 Mortgage Fee (Suffolk) - $300 per mortgage or mortgage type document

Recording Fees - NYC and Westchester Recording Fees - NYC and Westchester Recording Fees - NYC and Westchester Fee Title Insurance Fee Title Insurance Fee Title Insurance Recording Fees - NYC and Westchester Mortgage Title Insurance Mortgage Title Insurance Fee Title Insurance Mortgage Title Insurance

Variable by transaction Variable by transaction $250–$750 Variable by transaction Variable by transaction Variable by transaction Variable by transaction

Mortgage Title Insurance

Variable by transaction

PROPERTY TYPE PROPERTY TYPE PROPERTY TYPE

MORTGAGE TAX MORTGAGE MORTGAGE TAX TAX MORTGAGE TAX MORTGAGE TAX MORTGAGE TAX Nassau, Suffolk, Dutchess MORTGAGE TAX MORTGAGE TAX Nassau, Suffolk, Dutchess MORTGAGE TAX New York City and Orange Counties MORTGAGE New York CityTAX

Nassau, Suffolk, Dutchess and Orange Counties and Orange Counties MORTGAGE TAX Nassau, Suffolk, 1.05%11Dutchess 1.05% and Orange Counties 1.05%1

MORTGAGE TAX MORTGAGE TAX Yonkers MORTGAGE Yonkers TAX

New York City Yonkers Single Family Residence 2.05% (0.25% paid by MORTGAGE MORTGAGE TAXby 1.8%1 TAX 2.05% (0.25% paid Single Family Residence 12 $499,999.99 and below lender; 1.8% by mortgagor) 1.8%1 2.05% (0.25% paid by 1 2 Single Family Residence New York City Yonkers PROPERTY TYPE $499,999.99 and below lender; 1.8% by mortgagor) 1 1.8% $499,999.99 and below lender; 1.8% by mortgagor)1 2 Single Family Residence at 2.175% (0.25% paidby by SingleFamily FamilyResidence Residenceat 2.05% (0.25% 1.05%11 1.8%11 Single 2.175% (0.25%paid paid by 1 2 $500,000 and up lender; 1.925% bymortgagor) mortgagor) 1.05%1 1.8%1 Single Family Residence 2.175% (0.25% paid by 1 21 2 $499,999.99 belowat lender; 1.8% byby $500,000 and up lender; 1.925% mortgagor) 1 1.05% 1.8%1 $500,000 and up lender; 1.925% by mortgagor)1 2 Commercial Properties and Vacant Land 1 SingleProperties Family Residence at Land 2.175%2.05% (0.25%22 paid by 1.05%1 1.8% Commercial and Vacant 1.05% 1.8%11 $500,000.00 and under 2.05% 1.05% Commercial Propertiesand andunder Vacant Land $500,000 up lender; 1.925% by mortgagor)1 2 $500,000.00 2.05%2 1.05% 1.8%1 $500,000.00 and under Commercial Properties and Vacant Land 1 Commercial Properties Properties and and Vacant Vacant Land Land 2.80%2 1.05% 1.8% Commercial 2.05% 1.05% 1.8%11 $500,000.01 and Vacant up 2.80% 1.05% 1.8% Commercial Propertiesand and Land $500,000.00 $500,000.01 andunder up 2.80% 1.05% 1.8%1 $500,000.01 and up 3 Commercial Properties Vacant Land Mansion Tax isand paid by purchaser on transactions that are100% residential and1.05% the purchase price is $1M or 1.8% above. 1 3 2.80% Mansion Tax isand paid $500,000.01 up by purchaser on transactions that are100% residential and the purchase price is $1M or above.3

Mansion Tax is paid by purchaser on transactions that are100% residential and the purchase price is $1M or above. Minus $30 for 1-2 Family. Minus $30 for 1-2 Family. Mansion Tax is paid by purchaser on transactions that are100% residential and the purchase price is $1M or above.3 Four Family Residence requires MRT to be calculated at the commercial rate. Minus $30 for 1-2 Family. Four Family Residence requires MRT to be calculated at the commercial rate. See separate Mansion requires Tax sheet. Four Family Residence See separate Tax sheet.MRT to be calculated at the commercial rate. Minus $30 forMansion 1-2 Family. This closing-cost guide isTax designed to give you the general costs associated with the purchase or sale of a townhouse property. Please note that these are estimates and See separate Mansion sheet. to This guide isrequires designed give the general costs associated with the purchase or sale of a townhouse property. Please note that these are estimates and 2 Fourclosing-cost Family Residence MRT to consult beyou calculated at the commercial rate. that potential buyers and sellers should their real estate attorney or financial advisor for specifics. Kindly note, we do notPlease represent that these are the entirety of This closing-cost guide is designed to give you the general costs associated with the purchase sale of a townhouse note that that these these are are the estimates that potential buyers and sellers should consult their real estate attorney or financial advisor fororspecifics. Kindly note,property. we do not represent entiretyand of 3 See separate Mansion Tax sheet. potential costs, but are only to beshould used as a guide. Allreal transfer taxes and filing fees areadvisor subjectfortospecifics. change byKindly governmental agencies in eachthat location. that potential buyers and sellers consult their estate attorney or financial note, we do not represent these are the entirety of potential costs, but are only to be used as a guide. All transfer taxes and filing fees are subject to change by governmental agencies in each location. This closing-cost guide designed to give the general costs associated with theare purchase of abytownhouse property. Please note that these are estimates and potential costs, but are isonly to be used as ayou guide. All transfer taxes and filing fees subject or to sale change governmental agencies in each location. that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Kindly note, we do not represent that these are the entirety of potential costs, but are only to be used as a guide. All transfer taxes and filing fees are subject to change by governmental agencies in each location. 1 1 12 2 23 3 1 3

CLOSING COSTS CLOSING Closing Closing Costs | COSTS

TYPICAL ESTIMATED CLOSING COSTS CO-OPERTATIVE APARTMENTS

Costs

TYPICAL ESTIMATED CLOSING COSTS: CO-OPERATIVE APARTMENTS TYPICAL ESTIMATED CLOSING COSTS: CO-OPERATIVE APARTMENTS FOR THE SELLER Broker

