Closing Costs & Expenses

Closing Costs & Expenses for Buyer (Condominium):

  • Title Insurance: Approximately $4 per $1,000 or purchase price (regulated by statute) plus various search and recording fees totaling an additional $1,000.
  • Attorney: $1,500 and up.
  • Mansion Tax: 1% of sales price when $1,000,000 exceeds.
  • Title Search: $300-$500.
  • Recording Fee: $250 to $350.
  • Title Closer Fee: $125-$150.
  • Common Charges Adjustment: Pro-rated for the month of closing.
  • Real Estate Tax Adjustment: Pro-rated 1-6 months.
  • Legal Fee, Bank Cost, Managing Agent, Building Fees, Moving Fee.
  • New Construction:
    • 1-2 months maintenance for Working Capital Contribution.
    • Mortgage Tax Credit: percentage of common elements x 2.25‰ of sponsor’s mortgage and/or construction loan amount.
    • *New York City Transfer Tax: 1‰ of sale price if under $500,000; or, 1.425‰ of entire sale price if over $500,000.
    • *New York State Transfer Tax: 0.4‰ of sale price ($2 per $500).

(NOTE: The New York State & New York City Transfer Tax only apply when buying from the Sponsor)

Mortgage Closing Expenses (Condominium):

  • Mortgage Tax: 1.8% of the amount of mortgage under $500,000; or, 1.925% on loan over $500,000.
  • Bank Underwriting Fee: $350 and up.
  • Mortgage Title Insurance: $500 per $100,000.
  • Points: 0% to 3% of value of loan.
  • Bank Credit Report Fee: $50-$100 per applicant.
  • Bank Attorney: $500 and up.
  • Application: $500 and up.
  • Appraisal Fee: $300 and up.
  • Short Term Interest: 1 month.

The closing costs is a guideline.  The actual closing costs would have to come from the representing real estate lawyer.  This information is presented subject to errors and updates without prior notice.

Closing Costs & Expenses for Buyers (Co-ops):

  • Attorney Fees: Consult your attorney.
  • Application, Credit Check, etc.: $300 and up.
  • Lien Search: Approximately $350.
  • Maintenance Adjustment: Pro-rated for the month of closing.
  • Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.
  • Legal Fee, Bank Cost, Managing Agent, Building Fees, Moving Fee.
  • New Construction:
    • 1-2 months maintenance for Working Capital Contribution.
    • New York City Transfer Tax: 1% of sale price if under $500,000; or, 1.425% of entire sale price if over $500,000.
    • New York State Transfer Tax: 0.4% of sale price ($2 per $500).

Mortgage Closing Expenses (Coops):

  • Bank Underwriting Fee: $350 and up.
  • Points: 0% to 3% of value of loan.
  • Bank Attorney: $500 and up.
  • Bank Credit Report Fee: $50-$100 per applicant.
  • Application: $500 and up.
  • Appraisal Fee: $300 and up.
  • Short Term Interest: 1 month.
  • UCC-1 Filing: $50 and up.
  • Recognition Agreement Fee: $200 and up.

The closing costs is a guideline.  The actual closing costs would have to come from the representing real estate lawyer.