NYC Closing Costs
Please note the below information is designed for reference to the general costs associated with the purchase or sale of a cooperative, condominium or house. Please note that these are estimates ONLY, purchasers and sellers should consult their real estate attorney, real estate broker/ agent and mortgage broker for specifics.
House
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For the Seller
1. Real Estate Broker Fee: Consult your agent 2. Attonery Fee: Consult your attorney 3. NYC Transfer Tax: Residential: 1% Of Contract Price - $500,000 or less 1.425% Of Contract Price - $500,001 or more 4. NY State Transfer Tax: $4 per $1,000 of price 5. Public Admin. Fee: Consult your attorney 6. NYS Equalization Fee: Consult your attorney 7. Title and Recording Fee: Amount may be varied 8. Residential Deed Transfers Fee: Consult your attorney |
For the Purchaser
1. Attorney Fee: Consult your attorney 2. Mortgage Tax - 1 to 3 family 1.80% Of Mortgage - $500,000 or less 1.925% Of Mortgage - $500,001 or more 3. MORTGAGE CLOSING COSTS INCLUDED: Appraisal Fee Application Fee Bank Attorney Fee Bank Fee Credit Report Fee Processing Fee Recording Fee Tax Escrows "All Fee Above May Be Varied" 4. Title Insurance: Amounts vary 5. Mortgage Title Insurance: Amounts vary |
Co-ops
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For the Seller
1. Real Estate Broker Fee: Consult your agent 2. Own Attorney Fee: Consult your attorney 3. Co-op Attorney Fee: Amounts vary 4. Flip Tax: Amounts depends on the type of flip tax 5. Stock Transfer Tax: $0.05 per share 6. Move-out Deposit or Fee: Varies by building 7. NYC Transfer Tax: Residential: 1% Of Contract Price - $500,000 or less 1.425% Of Contract Price - $500,001 or more 8. NY State Transfer Tax: $4 per $1,000 of price 9. UCC-3 Filing Fee: $100 |
For the Purchaser
1. Buyer’s Attorney Fee: Consult your attorney 2. MORTGAGE CLOSING COSTS INCLUDED: Appraisal Fee Application Fee Bank Attorney Fee Bank Fee Credit Report Fee Processing Fee Lien Search Fee UCC-1 Filing "All Fee Above May Be Varied" 3. Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more. 4. Additional Fee Miscellaneous Co-op Charges: Vary by building Recognition Agreement Fee: Amounts vary Maintenance Adjustment: Pro-rated for the month of closing Short Term Interest: Equal to interest for balance of month in which you close 5. Move-in Deposit or Fee: Varies by building Note: For some new developments or shares directly sell from sponsor or developer, purchaser will pay the seller closing cost which include the seller attorney fees, NY and NYC transfer taxes. |
Condominiums
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For the Seller
1. Real Estate Broker Fee: Consult your agent 2. Own Attorney: Consult your attorney 3. NYC Transfer Tax: Residential: 1% Of Contract Price - $500,000 or less 1.425% Of Contract Price - $500,001 or more 4. NY State Transfer Tax: $4 per $1,000 of price 5. Public Admin. Fee: Consult your attorney 6. NYS Equalization Fee: Consult your attorney 7. Residential Deed Transfers: Amount may be varied 8. UCC-3 Filing Fee: Consult your attorney 9. Residential Deed Transfers Fee: Consult your attorney 10. Miscellaneous Condominium Charges: Vary by building |
For the Purchaser
1. Buyer’s Attorney: Consult your attorney 2. MORTGAGE CLOSING COSTS INCLUDED: Appraisal Fee Application Fee Bank Attorney Fee Bank Fee Credit Report Fee Processing Fee Recording Fee Tax Escrows "All Fee Above May Be Varied" 3. Title Insurance: Amounts vary 4. Mortgage Title Insurance: Amounts vary 5. Municipal Search: Consult your attorney 6. Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more. 7. Mortgage Tax: 1.80% Of Mortgage - $500,000 or less 1.925% Of Mortgage - $500,001 or more 8. Miscellaneous Condominium Charges: Vary by building 9. Additional Fee: Common Charge Adjustment and Real Estate Tax Adjustment depending on when the fee & tax is paid and the date and month the transaction close Note: For some new developments sell directly from developer, purchaser will pay the seller closing cost which include the seller attorney fees, NY and NYC transfer taxes. |
