Closing Costs

NYC Real Estate Closing Costs for Buyers & Sellers

 
New York City Real Estate Buyers Guide for Home Buyers & InvestorsPlease find below a complete list of estimated New York City Real Estate Closing Costs when purchasing a Condo, Co-op or Townhouse. For Closing Costs for Sellers please scroll down the page. If financing, your lender must prepare a good faith estimate of all settlement costs before closing, but the title company or other entity calculates the exact amount you are required to bring to closing. Be sure to get a cashier’s check for your share of the costs a few days before the settlement date.

*Since these costs are usually paid on a monthly or annual basis, you may pay for some services used by the seller before they moved. Similarly, some costs are paid in advance of services being used. Proration allows the buyer and the seller to balance these accounts so that each only pays for the services they used.

Real Estate Closing Related Quick Links:

 

Estimated Closing Costs for New York City Buyers

 

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 real estate attorney and/or mortgage representative.
 

Condo Closing Costs

 

Estimated Closing Costs for Condo Buyers 
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 Tax: 1% of purchase price when $1 million +
Move-in Deposit: $500 - $1,000 (refundable if no damage)
Common charges, real estate taxes, and insurance: prorated as of closing
Condo Mortgage Associated Fees:
Mortgage Tax:(Paid by buyer, condominium/townhouses only, when financing )
Recording Tax Sales under $500,000:1.8% of entire mortgage
Recording Tax Sales over $500,000: 1.925% 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 Insurance: Approx:$450 per $100,000
Mortgage Title Insurance:Approx. $200 per $100,000
Recording Fees:$200 - $300
Origination Costs - Points: 0-3% of loan value
Departmental Searches:$200 - $400
Real Estate Tax Escrow:2-6 months
If Purchased Directly from Sponsor * New Developments
NYC Property Transfer Tax: - 1% 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

 

Estimated Closing Costs for Co-op Buyers 
Own Attorney: $1,500 + up
Bank Fees: Points:0% to 3% of loan value
Application, credit check, etc: $500+
Bank Attorney: $700+
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 the 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

 

Estimated Closing Costs for New York City Townhouse Buyers 
Own Attorney:$1,500 +
Engineer/Inspection Report: $750 - $2000
Termite Inspection:$200 - $500
Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.
Townhouse Mortgage Associated
Origination Costs - points:0 - 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 $500,000: 1.75% of entire mortgage
Recording Tax Sales over $500,000: 1.875% of entire mortgage
Title Insurance, Title Search & Recording Fees: up 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

 

Estimated Closing Costs for New York City Sellers

 

Please find below a complete list of estimated New York City Real Estate Closing Costs when selling a Condo, Co-op or Townhouse. These figures are presented as a general guideline only. Actual closings costs will vary for every transaction. Before signing any contract, sellers should have all closing costs explained to them by their attorney.
 
 

Condo / Townhouse Closing Costs for Sellers

 

Estimated Closing Costs for Condo / Townhouse Closing Costs for Sellers 
Broker(s):Typically 5%-6%
Seller’s attorney (negotiated flat rate):$2,500±
NY City Transfer Tax:1% of sales price for sales of $500,000; or less 1.425% for sales in excess of $500,000
NY State Transfer Tax:$2 per $500 (or 0.4% of sales price)
Miscellaneous title company fees (if seller has mortgage):$450±
Move-out deposit or fees (condo):$1,000 (varies)
Managing agent fees (condo):$500±

 

Coop Closing Costs for Sellers

 

Estimated Closing Costs for New York City Co-op Sellers 
Broker(s):Typically 5% - 6%
Seller’s attorney (negotiated flat rate):$2,500±
NY City Transfer Tax:1% of sales price for sales of $500,000; or less 1.425% for sales in excess of $500,000
NY State Transfer Tax:$2 per $500 (or 0.4% of sales price)
Flip tax (if any)*:Often 2-3%, consult managing agent
Managing agent fee:$600±
Stock Transfer Tax:$0.05 per share
Move-out deposit or fees:$1,000 (varies)
Payoff bank attorney (if seller has mortgage):$500±
UCC-3 filing (if seller has mortgage):Up to $100 per loan
*Flip taxes vary on amount and by whom they are payable (buyer or seller)

 

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