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.
| 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 |
| 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 |
| 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 |
Whether you’re ready to buy or looking for answers, we’ll guide you with data and expertise specific to your goals.
Compass
165 Arlington Ave.,
Jersey City, NJ 07305
Michael Baker