Closing Costs


Condominiums and Townhouses


NY City Real Property Transfer Tax

Sales under $500,000
Sales over $500,000

1% of sales price     
1.425% of sales price

(Paid by seller, except most sponsor sales, then paid by the buyer)

NY State Real Property Transfer Tax

 

0.4% of sales price

(Paid by seller, except most sponsor sale, then paid by the buyer)

Mansion Tax                               

 

1% of entire sales price

(Paid by buyer, only when price exceeds $1,000,000)

Title Insurance      

 

approx., 0.5% – 0.8% of purchase price                     


Mortgage Tax

Sales under $500,000 
Sales over $500,000 

1.8% of entire mortgage
1.925% of entire mortgage

(Paid by buyer only if financing) 

 

Mortgage Associate Fees

Origination Costs – points
Application, Credit check, etc.
Appraisal
Bank Attorney
Bank Underwriting Fee                

0 – 3% value of loan
$500 and up
450 and up
$750 and up
$450 and up

Attorney fees                           

Consult your attorney

Managing Agent Fee  

 

$500 – $750

Managing Agent Credit Report Fee

 

$50 – $100 per applicant

Move-in Deposit                        

 

$500 – $1000 (refundable if no damage)

Title Search                                  

 

$300 – $500

Title Closer Fee                           

 

$125 – $150

Recording Fees                            

 

$200 – $350

The information presented above is for informational purposes only and is not intended as a comprehensive listing of all closing costs. Actual closing cost will vary depending on the specific services used, and the amounts charged are determined by the individual service providers.


Co-operative Apartments


NY City Real Property Transfer Tax

Sales under $500,000 
Sales over $500,000                       

1% of sales price
1.425% of sales price
(Paid by seller, except most sponsor sales, then paid by the buyer)

NY State Real Property Transfer Tax         

 

0.4% of sales price
(Paid by seller, except most sponsor sale, then paid by the buyer)

Mansion Tax                                  

 

1% of entire sales price
(Paid by buyer, only when price exceeds $1,000,000)

Mortgage Associate Fees

Origination Costs – points                     
Application, Credit check, etc.               
Appraisal 
Bank Attorney                                              
Bank Underwriting Fee
UCC-1 Filing
Recognition Agreement Fee
Bank Credit Report Fee

0 – 3% value of loan
$500 and up
$275 and up
$500 and up
$450 and up
$50 and up
$200 and up
$50 – $100 per applicant

Attorney fees                               

Consult your attorney

Managing Agent Fee

 

$500 – $750

Managing Agent Credit Report Fee 

 

$50 – $100 per applicant

Move-in Deposit

 

$500 – $1000 (refundable if no damage)

Lien Search 

 

 $250 – $350

Flip Tax

 (if applicable) typically imposed on the seller but may be imposed on the purchaser

 

The information presented above is for informational purposes only and is not intended as a comprehensive listing of all closing costs. Actual closing cost will vary depending on the specific services used, and the amounts charged are determined by the individual service providers.