FOR THE SELLER Consult your attorney

Own Attorney Broker Filing Fee RP5217

6% $100

Own Attorney Co-op Fees Miscellaneous

Consult attorney Varies byyour building

RP5217 Filing Fee Pick-Up/Payoff Fee

$100 $250–$700

Miscellaneous Co-op Fees UCC-3 Filing Fee

Varies by building $20 - $40 in all counties except Nassau

Pick-Up/Payoff UCC-3 Filing FeeFee (Nassau)

$250–$700 $340 ($40 to file + $300 per block)

UCC-3 Filing Fee NYS Transfer Tax Form Filing UCC-3 Filing Fee (Nassau)

$20 $5 - $40 in all counties except Nassau

NYS Transfer Tax Form Filing

$340 ($40 to file + $300 per block)

TRANSFER TAX TRANSFER TAX NYC RPT

NY STATE TRANSFER TAX1

PROPERTY TYPE

UNIT PRICE

PROPERTY TYPE

up to $499,999.99

UNIT PRICE

NYC RPT

$2NY perSTATE $500 of conveyance price TRANSFER TAX1

Residential Co-op Unit

up to $499,999.99 $500,000 and up

1% 1.425%

$2 per $500 $500 of of conveyance conveyance price price

Residential Co-op Unit

$3,000,000 and up $500,000 and up (NYC Only)

1.425%

$2 perper $500 of of $3.25 $500 conveyance conveyance price price

$3,000,000 and up $500,000.00 and under (NYC Only)

1.425%

$3.25 per$500 $500ofof $2 per conveyance conveyance price price

Commercial Co-op Unit

$500,000.00 $500,000.01and andunder up

1.425% 2.625%

$2 per $500 $500 of of conveyance conveyance price price

Commercial Co-op Unit

$2,000,000 and up $500,000.01 and up (NYC Only)

2.625%

$2 perper $500 of of $3.25 $500 conveyance conveyance price price

$2,000,000 and up (NYC Only)

2.625%

$3.25 per $500 of conveyance price

ADDITIONAL EXPENSES: ADDITIONAL EXPENSES: Maintenance Adjustment

Miscellaneous Co-op Charges

Varies by building

Recognition Agreement Fee Miscellaneous Co-op Charges Flip Tax

Approx $250 Varies by building Please check with building

Recognition Agreement Fee Flip Tax

Approx $250 Please check with building

Pro-rates for the month closing

Short-term interest Maintenance Adjustment

Equal interest for the balance of month Pro-rates for the month closing in which you close

Short-term interest

Equal interest for the balance of month in which you close

Transfer taxes paid by seller, except in the case of sponsor sales, in which case the transfer tax is paid by the purchaser at a higher rate. City of Yonkers has an additional 1.5% transfer tax over $25,000. City of Mount Vernon has an additional 1% transfer tax with $100,000 exemption. This closing-cost guide designed toingive theofgeneral associated with the the transfer purchase Please that these has are estimates and 1 Transfer taxes paid by isseller, except theyou case sponsorcosts sales, in which case taxorissale paidofbya co-operative the purchaserproperty. at a higher rate.note City of Yonkers an additional that potential and$25,000. sellers should realhas estate attorney or specifics.exemption. Kindly note, we do not represent that these are the entirety of 1.5% transferbuyers tax over City ofconsult Mount their Vernon an additional 1%financial transferadvisor tax withfor $100,000 potential costs, but are isonly to be used as you a guide. All transfer taxes and filing fees subject or to sale change governmentproperty. agenciesPlease in eachnote location. This closing-cost guide designed to give the general costs associated with theare purchase of aby co-operative that these are estimates and 1

that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Kindly note, we do not represent that these are the entirety of potential costs, but are only to be used as a guide. All transfer taxes and filing fees are subject to change by government agencies in each location.

CLOSING COSTS CLOSING Closing Costs | COSTS

TYPICAL ESTIMATED CLOSING COSTS CO-OPERTATIVE APARTMENTS

TYPICAL ESTIMATED CLOSING COSTS: CO-OPERATIVE APARTMENTS TYPICAL ESTIMATED CLOSING COSTS: CO-OPERATIVE APARTMENTS FOR THE PURCHASER Buyer’s Attorney

Consult your attorney FOR THE PURCHASER

Bank Fees Buyer’s Attorney Application Fee Bank Fees Processing Fee Application Fee Appraisal Fee Processing Fee Credit Report Fee Appraisal Fee Bank Attorney Credit Report Fee Lien Search Bank Attorney UCC-1 Filing Fee Lien Search UCC-1 Filing Fee (Nassau) UCC-1 Filing Fee

$550–$1,000 Consult your attorney $350–$650 $550–$1,000 $330–$500 $350–$650 $500–$2,000 $330–$500 $45–100+ $500–$2,000 $650–$750 $45–100+ $350–$450 $650–$750 $20 - $40 in all counties except for Nassau $350–$450 $340 ($40 to file + $300 per block) $20 - $40 in all counties except for Nassau

Mansion Tax is paid by purchaser on transactions that are 100% residential and the purchase price is $1M or above.1 UCC-1 Filing Fee (Nassau) $340 ($40 to file + $300 per block) Mansion Tax is paid by purchaser on transactions that are 100% residential and the purchase price is $1M or above.1

ADDITIONAL EXPENSES:

ADDITIONAL EXPENSES: Maintenance Adjustment

Miscellaneous Co-op Charges

Varies by building

Recognition Agreement Fee Miscellaneous Co-op Charges Flip Tax Recognition Agreement Fee

Approx $250 Varies by building Please check with building Approx $250

Flip Tax

Please check with building

Pro-rates for the month closing

Short-term interest Maintenance Adjustment

Equal interest for the balance of month Pro-rates for close the month closing in which you

Short-term interest

Equal interest for the balance of month in which you close

See separate Mansion Tax sheet. This closing-cost guide is designed to give you the general costs associated with the purchase or sale of a co-operative property. Please note that these are estimates and 1 that andTax sellers should consult their real estate attorney or financial advisor for specifics. Kindly note, we do not represent that these are the entirety of Seepotential separatebuyers Mansion sheet. potential costs, but are isonly to be used as you a guide. All transfer taxes and filing fees subject or to sale change governmentproperty. agenciesPlease in eachnote location. This closing-cost guide designed to give the general costs associated with theare purchase of abyco-operative that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Kindly note, we do not represent that these are the entirety of potential costs, but are only to be used as a guide. All transfer taxes and filing fees are subject to change by government agencies in each location. 1

