Closing Costs for Buyers
This is a general guideline to closing costs. Consult your attorney for complete break out of the costs.
Condominiums & Townhouses
For the Purchaser
Buyer’s Attorney: 2000 and up (Flat fee or hourly Fee)
Application Fees: $150 - $1000
Credit Report Fee: $75 & up
Mansion Tax: 1% of entire purchase $1,000,000 or more
Mortgage Fees (consult your mortgage representative)
Application, Credit, etc: $400 & up
Appraisal Fee: $500 & up (depending on sales price)
Bank Attorney: $450 & up
Tax Escrow: 2 to 6 months
UCC-1 Filing: $50 & up
Recording Fees: $250-$750
Fee Title Insurance: Approx. $450 per $100,000 of sales price under 1M - +15% on $1M or more
Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount
Municipal Search: $350-$500
NYC Mortgage Tax:
a. Mortgage less than $500,000 = 1.80%
b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%
Nassau and Suffolk Counties Mortgage Tax:
a. 1-3 family residential dwelling = 0.80% on entire mortgage amount
b. 3 or more family residential dwelling, commercial or vacant land = 1.05% on entire mortgage amount
For New Development buyer pays NYS and NYC transfer tax for the seller – 1.825% combined
Co-ops
For the Purchaser
Buyer’s Attorney: 2000 and up (Flat fee or hourly Fee)
Application Fees: $150 - $1000
Credit Report Fee: $75 & up
Mansion Tax: 1% of entire purchase $1,000,000 or more.
Mortgage Fees (consult your mortgage representative)
Application, Credit, etc: $400 & up
Appraisal Fee: $500 & up (depending on sales price)
Bank Attorney: $450 & up
Lien Search: 300 & up
UCC-1 Filing: $50 & up