New York City Real Estate Closing Costs for Buyers

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.
 

  • Closing Cost Calculator for Buyers: Closing Cost Calculator 
  • Real Estate Closing Costs for Sellers Visit: Sellers Real Estate Closing Costs
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    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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