CLOSING CLOSING COSTS Closing Closing Costs | COSTS Costs

TYPICAL ESTIMATED CLOSING COSTS TOWNHOUSE & SINGLE FAMILY HOMES

TYPICAL ESTIMATED CLOSING COSTS: TOWNHOUSE ANDAND SINGLE FAMILY HOMES TYPICAL ESTIMATED CLOSING COSTS: TOWNHOUSE SINGLE FAMILY HOMES FOR FOR THE THE SELLER SELLER Broker Broker

Own Attorney Own Attorney

Consult your attorney Consult your attorney

Pick-Up/Payoff Fee to Title consult your attorney Pick-Up/Payoff FeeCloser to Title Closer $200–$500, $200–$500, consult your attorney

TRANSFER TAX TAX TRANSFER PROPERTY TYPE TYPE PROPERTY

UNIT PRICE UNIT PRICE up to $499,999.99 up to $499,999.99

Residential Co-op Unit Residential Co-op Unit

EQUAL HOUSING OPPORTUNITY.

Commercial Co-op Unit Commercial Co-op Unit

NYC RPTNYC RPT 1%

NY STATE NY STATE TRANSFER TAX1 TAX1 TRANSFER $2 per $500 of $500 of $2 per conveyance price price conveyance

$500,000$500,000 and up and up

1.425% 1.425%

$2 per $500 of $500 of $2 per conveyance price price conveyance

$3,000,000 and up and up $3,000,000 (NYC Only)(NYC Only)

1.425% 1.425%

$3.25 per$3.25 $500per of $500 of conveyance price price conveyance

$500,000.00 $500,000.00 and underand under

1.425% 1.425%

$2 per $2 per $500 of $500 of conveyance conveyance price price

$500,000.01 $500,000.01 and up and up

2.625% 2.625%

$2 per $2 per $500 of $500 of conveyance conveyance price price

$2,000,000 $2,000,000 and up and up (NYC Only)(NYC Only)

2.625% 2.625%

$3.25 per$3.25 $500per of $500 of conveyance conveyance price price

taxes paid byexcept seller,inexcept in the case of sponsor which the transfer taxbyis the paidpurchaser by the purchaser at arate. higher City of Yonkers has an additional Transfer1 Transfer taxes paid by seller, the case of sponsor sales, insales, whichincase thecase transfer tax is paid at a higher Cityrate. of Yonkers has an additional 1.5% tax transfer tax over $25,000. City ofVernon Mounthas Vernon has an additional 1% transfer with $100,000 exemption. 1.5% transfer over $25,000. City of Mount an additional 1% transfer tax with tax $100,000 exemption. This closing-cost guide is designed to give you the costs general costs associated the purchase of a townhouse Please thatarethese are estimates This closing-cost guide is designed to give you the general associated with the with purchase or sale oforasale townhouse property.property. Please note thatnote these estimates and and that potential buyers andshould sellersconsult should their consult realattorney estate attorney or financial advisor for specifics. Kindly werepresent do not represent thatarethese are the entirety of that potential buyers and sellers realtheir estate or financial advisor for specifics. Kindly note, wenote, do not that these the entirety of costs, but are only to be as aAllguide. All transfer taxes are to subject to by change by governmental in each location. potentialpotential costs, but are only to be used as used a guide. transfer taxes and filingand feesfiling are fees subject change governmental agenciesagencies in each location. 1

elliman.com elliman.com

CLOSING COSTS CLOSING COSTS CLOSING Closing Costs | COSTS

TYPICAL ESTIMATED CLOSING COSTS TOWNHOUSE & SINGLE FAMILY HOMES

TYPICAL ESTIMATED CLOSING COSTS: TOWNHOUSE AND SINGLE FAMILY HOMES TYPICAL ESTIMATED ESTIMATED CLOSING CLOSING COSTS: COSTS: TOWNHOUSE TOWNHOUSE AND AND SINGLE SINGLE FAMILY FAMILY HOMES HOMES TYPICAL TYPICAL ESTIMATED CLOSINGFOR COSTS: TOWNHOUSE AND SINGLE FAMILY HOMES THE PURCHASER FOR THE THE PURCHASER PURCHASER FOR Buyer’s Attorney Consult your attorney FORConsult THEyour PURCHASER Buyer’s Attorney Consult your attorney Buyer’s Attorney attorney Bank Fees Buyer’s Attorney Bank Fees Bank Fees Fee Application Bank Fees Fee Application Application Fee Fee Processing

$750+ Consult $750+ your attorney $750+ $350+ $750+ $350+ $350+ $330+

Application Processing Fee ProcessingFee Fee Appraisal Processing Fee Appraisal Fee Appraisal Fee Fee Credit Report Appraisal Fee Fee Credit Report CreditAttorney Report Fee Bank Credit Report Fee Bank Attorney Bank Attorney Tax Escrow Bank Attorney Tax Escrow Tax EscrowRecording Fees - Nassau Mortgage and Suffolk Tax EscrowRecording Fees - Nassau Mortgage Mortgage Recording Fees - Nassau and Suffolk and Suffolk Mortgage Recording Fees - Nassau and Suffolk

$350+ $330+ $330+ $500–$2,000 $330+ $500–$2,000 $500–$2,000 $45–100+

Recording Fees - NYC and Westchester Recording Fees - NYC and Westchester Recording Fees - NYC and Westchester Fee Title Insurance Recording Fees - NYC and Westchester Fee Title Insurance Fee Title Insurance Mortgage Title Insurance Fee Title Insurance Mortgage Title Insurance Mortgage Title Insurance Mortgage Title Insurance

