New York City Real Estate Closing Cost

NYC Real Estate Closing Costs

When purchasing or selling property in New York City, closing costs can be a difficult concept to understand. To assist you in navigating these fees, we have compiled a list of estimates and calculators that will help you plan for the costs associated with your transaction. It is mandatory for lenders to provide an accurate good faith estimate of all settlement costs when obtaining a mortgage loan. At your real estate closing, you will need a cashier’s check or bank wire to pay for the seller's closing costs. According to New York State Law, a written engagement letter is required if the legal fee exceeds $3,000.

When dealing with seller closing costs in New York State, it is important to consider who will be responsible for the payment of these costs. By familiarizing yourself with the seller's closing costs associated with purchasing or selling property in New York City and using our available calculators and estimates, you will be better prepared for the costs associated with your real estate transaction.

DISCLAIMER

Verify all closing expenses for a particular transaction with your real estate attorney or mortgage agent.

Closing Cost Calculator

Closing Costs for Buyers

Condo

FEE	ESTIMATED COST
Your Attorney	Consult your attorney
Points	0–3% of loan value
Bank Application, Credit Check, etc.	$400–$600
Bank Attorney	$500–$1,500
Board Package Processing Fee	$500–$2,000
Appraisal	$300–$1,500
Tax Escrow	2–6 months of taxes
Move-in Deposit	$500–$2,000 (refundable)
Recording Fees	$100–$200
Mortgage Tax (less than $500,000)	1.80%
Mortgage Tax	($500,000+ on 1–3 family dwellings)
Mortgage Tax (all other property types over $500,000)	2.80%
Title Insurance	0.5%–0.8% depending upon the purchase price
Violation Search	$400–$500
Common Charges Adjustment	Pro-rated during for the month of closing
Real Estate Tax Adjustment	Pro-rated amount depends on when the tax is collected
Mansion Tax	1% of price for all sales over $1,000,000
Residential NYC Transfer Tax*: up to $500,000 $500,000+	1% 1.425%


Residential Deed Transfers	$75
NY State Transfer Tax*	$4 per $1,000 of price
Title Fee Closer	$100–500

NYC Closing Costs

NYC Real Estate Closing Costs

DISCLAIMER

Closing Cost Calculator

Property Details

Closing Costs for Buyers

Condo

FEE

ESTIMATED COST

Your Attorney

Consult your attorney

Points

0–3% of loan value

Bank Application, Credit Check, etc.

$400–$600

Bank Attorney

$500–$1,500

Board Package Processing Fee

$500–$2,000

Appraisal

$300–$1,500

Tax Escrow

2–6 months of taxes

Move-in Deposit

$500–$2,000 (refundable)

Recording Fees

$100–$200

Mortgage Tax (less than $500,000)

1.80%

Mortgage Tax

($500,000+ on 1–3 family dwellings)

Mortgage Tax

(all other property types over $500,000)

2.80%

Title Insurance

0.5%–0.8% depending upon the purchase price

Violation Search

$400–$500

Common Charges Adjustment

Pro-rated during for the month of closing

Real Estate Tax Adjustment

Pro-rated amount depends on when the tax is collected

Mansion Tax

1% of price for all sales over $1,000,000

Residential NYC Transfer Tax*:

up to $500,000

$500,000+

1%

1.425%

Residential Deed Transfers

$75

NY State Transfer Tax*

$4 per $1,000 of price

Title Fee Closer

$100–500