BUYER CLOSING COSTS

 

CONDO 

  • Attorney: Consult your attorney

  • Bank Fees: $350-$750

  • Application Fee: $350

  • Processing Fee: $330

  • Appraisal Fee: $300-$1,500 (depending on sales price)

  • Credit Report Fee: $10.10 single/$15.20 joint

  • Bank Attorney: $650-$750

  • Tax Escrows: 2 to 6 months

  • Recording Fees: $250-$750

  • Fee Title Insurance: Amounts vary, please consult your attorney

  • Mortgage Title Insurance: Amounts vary, please consult your attorney

  • Municipal Search: $350-$500

  • Mansion Tax: 1% of entire purchase where price is $1M to $2M.

     ≥ $2M but < $3M 1.25%

    ≥ $3M but < $5M 1.5%

    ≥ $5M but < $10M 2.25%

    ≥ $10M but < $15M 3.25%

  • NYC Mortgage Tax (paid by borrower):

a) Mortgage less than $500,000 = 1.80%             b) Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%                                   c) Mortgage on all other property over $500,000.00 = 2.80%

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

  • Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes.

 

 


CO-OP

  • Buyer’s Attorney: Consult your attorney

  • Bank Fees: $350-$750

  • Application Fee: $350

  • Processing Fee: $330

  • Appraisal Fee: $300-$1,500 (depending on sales price)

  • Credit Report Fee: $10.10 single/$15.20 joint

  • Bank Attorney: $650-$750

  • Lien Search: $250-$350

  • UCC-1 Filing: $100

  • Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.

  • ≥ $2M but < $3M 1.25%

    ≥ $3M but < $5M 1.5%

    ≥ $5M but < $10M 2.25%

    ≥ $10M but < $15M 3.25%

  • ADDITIONAL REAL ESTATE EXPENSES

  • Miscellaneous Co-op Charges: Vary by building

  • Recognition Agreement Fee: $200+

  • Maintenance Adjustment: Pro-rated for the month of closing

  • Short Term Interest: Equal to interest for balance of month in which you close

  • Mortgage Tax (paid by borrower):

a) Mortgage less than $500,000 = 1.80%             b) Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%                                   c) Mortgage on all other property over $500,000.00 = 2.80%

TOWNHOME/SINGLE FAMILY

  • Buyer’s Attorney: Consult your attorney

  • Bank Fees: $750

  • Application Fee: $350

  • Processing Fee: $330

  • Appraisal Fee: $300-$1,500 (depending on sales price)

  • Credit Report Fee: $10.10 single/$15.20 joint

  • Bank Attorney: $650-$750

  • Tax Escrows: 2 to 6 months

  • Recording Fees: $250-$750

  • Fee Title Insurance: Amounts vary, please consult your attorney

  • Mortgage Title Insurance: Amounts vary, please consult your attorney

  • Municipal Search: $350-$500

  • Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.

  • ≥ $2M but < $3M 1.25%

    ≥ $3M but < $5M 1.5%

    ≥ $5M but < $10M 2.25%

    ≥ $10M but < $15M 3.25%

  • NYC Mortgage Tax (paid by borrower):

a) Mortgage less than $500,000: 1.80%.            b) Mortgage $500,00 or more: 1.925% of loan amount