New York City Real Estate Sales & Rentals

Closing Costs for Buyers

PLEASE NOTE - the following is presented as general guidelines and are not meant to be accounting or legal advice.  All persons should consult their own attorney or financial advisor for more information.  No representation or warranty is made with respect to any of the information presented below.

For Condominiums & Townhouses
Personal Attorney Fees Approx. $1,750 +
Mortgage Bank Fees 0% to 3% of the loan amount (points)
Credit reports, applications and appraisal $500 – $1,000 +
Mortgage Bank Attorney $400 +
Real Estate Tax Escrow 2 to 6 months of tax amount
Mortgage Recording Fees $200 – $300
Mortgage Recoding Tax Up to $500,000 is 1.8% of the mortgage
Over $500,000 is 1.925% of the mortgage
Title Insurance, Title Search and Recording Fees Approx. 0.5% of the purchase price
Managing Agent Fee $250 – $500
Common Charge Adjustments pro-rated for the month of closing
Mansion Tax 1% of the total purchase price if over $1 million
Move-In Deposit $500 – $1,000 (usually refundable if no damage)
For Sponsor Sales and New Developments, purchaser usually pays the following:  
NYC Real Property Transfer Tax 1% of the total purchase price if $500 K or less
1.425% of the total purchase price if over $500 K
NY State Real Property Transfer Tax 0.4% of the total purchase price
Sponsor’s Attorney Fee $1,500 +

 

For Co-op Apartments
Personal Attorney Fees Approx. $1,750 +
Mortgage Bank Fees 0% to 3% of the loan amount (points)
Credit reports, applications and appraisal $500 – $1,000 +
Mortgage Bank Attorney $400 +
UCC-1 Filing Fees $50 +
Recognition Agreement Fee $200 +
Lien Search $250 – $350
Maintenance Adjustments pro-rated for the month of closing
Managing Agent Fee $500 +
Credit Report Fees $50 – $100 per applicant
Mansion Tax 1% of the total purchase price if over $1 million
Move-In Deposit $500 – $1,000 (usually refundable if no damage)

 

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