Buyers · Sellers · Condo · Co-op · Townhouse
Know the costs before the contract.
Estimate New York City closing costs by ownership type, financing and side of the transaction—then confirm the exact figures with your attorney, lender and other licensed advisors.
Plan the cash requirementConfirm before closing
Start with your transaction
Use the right estimate before reading every line item.
Calculators are planning tools, not final statements. Costs can change with price, financing, ownership type, building requirements, negotiated terms and professional fees.
Buyer closing-cost calculator
Estimate the cash required for a condo, co-op or townhouse purchase.
Estimate buyer costs 02 · SaleSeller closing-cost calculator
Estimate transaction expenses and potential net proceeds from a sale.
Estimate seller costs 03 · Co-op readinessPost-closing liquidity calculator
Test the assets expected to remain after down payment and closing costs.
Calculate liquidity 04 · Planning suiteAll real estate calculators
Continue with mortgage, affordability, tax, investment and sale tools.
View all calculatorsImportant: Every figure below is a general planning estimate. Confirm current taxes, lender charges, legal fees, building fees, payment instructions and final funds with the professionals responsible for your transaction. Never send a wire based only on emailed instructions; independently verify them with your attorney.
Buyer closing costs
Ownership and financing determine the cost structure.
Condo and townhouse purchases can involve title insurance and mortgage recording tax. Co-op purchases use shares and a proprietary lease, so their lien, UCC and recognition-agreement costs differ.
Condominium purchase estimates
| Cost | Planning estimate or basis |
|---|---|
| Buyer’s attorney | $2,000 and up; confirm the engagement fee directly |
| Managing-agent application | $300 and up |
| Credit report | $75–$100 per applicant |
| Lead-based-paint disclosure | $0–$50 where applicable |
| Mansion tax | Applies at $1 million and above; graduated New York State rates currently range from 1% to 3.9% by purchase-price tier |
| Move-in deposit or fee | Often $500–$1,000; a deposit may be refundable if there is no damage |
| Common charges, taxes and insurance | Prorated as of closing |
| Mortgage recording tax | Generally 1.8% of the mortgage below $500,000 and 1.925% at $500,000 or more for applicable NYC residential loans; lender contribution and exemptions can affect the buyer’s amount |
| Lender application and credit fees | $500 and up |
| Appraisal | $250 and up |
| Lender’s attorney | $500 and up |
| UCC filing and recognition agreement | Where applicable; published planning figures begin around $50 and $200 |
| Lien and municipal searches | Published planning estimates: approximately $350 plus $200–$400 for departmental searches |
| Owner’s title insurance | Published planning estimate: approximately $450 per $100,000, subject to title rate and coverage |
| Lender’s title insurance | Published planning estimate: approximately $200 per $100,000, subject to loan and policy |
| Recording fees | Published planning estimate: $200–$300 |
| Origination points | 0%–3% of loan value, depending on the lender and loan |
| Real estate tax escrow | Often 2–6 months when required by the lender |
| New-development sponsor costs | The offering plan or contract may shift transfer taxes and sponsor legal fees to the buyer; published sponsor-attorney planning estimate: about $1,500 |
Co-op purchase estimates
| Cost | Planning estimate or basis |
|---|---|
| Buyer’s attorney | $2,000 and up; confirm the engagement fee directly |
| Lender points | 0%–3% of loan value |
| Application and credit fees | $500 and up |
| Lender’s attorney | $700 and up |
| Miscellaneous lender fees | $500 and up |
| Lien search | Published planning estimate: approximately $300 |
| UCC-1 filing | Published planning estimate: approximately $100 |
| Appraisal | $300 and up |
| Move-in deposit or fee | $500 and up; deposit terms vary |
| Recognition agreement | Published planning estimate: approximately $200 |
| Maintenance adjustment | Prorated for the month of closing |
| Mansion tax | Applies at $1 million and above; graduated New York State rates currently range from 1% to 3.9% by purchase-price tier |
Townhouse purchase estimates
| Cost | Planning estimate or basis |
|---|---|
| Buyer’s attorney | $2,000 and up; confirm the engagement fee directly |
| Engineer or inspection report | Published planning estimate: $750–$2,000 |
| Termite inspection | Published planning estimate: $200–$500 where appropriate |
| Mansion tax | Applies at $1 million and above; graduated New York State rates currently range from 1% to 3.9% by purchase-price tier |
| Origination points | 0%–3% of loan value |
| UCC filing | $50 and up where applicable |
| Appraisal | $300 and up |
| Lender application and credit fees | $500 and up |
| Mortgage recording tax | Generally 1.8% of the mortgage below $500,000 and 1.925% at $500,000 or more for applicable NYC residential loans; confirm the borrower’s actual amount |
| Title insurance, search and recording | Published planning estimate: up to approximately 0.5% of purchase price, but policy and search charges vary |
| Building and municipal searches | Published planning estimate: $200–$400 |
| Recording charges | Depend on document type and page count |
Seller closing costs
Estimate expenses before you estimate proceeds.
