Closing Costs

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

$550 - $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%

 

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.

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

*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

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%

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.