New York City Real Estate Closing Costs for Buyers

Please find below a complete list of estimated closing costs when buying a New York City Condo, Co-op or Townhouse.
To estimate your closing costs you might also find our Closing Cost Calculator helpful. Also this article about what happens at a real estate closing will help you better understand what to expect.
 
IMPORTANT: Inquire with bank/mortgage broker for additional fees. NY State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms. Projections below are only estimates. Please confirm all closing costs for specific transactions with your attorney and/or mortgage representative.
 
For Closing Costs when Selling visit: Sellers Closing Costs
 

CONDO Closing Costs


Own Attorney$1,500 + up
Managing Agent Application Fee$300 +
Credit Report Fee$75 – $100 per applicant
Lead Based Paint Disclosure Fee$0 – $50
Mansion Tax1% of purchase price when $1 million +
Move-in Deposit$500 – $1,000 (refundable if no damage)
Common charges, real estate taxes and insurancepro rated as of closing
  
Mortgage Associated Fees: 
Mortgage Tax:(Paid by buyer, condominium/townhouses only, when financing )
Recording Tax Sales under $500,0001.8% of entire mortgage
Recording Tax Sales over $500,0001.925% of entire mortgage
Application, Credit Check, etc.$500 + up
Appraisal$250 + up
Bank Attorney$500 + up
UCC-1 Filing$50 + up
Recognition Agreement Fee$200 + up
Lien Search$350
Fee Title InsuranceApprox. $450 per $100,000
Mortgage Title Insurance:Approx. $200 per $100,000
Recording Fees$200 – $300
Origination Costs – Points0-3% of loan value
Departmental Searches$200 – $400
Real Estate Tax Escrow2-6 months
If Purchased Directly from Sponsor*New Developments
NYC Property Transfer Tax1% of purchase price up to $500,000
 1.425% of purchase price over $500,000
NYS Transfer Tax$4 per $1,000 of the purchase price
Sponsor’s Attorney Fee$1,500

 
 

COOP Closing Costs


Own Attorney:$1,500 + up
Bank Fees:Points: 0% to 3% of loan value
Application, credit check, etc:$500+
Bank Attorney:$695
Miscellaneous Bank Fees:$500+
Lien Search:$300
UCC-1 Filing:$100
Appraisal Fee:$300+
Application Fee (Credit Report/Appraisal):$500+
 Short Term Interest; Equal to interest for balance of month in which you close.
Move-in Deposit:One time fee of $500.00+
Recognition Agreement Fee:$200
Maintenance Adjustment:Pro-rated for the months of closing.
Mansion Tax:1% of entire purchase price where price is $1,000,000 or more.

 
 

TOWNHOUSE Closing Costs


Own Attorney:$1,500 +
Engineer/Inspection Report$750 – $2000
Termite Inspection$200 – $500
Mansion Tax1% of entire purchase price where price is $1,000,000 or more.
Mortgage Associated 
Origination Costs – points0 – 3% of loan value
UCC-1 Filing$50 +
Appraisal Fee$300 +
Application Fee (Credit Report/Appraisal):$500 +
Mortgage Recording Tax (Paid by buyer, condominium/townhouses only, when financing )
Recording Tax Sales under $500,0001.75% of entire mortgage
Recording Tax Sales over $500,0001.875% of entire mortgage
Title Insurance, Title Search & Recording Feesup to 0.5% of purchase
Building Searches$200 – $400
Recording Charge$17 per document plus $5 per page
NYS Transfer Tax$4 per $1,000 of the purchase price

 
 
IMPORTANT: Inquire with bank/mortgage broker for additional fees. NY State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms. Projections above are only estimates. Please confirm all closing costs for specific transactions with your attorney and/or mortgage representative.
 
 

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