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 the loan value |
| Bank Application, Credit Check, etc | $400 – $600 |
| Bank Attorney | $900 – $1,500 |
| Appraisal | $300 – $1,500 |
| Tax Escrow | ~ 2 – 6 months of property 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 |
Condominiums
Closing cost estimates for the purchaser
| FEE | ESTIMATED COST |
| 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 |
| Free Closer | $100 – $500 |
| Lenders Policy Title Insurance | Rates may vary |
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 Rate | ~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 – $1,000 |
| Move-in Deposit | $500 – $1,500 (refundable) |
| Maintenance Adjustment | Pro-rated during 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% |
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% |
Condominiums
Closing cost estimates for the seller
| FEE | ESTIMATED COST |
| Broker Commission | |
| Broker | ~6% |
| Bank | |
| Payoff Bank Fees | $300 – $1,000 |
| Attorney | |
| Your Attorney | Consult your attorney ~$2,500 – $5,000+ |
| Building | |
| Managing Agent Closing Fee | $500 – $1,000 |
| Move-out Fee | $500+ |
| Move-out Deposit | $500 – $1,500 (refundable) |
| Government | |
| Residential NYC Transfer Tax* | 1% if purchase is < $500,000 1.425% if purchase is > $500,000+ |
| Progressive NY State Transfer Tax* | 0.4% for Residential transactions < $3M 0.65% for Residential transactions > $3M |
| UCC-3 Filing Fee | $125 |
| Recording & Closing | |
| Pick up/Payoff Fee to Title Closer | ~$250 – $500 |
Co-ops
Closing cost estimates for the seller
| FEE | ESTIMATED COST |
| Broker Commission | |
| Broker | ~6% |
| Bank | |
| Payoff Bank Fees | $500 – $1,000 |
| Attorney | |
| Your Attorney | Consult your attorney ~$2,500 – $5,000+ |
| Building | |
| Co-op’s Attorney/Managing Agent Closing Fee | $400 – $1,000 |
| Move-out Deposit | Varies by co-op, typically $500 – $1,000 (refundable) |
| Move-out Fee | $500 – $1,500 (refundable) |
| Admin Fee | $250 – $1,000 |
| Flip Tax or Transfer Tax | Refer to managing agent (typically 1 – 3% of price or $ per share) |
| NY Stamp Tax | $0.05/ share |
| Government | |
| Residential NYC Transfer Tax* | 1% if purchase is < $500,000 1.425% if purchase is > $500,000+ |
| Progressive NY State Transfer Tax* | 0.4% for Residential transactions < $3M 0.65% for Residential transactions > $3M |
| Transfer Tax Filing Fee | $100 |
| UCC-3 Filing Fee | $125 |
Townhouses & Multi Family Homes
Closing cost estimates for the seller
| FEE | ESTIMATED COST |
| Broker Commission | |
| Broker | ~6% |
| Attorney | |
| Your Attorney | Consult your attorney ~$2,500 – $5,000+ |
| Bank | |
| Payoff Bank Fees | $500 – $1,000 |
| Government | |
| Residential NYC Transfer Tax* | 1% if purchase is < $500,000 1.425% if purchase is > $500,000+ |
| Progressive NY State Transfer Tax* | 0.4% for Residential transactions < $3M 0.65% for Residential transactions > $3M |
| Transfer Tax Filing Fee | $100 |
| UCC-3 Filing Fee | $125 |