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A closing costs guide
for buyers and sellers

Knowing what to expect in terms of closing costs for purchasing and selling real estate is a critical part of buying and selling. Below is a handy guide estimating closing costs associated with purchasing and selling various types of residential property in New York City.

Selling a co-op, what are my closing costs?

New York City Real Property Transfer Tax
Sale $500,000 and under 1% of sales price
Sale over $500,000 1.425% of sales price
New York State Real Property Transfer Tax $4 per $1,000 of price
Attorney $1,800+
Broker Commission 6% of sales price
Miscellaneous (if applicable)
Move-Out Deposit $500 – $1000 (usually refundable if no damages)
Managing Agent Fee $500 – $950
Payoff Bank Attorney $450+
UCC3 Filing $100+
E Tax Filing (ACRIS) $100
Stock Transfer Stamps 5 cents per share
Gains Tax Withholding (out of state seller) 8.9% of gain
Non-US Resident (FIRPTA) 10% of price withheld or paid
Estate Sale Fees Co-op may impose additional fees for estate sales
Lost Stock and Lease Fees $250 – $750 or more

These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

Buying a co-op, what are my closing costs?

Attorney $1,800+
Application Fee $500 – $750
Credit Report $50 – $100 per applicant
Lead Based Paint Disclosure $0 – $50
Move-in Deposit $500 – $1000 (usually refundable if no damages)
Mortgage Associated Fees (if applicable)
Origination Costs – Points 0 – 3% value of loan
Application, Credit Check, etc. $500+
Appraisal $300 – $1,500 (depending on purchase price)
Bank Attorney $500+
UCC-1 Filing $100
Recognition Agreement Fee $250 – $300
Lien Search $250 – $350
Maintenance Adjustment Prorated for month of closing
Mansion Tax (if applicable)
Only when purchase price is over $1 million 1% of purchase price
POTENTIAL ADDED COSTS WHEN BUYING FROM SPONSOR
New York City Real Property Transfer Tax
Sale $500,000 and under 1% of sales price
Sale over $500,000 1.425% of sales price
New York State Real Property Transfer Tax $4 per $1,000 of price
Sponsor’s Attorney $1,800+

These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

Selling a condo, what are my closing costs?

New York City Real Property Transfer Tax
Sale $500,000 and under 1% of sales price
Sale over $500,000 1.425% of sales price
New York State Real Property Transfer Tax $4 per $1,000 of price
Attorney $1,800+
Broker Commission 6% of sales price
Miscellaneous (if applicable)
Title Insurance 0.5% – 0.8% of sales price
Payoff Title Closer $300
Move-Out Deposit $500 – $1000 (usually refundable if no damages)
Managing Agent Fee $250
E Tax Filing (ACRIS) $100
Gains Tax Withholding (out of state seller) 8.9% of gain
Non-US Resident (FIRPTA) 10% of price withheld or paid
Estate Sale Fees Condo may impose additional fees for estate sales

These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

Buying a condo, what are my closing costs?

Mortgage Tax ($500,000 and under) 1.8% of entire mortgage
Mortgage Tax (over $500,000) 1.925% of entire mortgage
Attorney $1,800
Application Fee $500 – $750
Credit Report $50 – $100 per applicant
Lead Based Paint Disclosure $0 – $50
Miscellaneous (if applicable)
Title Insurance 0.5% – 0.8% of sales price
Managing Agent Fee $250
Credit Report Fee $50 – $100 per applicant
Move-in Deposit $500 – $1000 (usually refundable if no damages)
E Tax Filing (ACRIS) $100
Mortgage Associated Fees (if applicable)
Origination Costs – points 0 – 3% value of loan
Application, Credit Check, etc. $500+
Appraisal $300 – $1,500 (depending on purchase price)
Bank Attorney $500+
Mortgage Tax 1.8% of mortgage on loans under $500,000
Mortgage Tax 1.925% of mortgage on loans of $500,000+
Title Insurance 0.5% of purchase price
Title Closer Fee $100 – $250
Common Charge Adjustment Prorated for month of closing
Real Estate Tax Adjustment Prorated for month of closing
Mansion Tax (if applicable)
Only when purchase price is over $1 million 1% of purchase price
POTENTIAL ADDED COSTS WHEN BUYING FROM SPONSOR
New York City Real Property Transfer Tax
Purchase $500,000 and under 1% of sales price
Purchase over $500,000 1.425% of sales price
New York State Real Property Transfer Tax $4 per $1,000 of price
Sponsor’s Attorney $1,800+

These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

Selling a townhouse, what are my closing costs?

Residential New York City Real Property Transfer Tax
Sale $500,000 and under 1% of sales price
Sale over $500,000 1.425% of sales price
Commercial New York City Real Property Transfer Tax
Sale $500,000 and under 1.425% of sales price
Sale over $500,000 2.625% of sales price
New York State Real Property Transfer Tax $4 per $1,000 of price
Attorney $2,000+
Broker Commission 6% of sales price
Miscellaneous (if applicable)
Residential Deed Transfer $75
Commercial Deed Transfer $165
NYS Equalization Fee $75
Title Fees $200 – $500
Pick-up / Payoff Fee to Title Closer $300
Gains Tax Withholding (out of state seller) 8.9% of gain
Non-US Resident (FIRPTA) 10% of price withheld or paid
Commercial Tax Escrows 2 – 6 months

These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

Buying a townhouse, what are my closing costs?

Mortgage Tax
Purchase $500,000 and under 1.8% of entire mortgage
Purchase over $500,000 1.925% of entire mortgage
Attorney $2,000+
Application Fee $500 – $750
Credit Report $50 – $100 per applicant
Lead Based Paint Disclosure $0 – $50
Miscellaneous (if applicable)
Title Insurance $196 per $100,000 of mortgage on purchase only
Searches (Title, Municipal, Violation, Bankruptcy) $750
Real Estate Taxes 1 – 3 months
Payoff Bank Attorney $450+
Survey $500 – $1000
Mortgage Associated Fees (if applicable)
Origination Costs – points 0 – 3% value of loan
Application, Credit Check, etc. $500+
Appraisal $300 – $1,500 (depending on purchase price)
Bank Attorney $500+
Mansion Tax (if applicable)
Only when purchase price is over $1 million 1% of purchase price
POTENTIAL ADDED COSTS WHEN BUYING FROM SPONSOR
New York City Real Property Transfer Tax
Purchase $500,000 and under 1% of sales price
Purchase over $500,000 1.425% of sales price
New York State Real Property Transfer Tax 0.4% of sales price
Sponsor’s Attorney $1,800+

These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

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