PROPERTY TYPE PROPERTY TYPE TYPE PROPERTY

$500–$2,000 $45–100+ $45–100+ $750–$1,000 $45–100+ $750–$1,000 $750–$1,000 2–6 months $750–$1,000 2–6 months 2–6 months $1,200–$1,700 Deed Fee (Nassau) - $200 verification fee + $355 per block 2–6 months $1,200–$1,700 $1,200–$1,700 Deed lot per document Deed Fee Fee (Suffolk) (Nassau)--$200 $200per verification fee + $355 per block Deed Fee (Nassau) - $200 verification fee + $355 per block Verification Fee (Nassau) $355 $1,200–$1,700 Deed Fee (Suffolk) - $200- per lotper perinstrument, document per block Deed Fee (Suffolk) - $200- per lot perinstrument, document per lot Verification Fee Deed Fee (Nassau) - $200-$200 verification fee + $355per perblock block Verification Fee (Suffolk) (Nassau) $355per per instrument, VerificationFee Fee(Suffolk) (Nassau) - $355 per instrument, per block Mortgage - $300 perper mortgage or mortgage Deed Fee (Suffolk) - $200 lot per document Verification Fee (Suffolk) - per $200 instrument, per lot type document Verification Fee (Suffolk) - $200 per instrument, per lot Verification Fee(Suffolk) (Nassau) - $355 instrument, per blocktype document Mortgage Fee - $300 perper mortgage or mortgage Mortgage Fee (Suffolk) - $300 per mortgage or mortgage type document $250–$750 Verification Fee (Suffolk) - $200 per instrument, per lot Mortgage Fee (Suffolk) - $300 per mortgage or mortgage type document $250–$750 $250–$750 Variable by transaction $250–$750 Variable by by transaction transaction Variable Variable by transaction Variable Variable by by transaction transaction Variable by transaction

Variable by transaction

MORTGAGE TAX MORTGAGE TAX TAX MORTGAGE MORTGAGE TAX MORTGAGE TAX MORTGAGE TAX Nassau, Suffolk, Dutchess MORTGAGE TAX MORTGAGE TAX New York CityTAX MORTGAGE MORTGAGE TAX

and Orange Counties Nassau, Suffolk, Dutchess Nassau, Suffolk, Dutchess and Orange Counties MORTGAGE TAX and Orange Counties Nassau, Suffolk, 1.05%1Dutchess and Orange Counties 1.05%1 1.05%1

MORTGAGE TAX Yonkers TAX MORTGAGE MORTGAGE TAX

New York City Yonkers New York City Yonkers Single Family Residence 2.05% (0.25% paid MORTGAGE MORTGAGE TAXby 1.8%1 TAX 12 $499,999.99 below lender; 1.8% by mortgagor) New(0.25% York City Yonkers1 PROPERTY TYPE Single Family and Residence 2.05% paid by Single Family Residence 2.05% (0.25% paid by 1.8% 1.8%1 $499,999.99 and below lender; 1.8% by mortgagor)1122 $499,999.99 and below lender; 1.8% by mortgagor) Single 2.175% (0.25% paidby by SingleFamily FamilyResidence Residenceat 2.05% (0.25% paid 1 1 1.05% 1.8%11 12 $500,000 and up lender; 1.925% mortgagor) $499,999.99 belowat lender; 1.8%(0.25% bybymortgagor) Single Family Residence 2.175% paid by 1 2 Single Family Residence at 2.175% (0.25% paid by 1 2 1.05%11 1.8%1 1.05% 1.8%1 $500,000 and up lender; 1.925% by mortgagor) $500,000 and upVacant Land lender; 1.925% by mortgagor)1 2 Commercial Properties and Single Family Residence at 2.175%2.05% (0.25%2 paid by 1.05%1 1.8%11 1.05% 12 $500,000.00 under $500,000 lender; 1.925% by mortgagor) Commercial Propertiesand andup Vacant Land Commercial Properties and Vacant Land 2.05%22 1.05% 1.8%1 2.05% 1.05% 1.8%1 $500,000.00 and under $500,000.00 Commercial Propertiesand andunder Vacant Land 2.80%2 1.05% 1.8%11 2.05% $500,000.01 and up $500,000.00 Commercial Propertiesand andunder Vacant Land Commercial Properties and Vacant Land 2.80% 1.05% 1.8%1 2.80% 1.05% 1.8%1 $500,000.01 and up $500,000.01 and up Commercial Properties Vacant Land 1 3 Mansion Tax isand paid by purchaser on transactions that are100% residential and1.05% the purchase price is $1M or 1.8% above. 2.80% $500,000.01 and up 3

Mansion Tax Tax isis paid paid by by purchaser purchaser on on transactions transactions that that are100% are100% residential residential and and the the purchase purchase price price isis $1M $1M or or above. above.3 Mansion

Minus $30 for 1-2 Family. Mansion Tax is paid by purchaser on transactions that are100% residential and the purchase price is $1M or above.3 Four Family Residence requires MRT to be calculated at the commercial rate. Minus $30 for for 1-2 Family. Family. Minus $30 1-2 See Mansion Tax sheet.MRT Fourseparate Family Residence Residence requires MRT to to be be calculated calculated at at the the commercial commercial rate. rate. Four Family requires Minus $30 forMansion 1-2 Family. This closing-cost guide is designed to give you the general costs associated with the purchase or sale of a townhouse property. Please note that these are estimates and See separate Tax sheet. See separate Mansion requires Tax sheet.MRT to be calculated at the commercial rate. Four Family Residence that potential buyers and sellers should consult their real estate attorney or financial advisor foror Kindly note,property. we do notPlease represent entiretyand of This closing-cost guide is designed designed to give give you the the general costs associated associated with the the purchase purchase orspecifics. sale of of aa townhouse townhouse property. Please notethat thatthese theseare arethe estimates and 3 This closing-cost guide is to you general costs with sale note that these are estimates Seepotential separate Mansion Tax sheet. potential costs, but are only to be used as a guide. All transfer taxes and filing fees are subject to change by governmental agencies in each location. that buyers and sellers should consult their real estate attorney or financial advisor for specifics. Kindly note, we do not represent that these are the entirety of that closing-cost potential buyers and sellers should consult their real estate attorney or financial advisor fororspecifics. Kindly note,property. we do notPlease represent that these entiretyand of This guide isonly designed to give you the general coststaxes associated with theare purchase sale of aby townhouse note that these are are the estimates potential costs, but are to be used as a guide. All transfer and filing fees subject to change governmental agencies in each location. potential costs, but are only to beshould used as a guide. Allreal transfer taxes and filing fees areadvisor subjectfortospecifics. change byKindly governmental agencies in eachthat location. that potential buyers and sellers consult their estate attorney or financial note, we do not represent these are the entirety of potential costs, but are only to be used as a guide. All transfer taxes and filing fees are subject to change by governmental agencies in each location. 1

21 1 32 2 1 3 3 2

NEW YORK STATE NEW YORK STATE NEW YORK STATE NEW YORK NEW YORK STATE STATE

Closing TRANSFER/TAX TRANSFER/TAX Closing Costs | TRANSFER/TAX Costs TRANSFER/TAX NEW YORK STATE TRANSFER / TAX