The listing agreement, sale price, ownership type, mortgage payoff, building rules and negotiated contract determine the final seller costs. Confirm all transfer taxes and professional fees before signing.
Condominium or townhouse
| Broker compensation | Negotiated in the listing agreement |
| Seller’s attorney | Negotiated fee; current page planning estimate begins around $2,500 |
| NYC real property transfer tax | Generally 1% for residential sales of $500,000 or less and 1.425% above $500,000 |
| New York State transfer tax | Generally 0.4%; a higher rate can apply to qualifying residential sales of $3 million or more |
| Title or payoff-company charges | Published planning estimate: approximately $450 when a mortgage must be satisfied |
| Move-out deposit or fee | Often around $1,000; building-specific |
| Managing-agent charges | Published planning estimate: approximately $500; building-specific |
Co-operative
| Broker compensation | Negotiated in the listing agreement |
| Seller’s attorney | Negotiated fee; current page planning estimate begins around $2,500 |
| NYC real property transfer tax | Generally 1% for residential sales of $500,000 or less and 1.425% above $500,000 |
| New York State transfer tax | Generally 0.4%; a higher rate can apply to qualifying residential sales of $3 million or more |
| Flip tax | Building-specific; can be based on price, profit, shares or a flat amount and may be assigned to buyer or seller |
| Managing-agent charges | Published planning estimate: approximately $600; building-specific |
| Stock transfer tax | Published page figure: $0.05 per share; confirm current treatment |
| Move-out deposit or fee | Often around $1,000; building-specific |
| Payoff-bank attorney | Published planning estimate: approximately $500 if a loan must be satisfied |
| UCC-3 termination | Published planning estimate: up to $100 per loan |
Rates, thresholds and responsibility can change. The attorney and tax professionals for the transaction should confirm the current law, contract allocation and actual amount due.
The closing statement
The estimate becomes a transaction record.
Your real estate attorney prepares a closing statement that summarizes the sale, identifies the parties and date, and organizes debits, credits, prorations and payments. It is the document to retain after closing.
Agent and lender figures are useful estimates. The attorney’s final statement reflects the specific transaction and the payments or verified wire instructions required for closing.
Why the attorney mattersIdentity and transaction
Buyer and seller names, property address, closing date and location.
Funds and adjustments
Purchase funds, loan proceeds, taxes, maintenance or common charges, deposits and other prorations.
Checks or verified wires
Confirm the exact amount, payee and secure delivery method with counsel before closing; do not rely on unverified email changes.
People at closing
The parties, attorneys, lender representatives, title or transfer agents and brokers may participate as the transaction requires.
Financed purchases
The lender, attorney and escrowed down payment may cover much of the funding path, but the buyer must confirm any remaining cash requirement.
From accepted offer to keys
The closing date follows the work—not the wish.
Financing, attorney diligence, appraisal, title or lien review, building approval and scheduling can all move the date. Cash can simplify financing, but it does not replace diligence.
Diligence before signing
Counsel reviews the contract, title or lien matters, building documents, financials, minutes and transaction-specific risks.
Appraisal and commitment
The lender completes underwriting and conditions. An appraisal shortfall can require more cash, renegotiation or another decision.
Condo or co-op review
Managing-agent documents, condo waiver or co-op board review can extend the path, especially when submissions are incomplete.
Walk-through and transfer
Confirm condition, execute documents, transfer verified funds and receive the keys. Closing itself often takes several hours.
