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 $1,000,000 or more.
  • 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.
  • 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

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
  • 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