RESIDENTIAL RESIDENTIAL RESIDENTIAL RESIDENTIAL MANSION TAX PAID CITY OF YONKERS CITY OF MOUNT PECONIC BAY NY STATE MANSION TAX PAID CITY OF YONKERS CITY OF MOUNT PECONIC BAY NY STATE RESIDENTIAL BY PURCHASER TRANSFER TAX VERNON TRANSFER TAX TRANSFER TAX TRANSFER TAX

1 PROPERTY TYPE NYC RPT TAX PAID CITY OF YONKERS CITY TRANSFER OF MOUNT TAX NY STATETAX1 MANSION BY PURCHASER TRANSFER TAX VERNON PROPERTY TYPE NYC RPT TRANSFER TAX PAID CITY OF YONKERS CITY TRANSFER OF MOUNT TAX NY STATE BY PURCHASER TRANSFER TAX 1%VERNON NYC RPT TRANSFER TAX11 MANSION 1-2-3 FamilyPROPERTY Residential, TYPE of purchase TAX PAID CITY OF YONKERS CITY OFpurchase MOUNT TAX NYofSTATETAX MANSION BY PURCHASER TRANSFER TAX VERNON PROPERTY TYPE NYC RPT 1-2-3 Family Residential, 1% ofTRANSFER $2 perTRANSFER $500 1.5% (over $2 per $500TAX of 1 BY 1.5% (overTAX Co-op or Condo Unit TYPE 1% NYC RPT ― PURCHASER priceVERNON with $100,000 TRANSFER PROPERTY TRANSFER 1-2-3 Family Residential, 1%with ofTRANSFER purchase Co-op or Condo Unit 1% conveyance ― price $100,000TAX price $25,000)

PECONIC BAY TRANSFER TAX2 PECONIC BAY TRANSFER TAX22 PECONIC BAY TRANSFER TAX TRANSFER TAX2

$2 per $500 of 1.5% (over conveyance price $25,000) $500,000 and under exemption 1-2-3 Family Residential, 1%exemption of purchase Co-op or Condo Unit 1% ― price with $100,000 $500,000 and under $2 per $500 of 1.5% (over conveyance price $25,000) 1-2-3 Family Residential, 1%with of purchase Co-op or Condo Unit 1% ― price $500,000 and under exemption $2 per $500 of 1.5% (over 1% of purchase$100,000 conveyance price $25,000) 1-2-3 Family Residential, Co-op or Condo Unit 1% $2 per $500 of ― price with $100,000 $500,000 and under 1-2-3 Family Residential, 1%exemption of purchase 1.5% (over conveyance price $25,000) $2 per $500 of 1.5% (over price with $100,000 Co-op or$500,000 Condo Unit 1.425% ― and under 1-2-3 Family Residential, 1%exemption of purchase Co-op or Condo Unit 1.425% ― price with $100,000 2% conveyance price $25,000) $2 per $500 of 1.5% (over conveyance price $25,000) $500,000.01-$999,999.99 exemption 1-2-3 Family Residential, 1%exemption of purchase 2% Co-op or Condo Unit 1.425% ― price with $100,000 $500,000.01-$999,999.99 $2 per $500 of 1.5% (over conveyance price $25,000) See exemptions 1-2-3 Family Residential, 1%with of purchase Co-op or Condo Unit 1.425% ― price $100,000 2% See exemptions $500,000.01-$999,999.99 exemption $2 per $500 of 1.5% (over conveyance price $25,000) 1-2-3 Family Residential, 1% of purchase― 1% ofprice purchase below. Paid by2% Co-op or Condo Unit 1.425%$2 per $500 of with $100,000 $500,000.01-$999,999.99 exemption 1-2-3 Family Residential, 1% of purchase 1% of purchase 1.5% (over See exemptions below. Paid by conveyance price $25,000) $2 per $500 of for properties 1.5% (over price with $100,000 Co-op $500,000.01-$999,999.99 or Condo Unit at 1.425% price 2% See exemptions 1-2-3 Residential, 1% for of purchase 1%exemption of purchase Co-opFamily or Condo Unit at 1.425% price properties $25,000) price with $100,000 purchaser conveyance price below. Paid by purchaser $2 per $500 of 1.5% (over conveyance price $25,000) $1,000,000 and upResidential, $1 million1% and exemption 1-2-3 Family ofup purchase 1%exemption of purchase See exemptions below. Paid by Co-op or Condoand Unit 1.425% price for properties price with $100,000 $1,000,000 upat $1 million and up $2 per $500 of 1.5% (over purchaser conveyance price $25,000) 1-2-3 Family Residential, 1% for of purchase 1%with of purchase Co-op or Condo Unit at 1.425% price properties price $100,000 below. Paid by purchaser $1,000,000 and up $1 million and up exemption $2 per $500 of 1.5% (over $25,000) $3.25 perconveyance $500 of price Co-op or Condoand Unit 1.425% price for properties price exemption with $100,000 $1,000,000 upat $1 million and up $3.25 per $500 1-2-3 Family Residential, purchaser conveyance priceof $25,000) 1-2-3 Family Residential, conveyance price $1,000,000 $1 million and up $3.25 per $500 conveyance priceof ― Co-op or Condo Unit atand up 1.425% ― ― exemption 1-2-3 Residential, Co-opFamily or Condo Unit at 1.425% ― ― ― (Varies $3.25 based per on $500 of conveyance price (Varies based on $3,000,000 and up (NYCResidential, Only) 1-2-3 Family Co-op or and Condo 1.425%purchase ― ― ― $3,000,000 up Unit (NYCatOnly) price) $3.25 per $500 of conveyance price (Varies based on purchase price) 1-2-3 Residential, Co-opFamily or and Condo 1.425% ― ― ― $3,000,000 up Unit (NYCatOnly) conveyance price (Varies based on price)15 Days after ― Co-op or and Condo 1.425%15 Dayspurchase ― ― $3,000,000 up Unit (NYCatOnly) 30 Days after after 7 Days after 30 Days after 15 Days after based on purchase price) 30 Days after (Varies 15 Days after 15 Days after 7 Days after 30 Days after 15 Days after PAYMENT DUE DATE $3,000,000 andDUE up (NYC PAYMENT DATEOnly) date of transfer date of transfer date of transfer date of transfer date of transfer purchase price) 30 Days after 15 Days after 15 Days after 7 Days after 30 Days after date of transfer 15 Days after date of transfer date of transfer date of transfer date of transfer date of transfer date of transfer PAYMENT DUE DATE 30 Days after 15 Days after 15 Days after 7 Days after 30 Days after 15 Days after date of transfer date of transfer date of transfer date of transfer date of transfer date of transfer PAYMENT DUE DATE 30 Days after 15 Days after 15 Days after 7 Days after 30 Days after 15 Days after date of transfer date of transfer date of transfer date of transfer date of transfer date of transfer PAYMENT DUE DATE date of transfer date of transfer date of transfer date of transfer date of transfer date of transfer

COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL CITY OFCITY YONKERS MOUNT NY STATE COMMERCIAL NY STATE OF YONKERS CITY OFCITY OF MOUNT TRANSFER TAX VERNON TRANSFER TAX TRANSFER TAX

and Vacant Land 1.425% 1.5% (over $25,000) under $500,000 $2 per $500 of 1%$100,000 of purchase price with conveyance price exemption Commercial Properties and Vacant Land 1.425% 1.5% (over $25,000) under $500,000 $2 per $500 of 1%$100,000 of purchase price with conveyance price exemption Commercial Properties and Vacant Land 1.425% 1.5% (over $25,000) under $500,000 Commercial Properties $2 per $500 of $500 1% of purchase price exemption with conveyance price $2 per of 1.5% (over $25,000) 1%$100,000 of purchase price with and Vacant Land 1.425% under $500,000 2% Commercial Properties and Vacant Land 1.425% conveyance price 1.5% (over $25,000)$100,000 exemption 2% $2 per $500 of 1%$100,000 of purchase price with conveyance price exemption at $500,000 Commercial Properties and Land 1.425% 1.5% (over $25,000) at Vacant $500,000 See exemptions $2 per $500 of 1% of purchase price with 2% See exemptions conveyance price $100,000 exemption Commercial Properties and Land 1.425% 1.5% (over $25,000) at Vacant $500,000 $2 per $500 of 1%$100,000 of purchase price with below. Paid by2% conveyance price exemption Commercial Properties See exemptions below. Paid by and Vacant Land 1.425% 1.5% (over $25,000) at $500,000 Commercial Properties 2% $2 per $500 of $500 1% of purchase price exemption with conveyance price See exemptions $2 per of 1.5% (over $25,000) 1%$100,000 of purchase price with purchaser and Vacant 2.625% 2.625% below. Paid by purchaser atLand $500,000 Commercial Properties and Vacant Land 1.5% (over $25,000)$100,000 exemption conveyance price See exemptions below. Paid by $2 per $500 of 1%$100,000 of purchase price with conveyance price exemption $500,000.01 and up Commercial Properties purchaser and Vacant Land 2.625% 1.5% (over $25,000) $500,000.01 and up $2 per $500 of 1%$100,000 of purchase price with below. Paid by purchaser conveyance price exemption Commercial Properties and Vacant Land 2.625% 1.5% (over $25,000) $500,000.01 and up $2 per $500 of 1%$100,000 of purchase price with conveyance price exemption purchaser Commercial Properties and Vacant Land 2.625% $3.25 per $500 of 1.5% (over $25,000) $500,000.01 and up Commercial Properties conveyance priceof $100,000 exemption $3.25 per $500 and Vacant ― ― $500,000.01 and up 2.625% 2.625% conveyance Commercial Properties andLand Vacant Land ― ― price $3.25 per $500 conveyance priceof $2,000,000 and up (NYC Only) Commercial Properties and Vacant 2.625% ― ― $2,000,000 and upLand (NYC Only) $3.25 per $500 conveyance priceof Commercial Properties and Vacant 2.625% ― ― $2,000,000 and upLand (NYC Only) $3.25 per $500 of conveyance price 15 Days after 15 Days after 7 Days after 30 Days after 15 Days15 after and Vacant ― after ― after $2,000,000 and upLand (NYC Only) 152.625% Days after 15 Days after 7 Days 30 Days Days after PAYMENT DUE DATE conveyance price PAYMENT DATEOnly) date of transfer date of transfer date of transfer date of transfer date of transfer $2,000,000 andDUE up (NYC 15 Days after 15 Days after 7 Days after 30 Days after 15 Days after date of transfer date of transfer date of transfer date of transfer date of transfer PAYMENT DUE DATE 15 Days after 15 Days after 7 Days after 30 Days after 15 Days after date of transfer date of transfer date of transfer date of transfer date of transfer PAYMENT DUE DATE 15 Days after 15 Days after 7 Days after 30 Days after 15 Days after date of transfer date of transfer date of transfer date of transfer date of transfer 1 PAYMENT DUE DATE Local Transfer – Special Taxes apply the following towns:date Red and Peekskill. 1 datetoofapply transfer ofHook, transfer date of transfer date of transfer date of transfer Local Tax Transfer Tax – Transfer Special Transfer Taxes to the following towns: RedWarwick, Hook, Warwick, and Peekskill. 2 East Hampton, Riverhead, Island, Southampton Southold. The following exemptions apply: for improved and $100,000 for unimproved in 1 2 LocalHampton, Transfer Tax –Shelter Special Transfer TaxesSouthampton applyand to the following towns: Redfollowing Hook, Warwick, and$250,000 Peekskill. East Riverhead, Shelter Island, and Southold. The exemptions apply: $250,000 for improved and $100,000 for unimproved in Shelter12Island, Southampton and East Hampton; and, $150,000 for improved and $75,000 for unimproved in Southhold and Riverhead. Local Transfer Tax – Special Transfer Taxes apply to the following towns: Red Hook, Warwick, and Peekskill. East Hampton, Riverhead, Shelter Island, Southampton and Southold. The following exemptions apply: $250,000 for improved and $100,000 for unimproved in Shelter Island, Southampton and East Hampton; and, $150,000 for improved and $75,000 for unimproved in Southhold and Riverhead. 1 2 Local Please contact DE Title forDEany New York not shownSouthampton here. Transfer Tax –for Special Transfer Taxes apply to the following towns:The Redfollowing Hook, Warwick, and Peekskill. East Hampton, Riverhead, Shelter Island, and Southold. exemptions apply: $250,000 for improved and $100,000 for unimproved in Please contact Title any Counties New York East Counties not shown here. Shelter Island, and Hampton; $150,000 for improved and $75,000 in Southhold WHILE CARE2 HAS TAKEN IN Southampton THE PREPARATION OF THIS INFORMATION, NOand, WARRANTY OR REPRESENTATION OF ACCURACY IS MADE.for THISunimproved CHART IS FOR REFERENCE ONLY. and APRILRiverhead. 2019. © SUTTON ALLIANCE, LLC. EastBEEN Hampton, Riverhead, Shelter Island, Southampton and Southold. The following apply: $250,000 forREFERENCE improved and $100,000 for unimproved WHILE CARE HAS BEEN TAKEN IN THENew PREPARATION OFHampton; THIS INFORMATION, NO WARRANTY ORimproved REPRESENTATION OFexemptions ACCURACY IS unimproved MADE. THIS CHART IS FOR ONLY. APRIL 2019. © SUTTON ALLIANCE, LLC.in Shelter Island, Southampton and East and, $150,000 for and $75,000 for in Southhold and Riverhead. Please contact DE Title for any York Counties not shown here. All transferAlltaxes andtaxes filing fees are subject tosubject changetobychange governmental agencies in each location. transfer filing fees are by governmental agencies each location. Please contact DEand Title for IN any York East Counties notINFORMATION, shown here. Shelter Island, Southampton and and, $150,000 forORinimproved and $75,000 forISunimproved in Southhold andONLY. Riverhead. WHILE CARE HAS BEEN TAKEN THENew PREPARATION OFHampton; THIS NO WARRANTY REPRESENTATION OF ACCURACY MADE. THIS CHART IS FOR REFERENCE APRIL 2019. © SUTTON ALLIANCE, LLC.

