Closing Costs in NYC

Closing Costs for Buyers & Sellers

 

Closing Costs in NYCPlease 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.

Related Links:
  • Closing Cost Calculator for Buyers:  Calculator
  • What happens at a closing?: Learn More
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    New York City Real Estate Closing Costs for 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

    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 the 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 the closing
    Condo Mortgage Associated Fees:prorated as of the closing
    Mortgage Tax:(Paid by the buyer, condominium/townhouses only, when financing )
    Recording Tax Sales under $500,000:1.8% of the entire mortgage
    Recording Tax Sales over $500,000: 1.925% of the 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 the 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

     

    Co-op Closing Costs

    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

    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

     

    New York City Real Estate Closing Costs for 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

    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±

     

    Co-op Closing Costs

    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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