Purchaser

TOWNHOUSE AND SINGLE-FAMILY HOME
MORTGAGE CLOSING COSTS

 

Buyer’s Attorney Consult your attorney
Bank Fees $750+
Application Fee $350+
Processing Fee $330+
Appraisal Fee $500 – $2,000
Credit Report Fee $45 – $100+
Bank Attorney $750 – $1,000
Tax Escrow 2 to 6 months
Recording Fees $250 – $750
Mortgage Tax – Real Property Only (Co-Ops Excluded)
Mortgage Tax – NYC (Paid by Borrower)
1 – 3 Family Home
• If mortgage is less than $500K: 1.8% of loan amount
• If mortgage is $500K or more: 1.925% of loan amount

 

CO-OPERATIVE
MORTGAGE CLOSING COSTS

 

Buyer’s Attorney Consult your attorney
Bank Fees $550 – $1,000
Application Fee $350 – $650
Processing Fee $330 – $500
Appraisal Fee $500 – $2,000
Credit Report Fee $45 -$100+
Bank Attorney $650 – $750
Lien Search $250 – $350
UCC-1 Filing Fee $100
Mansion Tax 1% of entire purchase price
where price is $1,000,000 or more

 

CONDOMINIUM
MORTGAGE CLOSING COSTS

 

Buyer’s Attorney Consult your attorney
Bank Fees $750 – $1,000
Application Fee $750 – $1,000
Processing Fee $330 – $500
Appraisal Fee $500 – $2,000
Credit Report Fee $45 -$100+
Bank Attorney $650 – $750
Tax Escrow 2 to 6 months
Recording Fee $250 – $750
Fee Title Insurance Variable by transaction
Please consult your attorney
Mortgage Title Insurance Approx. $130 per $100K of
mortgage amount
Municipal Search $350 – $500
Mansion Tax 1% of entire purchase price
where price is $1,000,000 or more
NYC Mortgage Tax • Mortgage less than $500k = 1.8%
• Mortgage $500K+ on 1-3 family
residential dwelling = 1.925%

 

Seller

CONDOMINIUM

 

Broker Typically 6%
Own Attorney Consult your attorney
Processing Fee $600+
NYC Transfer Tax* Only for properties in
the 5 boroughs
Residential Up to $500K = 1%
Over $500K = 1.425%
Commercial Up to $500K = 1.425%
Over $500K = 2.625%
Administrative Fees
Residential Deed Transfers $75
Commercial Deed Transfers $165
NY State Transfer Tax* $4 per $1,000 of price
NYS Equalization Fee $75
Pick-Up/Payoff Fee $500 – $750
Miscellaneous Condo Charges Varies by building
UCC – 3 Filing Fee $100
If Purchased Directly from Sponsor:
NYC Real Property Transfer Tax* 1% of purchase price
up to $500K and 1.425% of
purchase over $500K
NYS Transfer Tax* $4 per $1,000 of price
Sponsor’s Attorney Fee $1,500 + up
Working Capital Fund
Contribution		 An amount equal to
1 or 2 months common
charges

 

CO-OPERATIVE

 

Broker Typically 6%
Own Attorney Consult your attorney
Co-op Attorney $600
Flip Tax Varies depending on building
Stock Transfer Tax* $0.05 per share
Move-out Deposit/Free Varies by building
NYC Transfer Tax* Only for properties in the 5
boroughs
Residential Up to $500K = 1%
Over $500K = 1.425%
Commercial Up to $500K = 1.425%
Over $500K = 2.625%
NY State Transfer Tax* 1% of entire purchase price where
price is $1,000,000 or more
NYS Equalization Fee $75
Miscellaneous Co-op Fees Varies by building
Pick-Up/Payoff Fee $500 – $700
UCC – 3 Filing Fee $100

 

TOWNHOUSE AND SINGLE-FAMILY HOMES

 

Broker Typically 6%
Own Attorney Consult your attorney
NY State Transfer Tax* $4 per $1,000 of price
NYC Transfer Tax* Only for properties in the 5
boroughs
Residential Up to $500K = 1%
Over $500K = 1.425%
Commercial Up to $500K = 1.425%
Over $500K = 2.625%
NYC Transfer Tax* Only for properties in the 5
boroughs
Residential Up to $500K = 1%
Over $500K = 1.425%
Commercial Up to $500K = 1.425%
Over $500K = 2.625%
Administration Fees:
Residential Deed Transfers $75
Commercial Deed Transfers $165
NYS Equalization Fee $75
Miscellaneous Title Fees $500
Pick-up/Payoff Fee
to Title Closer		 $200 – $500
Consult your attorney

 

*Transfer taxes paid by seller, except in the case of sponsor sales, in which case the transfer tax is paid by the purchaser.
This closing cost guide was created in order to help you to understand the general costs associated with the purchasing or selling of a home. Please be advised that these numbers are estimates and it is important to consult your financial advisor or real estate attorney for specific costs.