Closing Costs for Condo and Townhouse in New York
Condo/ Townhouse Closing Costs
FOR THE SELLER
Broker: Typically 6%
Own Attorney: Consult your attorney
Processing Fee: $450+
NYC Transfer Tax: 1% of price up to $500,000; or 1.425% of price if $500,000 and over.
NY State Transfer Tax: $4 per $1,000 of price up to $2,9M; Above $3 Million $6.5 per $1,000
Miscellaneous Title Fees: $200-$500
Pick-up/Payoff Fee to Title Closer: $100-$300
Miscellaneous Condominium Charges: Vary by building
FOR THE PURCHASER MORTGAGE CLOSING COSTS
Buyer's Attorney: Consult your attorney
Bank Fees: $750
Application Fee: $500
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $9.80 single/$14.60 joint
Bank Attorney: $750-$850
Tax Escrows: 2 to 6 months
Recording Fees: $250-$750
Mortgage Tax: 1.8% of amount of mortgage on loans
under $500,000; or 1.925% of amount of mortgage on loans of $500,000 and over
Fee Title Insurance: Approx. $450 per $100,000 of
sales price under 1M - +15% on $1M or more
Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount
Municipal Search: $350-$500
Mansion Tax:
From $1M to less than $2M - 1%
From $2M to less than $3M - 1.25%
From $3M to less than $5M - 1.5%
From $5M to less than $10M - 2.25%
From $10M to less than $15M - 3.25%
From $15M to less than $20M - 3.5%
From $20M to less than $25M - 3.75%
From $25M or more 3.9%
ADDITIONAL REAL ESTATE EXPENSES
Common Charge Adjustment: Pro-rated for the month of closing
Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected
Miscellaneous Condominium Charges: Vary by building
Short Term Interest: Equal to interest for balance of month in which you close
*See below
Note: For condominiums in new developments, the buyer will pay costs normally paid by the seller.
These include seller attorney fees as well as New York State and New York City Transfer Taxes.
*Sponsor fees:
(a) Sponsor’s Legal Fee: $1,000-$2,000
(b) Working Capital Fund: 1 or 2 months of common charges
(c) Transfer Taxes: 1.425% of Purchase Price if under $500,000; 1.825% of Purchase Price if $500,000 or more
This closing cost guide is designed to give you the general costs associated with the purchase or sale of a cooperative, condominium or townhouse property. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Please take note we do not represent that these are the entirety of potential costs, but are only to be used as a guide.
