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Buyer Closing Costs

Please find below a complete list of estimated costs when buying a condo, co-op, or townhouse. Actual closing costs vary for each transaction and must be verified by your real estate attorney and title company.

 

*NYC & NYS Transfer Taxes are paid by the purchaser in case of a new development.

CONDOMINIUMS

CLOSING COST ESTIMATES FOR THE PURCHASER

 

FEE ESTIMATED COST
Attorney  
Your Attorney Consult your attorney ~$2,500 - $5,000+
   
Bank  
Points 0–3% of loan value
Bank Application, Credit Check, etc. $400–$600
Bank Attorney $500–$1,500
Appraisal $300 - $1,500
Tax Escrow 2–6 months of taxes
Mortgage Recording Tax 1.8% of mortgage amount < $500,000
  1.925% of mortgage amount > $500,000+
Mortgage Origination Fee ~0 - 3% of loan amount
   
Building  
Board Package Processing Fees $500 - $2,000
Move-in Fee $250 - $1,000
Move-in Deposit $500 - $1,500 (refundable)
Common Charges Adjustment Pro-rated during the month of closing 
Condo Credit Check $300 - $500 per buyer
   
New Development  
Residential NYC Transfer Tax* 1% < $500,000
  1.425% > $500,000+
Progressive NY State Transfer Tax* 0.4% for Residential transactions < $3M
  0.65% for Residential transactions > $3M 
   
Government & Title    
Recording Fees ~$250
Title Insurance ~0.45% of purchase price
Municipal Searches $350 - $500
Real Estate Tax Adjustment Pro-rated amount depends on when the tax is collected
Mansion Tax $1M to < $2M: 1.00%
$2M to < $3M: 1.25%
$3M to < $5M: 1.50%
$5M to < $10M: 2.25%
$10M to < $15M: 3.25%
$15M to < $20M: 3.50%
$20M to < $25M: 3.75%
$25M or more: 3.90% 
Residential Deed Transfers Title $75
Fee Closer $100 - $500
Lenders Policy Title Insurance Rates may vary 
   
Commission   
Buyer Agent Per your buyer representation agreement

CO-OPS

CLOSING COST ESTIMATES FOR THE PURCHASER

 

FEE ESTIMATED COST
Attorney  
Your Attorney Consult your attorney ~$2,500 - $5,000+
Lien Search Fee ~$350 
   
Bank  
Points ~0 - 3% of the loan value
Bank Application, Credit Check, etc. $400–$600
Bank Attorney $900 - $1,500
Mortgage Origination Fee ~0 - 3% of the loan value
UCC 1 Filing $125
Appraisal ~$300 - $1,500
   
Building  
Board Package Processing Fees $500 - $2,000
Credit Check Fee $100 - $300 per buyer
Move-in Fee $250 - $500
Move-in Deposit $500 - $1,000 (refundable)
Maintenance Adjustment Pro-rated for the month of closing
Recognition Agreement Fee $200 - $300
Miscellaneous Co-op Charges Varies by building. Consult the co-op’s transfer agent & board package
   
Government  
Transfer Tax Filing Fee $100
Mansion Tax $1M to < $2M: 1.00%
$2M to < $3M: 1.25%
$3M to < $5M: 1.50%
$5M to < $10M: 2.25%
$10M to < $15M: 3.25%
$15M to < $20M: 3.50%
$20M to < $25M: 3.75%
$25M or more: 3.90%
   
Commission   
Buyer Agent Per your buyer representation agreement

TOWNHOUSES & MULTI FAMILY HOMES

CLOSING COST ESTIMATES FOR THE PURCHASER

 

FEE ESTIMATED COST
Attorney  
Your Attorney Consult your attorney ~$2,500 - $5,000+
   
Bank  
Points ~0 - 3% of the loan value
Bank Loan Application Fees $400 - $600 
Bank Attorney $900 - $1,500
   
Appraisal ~$300 - $1,500 
Tax Escrow ~2 - 6 months of property taxes
Lenders Policy Title Insurance Rates may vary
Mortgage Origination Fee ~0 - 3% of loan value 
Mortgage Recording Tax 1.8% of mortgage amount < $500,000
  1.925% of mortgage amount > $500,000+
   
Government  
Recording Fees ~$250
Municipal Search  0.4% of purchase price 
Miscellaneous Title Fees $100 
Real Estate Tax Adjustment $125 
Mansion Tax $1M to < $2M: 1.00%
$2M to < $3M: 1.25%
$3M to < $5M: 1.50%
$5M to < $10M: 2.25%
$10M to < $15M: 3.25%
$15M to < $20M: 3.50%
$20M to < $25M: 3.75%
$25M or more: 3.90%
   
Commission   
Buyer Agent Per your buyer representation agreement
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