Licensed New York City real estate broker

New York real estate buyer's guide

Estimated Closing Costs

Co-operatives (Co-op) Estimated Costs
Buyer’s Attorney $1,450 +
Managing Agent Application Fee $750
Credit Report (on Each Applicant) $50 to $75 +
Lead Paint Disclosure $0 to $50
Mansion Tax 1% of price when over $1 million
Move-In Deposit $500 to 1,000 (typically refundable if there are no damages to hallways, elevators, etc.)
Maintenance Adjustment Proration of one month
Origination Fees/Points 0% to 3% of loan value
Application, Credit Check, etc. $500
Bank Attorney $450 to $800
UCC-1 Filing $50 +
Short-Term Interest Up to one month
Recognition Agreement Fee $250
Lien Search $250

Condominiums Estimated Costs
Buyer’s Attorney $1,450 +
Origination Fees/Points 0 to 3% of loan value
Application, Credit Check, etc. $500
Bank’s Attorney $450 to $800
Real Estate Tax Escrow 2 to 6 months
Recording Fees $150
Mortgage Tax 1.8% of mortgage on loans under $500,000, and 1.925% of mortgage on loans of $500,000 and over
Appraisal UCC-I Filing $50 +
Title Insurance Approx. 0.5% of purchase price
Building Search $250 +
Managing Agent Fee $250 to $500
Common Charge Adjustment Proration of one month
Real Estate Tax Adjustment 1 to 5 months
Title Closer Fee $100 to $150
Mansion Tax 1% of price when over $1 million
If Purchase from Sponsor (New construction/conversions)
NYC Real Property Transfer Tax 1% of purchase price up to $500,000
.425% of purchase price over $500,000
NYS Transfer Tax $4/$1,000 of purchase price
Sponsor’s Attorney Fee $1,450 +
 
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All information presented on this site regarding real property, for sale, purchase, rental and/or financing is from sources deemed reliable. No warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rentals or other conditions, prior sale, lease or financing or withdrawal without notice. Note: All dimensions and square footage are approximate for the most exact dimensions and square footage please hire your own architect or engineer.