Typical NYC Closing Costs
As closing costs can be significant, it is important to have an understanding of them as you plan for your purchase. Closing costs vary depending on whether you are purchasing or selling your home, and also depending on whether the property is a cooperative versus real property (e.g., condominium or single-family home).
FOR THE PURCHASER
Attorney $2,500 + up *
Managing Agent Fee $250 - $500
Credit Report Fee $50 - $100 per applicant
Lead Based Paint Disclosure Fee $0 - $50
Transfer Fee 0.5 - 2% of sale price (may be payable by seller and/or negotiable)
Processing Fee $250 - $750 to Management
Mansion Tax Increases incrementally according to purchase price.
$1M to less than $2M 1.00%
$2M to less than $3M 1.25%
$3M to less than $5M 1.50%
$5M to less than $10M 2.25%
$10M to less than $15M 3.25%
$15M to less than $20M 3.50%
$20M to less than $25M 3.75%
$25M+ 3.90%
Move-in Deposit $500 - $1,000 (usually refundable if no damage)
MORTGAGE ASSOCIATED FEES
Origination Costs – points 0 - 3% value of loan
Application, Credit Check, etc. $500 + up
Appraisal $275 + up
Bank Attorney $500 + up
UCC-1 Filing $50 + up
Mortgage Recording Tax** Up to $500,000 is 1.8% of mortgage
Over $500,000 is 1.925% of mortgage
Title Insurance, Title Search & Recording Fees** Approximately 0.5% of purchase price
Building Searches $200 - $400
Recording Charge $17 per document plus $5 per page
Real Estate Tax Escrow 2-6 months (verify with bank)
IF PURCHASED DIRECTLY FROM SPONSOR
NYC Real Property Transfer Tax 1% of purchase price if $500,000 or less
1.425% of purchase price if over $500,000 of the entire amount
NYS Transfer Tax 0.4% of purchase price if under $3M
0.65% of purchase price if equal or over $3M
Sponsor’s Attorney Fee $2,500 + up *
* Check with bank/mortgage broker for additional fees. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584).
** These costs apply to real property only, not to cooperatives. These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative. CORE agents are here to ensure your experience is easy, seamless and positive.