New York City Real Estate Closing Costs
Closing costs are often confusing when buying or selling New York City real estate. Our detailed list and calculators will help you navigate the costs associated with ease. When obtaining mortgage financing, the lender must disclose a good faith estimate of all settlement costs. You will need a cashier’s check or bank wire to pay for your closing costs, which your attorney will request for your real estate closing. New York State Law requires a written letter of engagement if the legal fee exceeds $3,000.
Since these costs are typically paid monthly or annually, payment may be required for some services the seller uses before they move out. Proration allows the buyer and the seller to balance these accounts so that each only pays for the services they used.
DISCLAIMER
Confirm all closing costs for a specific transaction with your real estate attorney or mortgage representative.
Buyer Closing Costs
Condominium
| Own Attorney: | $2,000 + up |
| Managing Agent Application Fee: | $300 + |
| Credit Report Fee: | $75 - $100 per applicant |
| Lead-Based Paint Disclosure Fee: | $0 - $50 |
| Mansion Tax: | Purchase Price Mansion Tax Less than $999,999 - 0.00% $1,000,000 – $1,999,999 - 1.00% $2,000,000 – $2,999,999 - 1.25% $3,000,000 – $4,999,999 - 1.50% $5,000,000 – $9,999,999 - 2.25% $10,000,000 – $14,999,999 - 3.25% $15,000,000 – $19,999,999 - 3.50% $20,000,000 – $24,999,999 - 3.75% $25,000,000 or more - 3.90% |
| 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 and NYS Property Transfer Tax: | Property Sale Price NY State Transfer tax NYC Transfer Tax Total Transfer Tax $499,999 and less - 0.40% 1.00% 1.40% $500,000 - $1,999,999 - 0.40% 1.425% 1.825% $2,000,000 - $2,999,999 - 0.40% 1.425% 1.825% $3,000,000 - $4,999,999 - 0.65% 1.425% 2.075% $5,000,000 - $9,999,999 - 0.65% 1.425% 2.075% $10,000,000 - $14,999,999 - 0.65% 1.425% 2.075% $15,000,000 - $19,999,999 - 0.65% 1.425% 2.075% $20,000,000 - $24,999,999 - 0.65% 1.425% 2.075% $25,000,000 or more - 0.65% 1.425% 2.075% |
| Sponsor's Attorney Fee: | $1,500 |
Co-operative
| Own Attorney: | $2,000 + 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
| 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 |
Seller Closing Costs
Please find below a complete list of estimated costs when selling a condo, co-op, or townhouse. These figures are presented as general approximates only. The actual expenses will vary for every transaction. Before signing any contract, sellers should have all explained to them by their attorney.
Condominium / Townhouse
| 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-operative
| 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) |