Closing Costs

PURCHASER

TOWNHOUSE AND SINGLE-FAMILY HOME
MORTGAGE CLOSING COSTS
Buyer’s AttorneyConsult 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 Escrow2 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 AttorneyConsult 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 Tax1% of entire purchase price where

price is $1,000,000 or more

 

CONDOMINIUM
MORTGAGE CLOSING COSTS
Buyer’s AttorneyConsult your attorney
Bank Fees$750 – $1,000
Application Fee$550 – $1,000
Processing Fee$330 – $500
Appraisal Fee$500 – $2,000
Credit Report Fee$45 -$100+
Bank Attorney$650 – $750
Tax Escrow2 to 6 months
Recording Fee$250 – $750
Fee Title InsuranceVariable by transaction

Please consult your attorney

Mortgage Title InsuranceApprox. $130 per $100K of

mortgage amount

Municipal Search$350 – $500
Mansion Tax1% 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%

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.


SELLER

CONDOMINIUM
BrokerTypically 6%
Own AttorneyConsult your attorney
Processing Fee$600+
NYC Transfer Tax*Only for properties in
the 5 boroughs
ResidentialUp to $500K = 1%
Over $500K = 1.425%
CommercialUp 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 ChargesVaries 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

*Transfer taxes paid by seller, except in the case of sponsor sales, in which case the transfer tax is paid by the purchaser.

CO-OPERATIVE
BrokerTypically 6%
Own AttorneyConsult your attorney
Co-op Attorney$600
Flip TaxVaries depending on building
Stock Transfer Tax*$0.05 per share
Move-out Deposit/FreeVaries by building
NYC Transfer Tax*Only for properties in the 5
boroughs
ResidentialUp to $500K = 1%
Over $500K = 1.425%
CommercialUp 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 FeesVaries by building
Pick-Up/Payoff Fee$500 – $700
UCC – 3 Filing Fee$100

 

TOWNHOUSE AND SINGLE-FAMILY HOMES
BrokerTypically 6%
Own AttorneyConsult your attorney
NY State Transfer Tax*$4 per $1,000 of price
NYC Transfer Tax*Only for properties in the 5
boroughs
ResidentialUp to $500K = 1%
Over $500K = 1.425%
CommercialUp 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

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.

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