General planning ranges often place a financed condo closing around 45–60 days after contract and a co-op around 60–90 days, but every transaction differs. Your attorney, lender and building professionals should set expectations for the specific deal.
Frequently asked questions
NYC closing costs and closing day.
How much are buyer closing costs in NYC?
The amount varies materially by price, ownership type, financing, lender, building and contract. Financed condo and townhouse purchases can include mortgage recording tax and title-related costs; co-op costs use a different lien and share-transfer structure. Use the buyer calculator, then confirm the final amount with your attorney and lender.
Who pays the mansion tax in New York?
The purchaser generally pays New York State’s additional real estate transfer tax on residential purchases of $1 million or more. Graduated supplemental rates can apply at higher price tiers. Confirm current rates and transaction treatment with counsel.
Does a co-op buyer pay mortgage recording tax?
Generally, a co-op loan is secured by shares and a proprietary lease rather than a mortgage recorded against real property, so the NYC mortgage recording tax structure differs from a condo or townhouse loan. Lien searches, UCC filings and recognition-agreement charges may apply instead.
What is a closing statement?
It is the attorney-prepared record of the transaction’s debits, credits, prorations and payments. It provides the specific funds required and should be retained after closing.
When does a buyer receive the Closing Disclosure?
For many covered mortgage transactions, the federal Closing Disclosure must be provided at least three business days before closing so the borrower can review loan terms and costs. Ask the lender and attorney how the rule applies to the transaction.
How long does an NYC real estate closing take?
The period from contract to closing often spans several weeks. Financing, diligence, building review and scheduling affect the date. The signing and transfer on closing day commonly take a few hours.
A complete purchase budget
Price is only one line in the decision.
From estimate to cash to close
The final closing statement is where the transaction becomes exact.
Online estimates are useful for planning, but the final amount is transaction-specific. Before closing, the attorneys, lender and closing professionals reconcile the contract, prorations, taxes, building charges, loan figures and other adjustments into the amount actually due.
Start with who agreed to pay what.
The contract and rider determine negotiated allocations, credits, transfer-related items, new-development obligations and other deal-specific costs.
Prorate recurring property expenses.
Real estate taxes, common charges, maintenance and other items may be apportioned as of the closing date so each party bears the agreed period of ownership.
Layer in lender figures.
A financed purchase adds lender charges, prepaid items, escrow requirements and the precise loan funding amount shown in the lender’s closing documentation.
Confirm condo or co-op charges.
Application, move, financing, recognition, waiver or other building fees vary by property and should be confirmed against the managing agent’s requirements.
Compare the final statement with the estimate.
Review meaningful differences early enough for counsel, the lender or building to explain them before the buyer is asked to fund the transaction.
Use only independently verified instructions.
The attorney should confirm the final amount and approved payment method. Wire instructions should be independently verified through a trusted contact before funds are sent.
NYC closing-cost framework
Allocate each tax, fee and credit to the correct side of the transaction.
Closing costs are shaped by the buyer, seller, property type, financing and contract. Start with the customary allocation, then verify every transaction-specific exception.
Model acquisition and financing charges.
Review legal and diligence expenses, title or lien work, lender and appraisal costs, recording charges, applicable additional taxes and building fees.
Build the net sheet from required outflows.
Include negotiated brokerage compensation, city and state transfer taxes, attorney costs, loan payoffs, building charges, prorations and documented credits.
Check who actually agreed to pay.
New-development terms, tax exemptions, concessions, flip taxes and negotiated allocations can change the customary division. The executed contract and governing records control.
Closing-cost review
- Price and taxable consideration
- Condo, co-op or townhouse structure
- Cash purchase or loan terms
- NYC and New York State transfer taxes
- Mansion and supplemental taxes
- Mortgage-recording, title and lien costs
- Brokerage and attorney agreements
- Building fees, flip tax and prorations
Use current government and transaction records
For qualifying NYC residential transfers, the seller commonly pays city and state base transfer taxes, while the buyer commonly pays applicable mansion and supplemental taxes. Contract terms, exemptions, seller default and sponsor transactions can change responsibility.
Rates, thresholds and forms can change. Confirm the current treatment with the buyer’s and seller’s attorneys, title or co-op professionals, lender and tax adviser before relying on an estimate.