© 2017 © 2017 DOUGLAS © 2017 DOUGLAS © 2017 DOUGLAS ELLIMAN DOUGLAS ELLIMAN ELLIMAN REALREAL ELLIMAN ESTATE. REAL ESTATE. REAL ESTATE. EQUAL ESTATE. EQUAL HOUSING EQUAL HOUSING EQUAL HOUSING OPPORTUNITY. HOUSING OPPORTUNITY. OPPORTUNITY. OPPORTUNITY.

EQUAL HOUSING OPPORTUNITY.

PECONIC BAY BAY PECONIC 1 TRANSFER TAX2 BAY PROPERTY TYPE NYC RPT 1 CITY OF YONKERS CITY TRANSFER OF MOUNT TAX PECONIC NY STATETAX PROPERTY TYPE NYC RPT TRANSFER TRANSFER TAX VERNON TRANSFER TAX2 CITY OF YONKERS CITY OF MOUNT PECONIC BAY NY STATE 1 TRANSFER TAX VERNON TRANSFER TAX TRANSFER TAX22 PROPERTY TYPE NYC RPT TRANSFER TAX Commercial Properties CITY OF YONKERS CITYprice OF MOUNT PECONIC BAY NYofSTATETAX1 TRANSFER TAX1% of purchase VERNON TRANSFER TAX TRANSFER TAX PROPERTY TYPE NYC RPT $2 perTRANSFER Commercial Properties $500 with $2 per $500TAX of 1 1.5% (overTRANSFER 1% of purchase price with and Vacant $25,000) TAX $100,000 VERNON TRANSFER TAX TRANSFER TAX2 PROPERTY TYPE 1.425%NYC RPT conveyance TRANSFER Commercial Properties andLand Vacant Land 1.425% 1.5% (over $25,000) price exemption $2 per $500 of 1%$100,000 of purchase price with conveyance price exemption underCommercial $500,000 Properties

WHILE CARE HAS BEEN TAKEN THENew PREPARATION THIS Please contact DEand Title for IN any York Counties notINFORMATION, shown here.NO WARRANTY All transfer taxes filing fees are subject toOF change by governmental agenciesORinREPRESENTATION each location. OF ACCURACY IS MADE. THIS CHART IS FOR REFERENCE ONLY. APRIL 2019. © SUTTON ALLIANCE, LLC. All transfer taxes andTAKEN filing IN fees subject toOF change by governmental agenciesORinREPRESENTATION each location. OF ACCURACY IS MADE. THIS CHART IS FOR REFERENCE ONLY. APRIL 2019. © SUTTON ALLIANCE, LLC. WHILE CARE HAS BEEN THEare PREPARATION THIS INFORMATION, NO WARRANTY

elliman.com All transfer taxes and filing fees are subject to change by governmental agencies in each elliman.com location. elliman.com elliman.com elliman.com

NEW YORK STATE

MANSION TAX Closing Costs | NEW YORK STATE MANSION TAX

NEW YORK STATE MANSION TAX Mansion Tax (1% of purchase price) is paid by the purchaser on transactions that are 100% residential and the purchase price is $1M or more. In the five boroughs of New York City, the rate increases based on the sales price as follows: PROPERTY PRICE

MANSION TAX RATE

1.00%

$2,000,000 - $2,999,999

1.25%

$3,000,000 - $4,999,999

1.50%

$5,000,000 - $9,999,999

2.25%

$10,000,000 - $14,999,999

3.25%

$15,000,000 - $19,999,999

3.50%

$20,000,000 - $24,999,999

3.75%

$25,000,000 or more

3.90%

EQUAL HOUSING OPPORTUNITY.

$1,000,000 - $1,999,999

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Elizabeth Lawton The most important metric of the value of

to execute the deal in an efficient and

Elizabeth Lawtonâ&#x20AC;&#x2122;s work has always been

seamless

how much it improves the lives of her clients.

background offers her a unique prospective

Her prior experiences, while quite varied and

on life and an extremely creative approach

intellectually engaging, did not bring her

to the sales and rental process, which has

true fulfillment. In real estate, Elizabeth has

given her customers an upper hand in

found her place in the pace of a constantly-

comparison to standard practices.

evolving market, the genuine personal relationships

formed,

the

competitive

nature of the field, and the ability to hone

manner.

Elizabethâ&#x20AC;&#x2122;s

eclectic

After growing up in Boston, Elizabeth received a B.S. in Biology from the University

her own creativity within her brand.

of Chicago and remains an active alumna.

With her drive, diligence and stellar customer

champion cross-country and track and field

service skills, Elizabeth has proven to be an

athlete, but nowadays she has slowed the

excellent ally when negotiating the twists

pace and increased the mileage, turning

and turns of the New York City real estate

into a devoted marathoner. Her unwavering

market. When not actively with clients, she

endurance and complete commitment to a

immerses herself in the market as often as

cause carries over from her running life into

she can, from understanding the inventory

her professional work ethic.

While there, she was an NCAA national

through open houses to experiencing neighborhoods first hand to gain a localâ&#x20AC;&#x2122;s perspective. Priding herself on her knack for efficiency, Elizabeth puts a great deal of thought and effort into providing the best possible experience for her clients, doing all she can to see to it that their needs are met. A seasoned and highly-proficient agent in both the sales and rental market in Manhattan and Brooklyn, her business

Licensed Real Estate Salesperson O: 212.274.7926 M: 508.942.7957 elizabeth.lawton@elliman.com 140 Franklin St, New York, NY 10013

model is centered on preparedness and complete fluency in the product in order

Reviews & Endorsements

“Liz was an unbelievable partner during my first home purchase...”

“Liz Lawton is the hardest working and most thoughtful person we’ve ever met in our collective 20 years of NYC real estate experience. She has found us affordable, unicorn-quality rentals in Brooklyn and Manhattan, and moved mountains in brokering a purchase and then a sale for us in the sometimes treacherous world of NYC co-ops. Liz is easy to work with because she listens well and is a clear and responsive communicator. We have always appreciated her professional and creative approach to problem-solving in the often Byzantine pursuit of four walls and a roof. We look forward to working with Liz again in the future.”

– Isabell R and Ken Z

"Liz was an unbelievable partner during my first home purchase. She is equally as knowledgeable about the full market as she has specific advice for first-time buyers. From understanding my needs to navigating the nuances of purchasing a home needing renovation to emotional support throughout, I could not have done it without her!" – Samantha P “As first-time home buyers, we were lucky to have found such a proactive and thoughtful agent. Liz really listened to what we were looking for and worked tirelessly and patiently to help us find our dream home, navigate the bidding process, and ensure a successful closing. We have been loving our apartment and neighborhood. Thank you Liz!” – Betty Z. and Michael D.

“As first-time home buyers, we were lucky to have found such a proactive and thoughtful agent...”

Elizabeth Lawton worked with our family to purchase an apartment in Manhattan in July of 2015. It was a pleasure to work with Elizabeth. She was efficient, thorough and very attentive to our needs. With her assistance we were able to identify the right apartment to purchase in a very short period of time. Elizabeth is also extremely personable and friendly. We had a very positive experience in our interaction with Elizabeth.

“We didn't spend more than a week in Liz's care before she found us a wonderful apartment that hit everything important on our list, and then some! She impresses in understanding just what you're looking for, and will turn up results before you know it. She is the only person I will trust in finding all my future homes”

– Shazma and Arshad M.

– Julia S.

373 LINCOLN ROAD, 4B Prospect Lefferts Gardens $1,195,000 • 1 Bed, 1 Bath • Condo $516 CCs • $396 monthly taxes

Recent Sales

15 W 11TH STREET, 3C Greenwich Village $970,000 • 1 Bed, 1 Bath CO-OP • $1,515 Maintenance

422 STATE STREET, 17 Boerum Hill

60 SOUTH OXFORD STREET, 1A Fort Greene $450,000 • Studio, 1 Bath CO-OP • $468 Maintenance

162 EAST 91ST STREET, 4C Prospect Lefferts Gardens

$885,000 • 2 Bed, 1 Bath CO-OP • $956 Maintenance

$541,000 • 1 Bed, 1 Bath CO-OP • $999 Maintenance

207 EAST 74TH STREET, PHD Upper East Side

87 SMITH STREET, 11F Boerum Hill

$1,140,000 • 2 Bed, 1 Bath CO-OP • $2,194 Maintenance

$1,250,000 • 2 Bed, 2 Bath Condo • $1,050 CCs • $57 taxes

Team Resources

We are here to support you at every step with all the knowledge and expertise necessary.

Our Attorney

Our Lender

SHARON YEHOSHUA, ESQ.

KYLE VAN NATTA

O: 212.897.5696 sy@cpllawfirm.com

O: 718.233.3883 • M: 917.572.2124 kvannatta@firstrepublic.com

Sharon focuses her practice on real estate transactions. She represents purchasers, sellers, investors, lenders, and developers in the purchase, sale, development and financing of residential and commercial real estate. Her residential practice includes experience in the purchase and/or sale of individual cooperative and condominium units, as well as townhouses. Her commercial practice includes the acquisition or disposition of mixed use properties, multifamily properties, and development sites. She also represents tenants and landlords in commercial lease transactions.

Kyle is a Relationship Manager with First Republic Bank where we works closely with homebuyers to assist them with their unique financing needs. Kyle works with a wide array of clients from those buying their first home to experienced buyers interested in financing a second home or investment property.

Sharon leads transactions from inception to closing with a genuine spirit of cooperation, high quality work, and results. Clients appreciate her responsiveness and ability to foster a personal client relationship. In 2019, she was recognized among only 2.5 percent of New York attorneys as a New York “Super Lawyer” and Rising Star in Real Estate.

Throughout his lending career, which has spanned more than 15 years, Kyle has gained a breadth of knowledge by navigating complex residential and commercial mortgage transactions across all stages of the economic cycle. His ability to see past just the numbers and understand the nuanced complexities of each individual’s finances allows him to structure loans effectively and create a smooth and enjoyable mortgage experience for his clients. Kyle guides his clients through every stage of the mortgage process from prequalification to closing.

Sharon is an avid reader, loves to travel, and is proficient in Hebrew. She is involved in community affairs, lives in New York City with her husband.

Kyle prides himself on his responsiveness, accountability, and dedication to making sure buyers understand and are comfortable with every detail and stage of the lending process. He is passionate about building long-term relationships based on trust, value and integrity.

Sharon is a member of the New York Bar Association, and she holds a bachelor’s degree from New York University and a juris doctorate from the Maurice A. Deane School of Law at Hofstra University.

Kyle graduated with a BA in Economics from Tufts University and an MBA from Marshall School of Business at the University of Southern California. He currently resides in New York City.

Elizabeth Lawton Real Estate Salesperson O:212.274.7926 • M:508.942.7957 elizabeth.lawton@elliman.com

575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2020 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY.